Now that I’ve done two smaller projects, I think I’ve learned quite a bit to target something a little larger on the value add side ( i’ve also learned things to watch out for that can quickly increase a rehab budget) Came across this very old set of buildings in my market, and funny enough, it’s an actual flex space property that’s probably older than me, just in pretty beat up shape The seller owns a handful of properties in that market, but he’s the type of guy to just buy & sit on them without ever selling, which causes all of his properties to look very deferred Doing some rough analysis on ChatGPT it looks to be about 20-25,000sqft, some buildings like the dome shaped ones are in pretty rough shape, so I would probably try to demo those and make additional parking while upgrading the others by reskinning the parts where metal is bad and then repainting the entire park to improve curb appeal. Killer location next to high traffic intersection, as well as a Walmart and Lowe’s to make material runs easier on contractors If you were talking to an older owner who is not really in the mindset to sell, how would you go about trying to put an offer together? Would love to hear some ideas

This is a huge debate on our development projects. PEMB vs Tilt vs Wood Frame construction. Which do you prefer and why?

Harvey's post about the 170+ mph wind load requirement catching him by surprise near the Gulf got me thinking - underwriting a small-bay deal for the first time, and it feels like there's always one item that doesn't show up until you're deep into design/permitting, not during the initial pro forma. Wind load, soil/geotech surprises, utility capacity, a jurisdiction's specific fire-rating requirement for demising walls, whatever it was for you. For those a few projects in - what's the thing you now check before going under contract that you didn't think to check on your first deal, and how much did skipping it cost you the first time around?

Hi, I thought I give an update on our project in Florida panhandle near Pensacola. 10k of SBF in Phase 1. Paving going in this week. A few stats for consideration. - Road frontage 40k ADV - 12X12 garage doors - Phase 1, 10k in two buildings 5k each - Phase 2, 10k Any constructive criticism gladly accepted. This is my first park, made some mistakes, and had some wins!

Another variation of small-bay industrial is building individual buildings and selling them to owner-users instead of leasing the entire project. This is something we have been working on quite a bit across the U.S. Instead of building a park, leasing it up and waiting for stabilization, you can potentially build individual units or buildings and sell them directly to business owners. In the right market, that can create a much quicker exit and allow you to recycle your capital faster. It’s not the right strategy for every site, but it’s another option developers should understand when looking at a small-bay project. https://youtu.be/DGNF0_E8fB0?is=ZCHOJA6Fg0MMnNCK