The right connections create the right opportunities. 🤝 I’m always open to connecting with professionals in M&A, industrial investment and international business. Let’s connect. https://www.linkedin.com/in/en-erturk🔗

Hello everyone, I’m En. I work in cross-border M&A, corporate advisory and industrial investment opportunities, with a focus on connecting strategic investors and buyers with established industrial businesses. I’m based in Türkiye and I’m particularly interested in building relationships with investors, industrial operators, real estate professionals and M&A advisors who are active in international transactions. I’m looking forward to connecting with the community and exploring potential opportunities for collaboration.

I recently submitted an offer on a 4.42-acre industrial property in El Paso, Texas consisting of 37,700 SF across six buildings. Each building has its own fenced yard, with building sizes ranging from 2,500 SF to 11,000 SF. The property is fully leased with a WALT of 2.63 years, and based on my underwriting, in-place rents are approximately 28% below market. The seller is asking $3.2M. I submitted an offer at $1.9M, which was too low to receive a counter. Based on conversations with the property manager, I think a deal could probably get done around $2.5M. The property is owned by a trust that is being unwound, so a sale is expected. At a $2.25M purchase price, I'm underwriting an in-place cap rate of approximately 7.86%. The biggest challenge I'm working through is my assumptions around CapEx and tenant improvements. The buildings were constructed in the 1980s, and during my tour I noticed roof leaks in every building. I've requested maintenance records and a history of capital improvements over the past 10 years, but the seller hasn't provided anything yet. For now, I'm assuming approximately $225,000 in upfront CapEx, but I'm questioning whether that's conservative enough. On the leasing side, I'm looking at two scenarios: 1. Existing tenants renew at moderately higher rents with little to no TI since many have occupied the property for years. 2. I push rents closer to market (roughly a 35% increase at lease expiry) while budgeting $8.00/SF in TI for second-generation office space. For those of you who have acquired older industrial properties with deferred maintenance, what do you typically underwrite for: • Initial CapEx reserves? • TI for second-generation industrial space with existing office finish-out? • Any other costs that first-time buyers commonly underestimate? I know one approach is to increase my offer, get the property under contract, complete due diligence, and renegotiate based on the PCA if needed. Since this would be my first acquisition, I'd rather make sure my underwriting assumptions are realistic before going down that path.

i put 6 build-able acres under agreement (subject to me getting the project permitted )in the Boston Suburban market for $1.2 Million. I'm looking to build 50,000 SF of Shallow Bay Flex Space in 4 buildings (for a total of 29 units at 1,750 sf each) Below is a summary of the Sources and Uses - a total Cost of $12million all in. and Expected NOI / Cash Flow - about $1 million stabilized NOI after 24 months for a 8.3% Return on Cost. More detail is in the attached PDF I like the economics - WOULD YOU DO THIS DEAL Are my assumptions realistic? Am I missing anything?

Cap Rates are rising in industrial real estate, and I think there will be a lag on sellers adjusting their value. What do you do in the meantime? - Change your underwriting to make deals work - Maintain discipline even if it impacts deal velocity - Sit on the sidelines and wait for the pricing shift - Get aggressive on terms like seller notes to reduce equity and increase the IRR Love to hear from everyone.