We are under contract on a deal that includes a built-in mechanism most investors overlook: the tenant is extremely sticky and has every incentive to stay. We are acquiring an industrial outdoor storage site anchored by the nation’s largest equipment rental company – a two-property, 7.74-acre portfolio in Sparks, NV. The lease is below market…
Every week another headline announces that California is over. Companies leaving. Residents leaving. Capital leaving. We spent the last 18 months buying more industrial land here, not less. Here is the contrarian case, and why I think right now is the moment to double down. First, let me concede the point. The exodus is real….
Three deals on my desk right now. All three are labeled value add. All three are completely different bets. 1. Mark-to-market. We recently acquired a deal in infill Sacramento that will barely cash flow for the first three years. We love it. The in-place leases are materially below where the market is today because it…
Most IOS deals that make headlines close in Texas or Florida. Sacramento never makes the list. Last week I was visiting new potential acquisitions in Sacramento and it reminded me all the reasons we love the market and markets like these. It is not a headline market. It does not have the deal volume, the…
Trucks have to stop. Somewhere. Every single day. Federal law requires it and that mandate is one of the most overlooked demand drivers in industrial real estate. The FMCSA Hours of Service regulations require property-carrying drivers to stop after 11 hours of driving. They have a 14-hour window from the moment they start. After that,…
We will write off $4.7M of a $5.985M purchase in year one on our latest IOS acquisition in Laredo, Texas. That is 78.2% of the purchase price and $1.60 of bonus depreciation for every dollar of equity our investors put in. In a single tax year. This is the IOS tax story that does not…
The ports of Los Angeles and Long Beach move roughly 40% of U.S. containerized imports. The IOS land surrounding them is almost impossible to replace. Most people assume supply constraints are temporary. In California, they are structural. Here is what actually blocks new IOS from getting built. 1. CEQA turns neighbors into veto players. The…
We have a new acquisition opportunity we’re excited to share: 9285 Dowdy Drive in San Diego’s Miramar submarket. It’s a 3.91-acre industrial outdoor storage site, fully leased to San Diego Gas & Electric (Sempra Energy) on a long-term NNN basis. The short version is straightforward: investment-grade tenant, long-term lease, contractual rent growth, and no lease-up…
No heavy lifting. No lease-up risk. No construction. Just a well-located asset in a primary market, a credit tenant, and in-place cash flow. For a long time, that profile came at a price that barely made sense. Core was crowded, yields were thin, and you were largely relying on appreciation to drive returns. That dynamic…
Everyone talks about Industrial Outdoor Storage (IOS) like it’s a land play. Zoning. Scarcity. Replacement cost. But the real reason IOS works has nothing to do with the dirt. It’s the tenants. Five types of companies quietly rent IOS yards across the country. None of them are flashy. None of them make headlines. All of…
