Equity preserved, no cash calls, plus above market outcomes

We purchased an off-market property in Lakeland, FL fully vacant in an off-market transaction.

We closed on the property 75 days after going under contract, at the price and terms agreed to in the contract. The building was fully vacant (3 separate spaces across 2 buildings). Within the first three weeks of closing, we leased the first building to two tenants (a concrete company headquartered in TX and a regional fertilizer company). Within 30 days of closing, we had two offers on the second building and signed the stronger option: a Michigan-based company on a 10-year deal with 5% annual increases.

Today we’ve already renewed the concrete company and have 7 years remaining on the Michigan company. We are also at a 13 cap of our initial purchase.

We purchased this building from an owner user in a transaction which closed on the terms we went under contract with. The seller needed 30K of the 44K SF of space for 9 months post close, leaving uncertainty into the leasing of this property.

Before closing, we secured an internet provider for the seller’s unused warehouse space, achieving 100% occupancy. We also leased additional space to a local utility company and increased NOI through solar SRECs. As the 9-month deadline neared, we negotiated a 3-month extension, sourced a new tenant without a broker, and signed a 7-year lease. To ensure a smooth transition, we helped clear the property and coordinated equipment removal in under two weeks.

After the internet provider’s initial term concluded, the local company took over that space as well, giving them full control of the building and giving us operational efficiency with a single tenant indoors. Having now owned the property for just over 3 years, and gone through two tenant changes, we have still not had a single day, at any of the spaces, without 100% occupancy.

2205 Industrial Blvd was acquired in October 2025 for $4.7 million, or approximately $103 per square foot, at a basis that reflected the fact that the property was completely vacant. The property was purchased from an owner-user who was closing their business, presenting an opportunity to start fresh with new tenants.

We started by getting updated floor plans and marketing the space for lease, then engaged our best broker in that market to help secure a tenant for the entire property. When a quality tenant toured twice and then declined to move forward, the broker allowed us to engage directly with the tenant to understand their concerns. After multiple meetings, we proposed a unique lease structure that allowed everyone to win, including the initial broker who was paid for their efforts even though we had brought the deal across the finish line.

The result was a fully leased 45,767 SF industrial asset at acquisition, secured through disciplined underwriting, tenant cooperation, and strong broker relationships.

314–318 E. Nakoma Dr., San Antonio was acquired in June 2024 for $3.5 million with a clear business plan: a strong infill location under 1 mile from San Antonio airport with small bay industrial and micro offices, something in short supply in that market.

Post-acquisition, we executed a focused repositioning—removing excessive and obsolete office buildouts, completing substantial interior demolition, and modernizing the majority of the industrial units. The upgraded spaces were re-leased to quality local users, increasing NOI by more than $125,000 annually. In parallel, we negotiated a favorable seller-financing structure that enhanced returns by minimizing the interest payments in return of higher monthly payments.

The asset benefits from a highly diversified rent roll, anchored by a collection of small, local small business office tenants along the front of the property that have consistently maintained approximately 90% occupancy. As a result of disciplined execution and thoughtful leasing, the property has increased in value by over 35% in just 18 months.

We acquired 2710 St. Julian Drive and 3320 Tait Terrace in Norfolk, VA—79,000 SF total—for $3,800,000 ($48 PSF) through a sale–leaseback with a weak tenant paying $4 PSF. Our strategy was to buy at a strong basis and either help the tenant stabilize their business or move on.

The tenant ended up deciding to move on. We renovated the buildings and leased them to stronger tenants at significantly higher rates, increasing NOI and diversifying the rent roll.

The assets now produce $575,613 in NOI and are valued at $6,598,000, generating nearly $2.8M of value from a disciplined, basis-driven acquisition and repositioning.