Field Notes
Dispatches from the I-85 corridor. We share what we see on the ground: underwriting realities, zoning battles, and the mechanics of working-class industrial.
DEC 01 2025
The "Asphalt Premium": Why Paving is the New Roof
In Industrial Outdoor Storage (IOS), the surface is the asset. We break down the ROI of gravel vs. compacted stone vs. heavy-duty asphalt, and why tenants are paying a 30% premium for "clean tires."
Read Full AnalysisThe Sewer Moat
Why a 'broken' sewer system is an investor's best friend. The moratorium in Simpsonville has frozen new supply, making existing septic-enabled sites legally irreplaceable assets.
Replacement Cost Reality
Concrete is up 7%. Steel is rebounding. The cost to build a simple metal warehouse has decoupled from market rents. Why new builds don't pencil.
The Insurance Floor
The 'Hard Market' is technically over, but the pricing floor has permanently shifted. Why NNN leases are no longer a luxury—they are a survival requirement.
Cap Rates vs. Reality
The 10-Year Treasury is hovering near 4.3%. Industrial cap rates compressed in early 2024 but are holding steady. Why the 'Spread' matters more than the rate.
The 'Pocket' Listing
Real estate is not a transparent market. The best deals are traded in private phone calls, not on public websites. Here is the psychology of the 'Pocket Deal.'
The Aggregator Premium
Why institutional capital pays 25% more for a portfolio than they will for a single asset. We build what BlackRock wants to buy but cannot build themselves.
The $10,000 Clause (HVAC)
How one sentence in a lease can cost you a year of cashflow. The critical difference between 'Maintenance' and 'Replacement' in NNN leases.
The Value-Add Matrix
We don't wait for appreciation; we manufacture it. Here are the 4 mechanical levers (Lease, Utility, Density, Function) we use to force NOI growth in the first 18 months.
The Blue Collar Hedge
When the economy tanks, people stop buying luxury cars. They do not stop fixing their toilets. Why trades-based tenants are the ultimate recession shield.
The 15-Minute Radius
Why small operators won't drive 45 minutes to save $2.00/SF. The geometry of 'Windshield Time' drives our acquisition map.
Don't Buy The Lobby
Why we actively demo 'Class A' office build-outs. In the industrial world, office space is a liability, not an asset. Utility over Vanity.
The 5,000 SF Sweet Spot
Why we are obsessed with small-bay units. While big-box distribution faces a supply glut, the local plumber has nowhere to go.
Zoning as a Moat
Municipalities are down-zoning industrial land. This makes existing 'I-2 Heavy Industrial' entitlements an irreplaceable asset class.
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