Why Midwest industrial, and why now

The opportunity: sub-institutional industrial

Institutional capital has concentrated in big-box distribution and coastal logistics hubs, leaving a gap in the $3–10M Midwest industrial market — small-bay multi-tenant buildings and IOS sites serving local contractors, distributors, and service businesses. These assets trade with less competition, more durable tenant demand, and a simpler value-add path than gateway-market alternatives.

What we target

Small-bay multi-tenant industrial

Diversified income across several tenants; rents often below market at acquisition, providing a clear value-add lever through lease-up and rollover mark-to-market.

Industrial outdoor storage (IOS)

Fenced, paved yards serving equipment storage, fleet parking, and contractor laydown. Supply is constrained by zoning; demand from infrastructure and last-mile logistics is structurally growing.

Single-tenant net-lease industrial

Mission-critical facilities leased to established operators, underwritten conservatively on tenant credit, lease term, and alternative use.

Underwriting discipline

Every acquisition is underwritten to a basis below replacement cost — we will not pay a price at which a developer could build new and compete. We stress-test in-place rents against submarket comparables, model conservative occupancy through a full lease cycle, and size the capital stack to withstand a downturn without forced selling. Our edge is operational, not financial engineering: we create value through leasing, tenant retention, and capital improvements.

• Basis below replacement cost
• In-place rents stress-tested vs. comps
• Conservative occupancy through the cycle
• Capital stack sized to withstand a downturn
• Value created operationally, not by leverage
• Downside protection before upside

Markets we know

We focus on Midwest metros with local knowledge and operating infrastructure: Milwaukee, Indianapolis, St. Louis, and Minneapolis, with selective activity across the broader Midwest.