Advisory for privately held manufacturers, distributors, and sponsor-backed industrial platforms evaluating what their facilities would clear for in the current institutional bid — with operating control unchanged and every next step confidential and optional.
The practice is built around one ownership profile and one capital event. The site, the materials, and the conversation are all calibrated accordingly. If the description below doesn't fit, neither does our process.
Multi-generational operators where the facility has been owned for decades and the question is capital, not exit.
Single- or multi-site occupiers whose real estate is core to operations but no longer needs to sit on the OpCo balance sheet.
PE portfolio companies where owned real estate is incidental to thesis, and the leased-fee economics outpace the acquisition multiple.
Selective execution against a portion of the platform — not necessarily the whole footprint. Calibrated to where institutional capital is currently underwriting.
Generic office, retail, or broad investment-sales assignments. The practice is built around industrial owner-operators and net-lease capital formation — not general brokerage coverage.
A sale-leaseback is a capital event with a real-estate mechanism. The decisions that drive the conversation are corporate finance decisions — covenant capacity, dilution, succession, deployable capital, optionality.
Long-duration, non-dilutive capital priced inside mezzanine. Deployed against M&A, line-capacity expansion, or working capital — without giving up the cap table.
Capital out of the operating company without selling it. Often paired with a generational liquidity event for non-operating shareholders or a partial recap of the founder.
In sponsor-backed platforms, the real estate often clears at a tighter cap than the OpCo multiple. Carving it out repositions IRR and returns equity to LPs at closing.
Long-term net-lease capital that does not sit on the board, does not impose covenants, and does not compete with the senior debt — built to underwrite the next decade of the operating plan.
Pricing is a function of rent, lease term, credit framing, asset utility, and market depth — not square footage or replacement cost. Ranges reflect recent institutional executions and current buyer underwriting for assets of similar profile, scale, lease term, and credit.
Long-tenured operators in purpose-built facilities. Single-credit tenancy with long-tenured private-credit characteristics.
Last-mile and regional distribution in supply-constrained submarkets. Replacement-cost moats and demonstrable rent trajectory.
Owner-operator HQ assets where the facility is the operational center of gravity. Long-term lease, strategic non-relocability.
Curated subsets of multi-site platforms. The analysis distinguishes core operating assets from the subset that currently clears.
Indicative ranges only. Not a quote. Pricing depends on tenant credit, lease structure, term, escalators, asset utility, market, and current institutional bid. Confidential.
Precedent is how the conversation is anchored. The featured transaction below sits closest to most owner-operator inquiries; the supporting precedents bracket the range of structures we see in the current market.
Long-tenured private operator. Sale-leaseback at institutional scale on the back of a long-term net lease and mission-critical food-grade processing.
Publicly traded multi-state owner-occupied industrial network monetized into a single institutional SLB execution.
Private ESOP monetized HQ + specialized manufacturing into long-duration, non-dilutive capital — funded acquisition strategy without touching the cap table.
Representative precedents. Named transactions disclosed with counterparty consent or public record. Confidential tenancies anonymized. Additional precedents available upon request.
The first conversation is a pricing check, not a pitch. It typically covers the facility, ownership structure, lease assumptions, and where similar assets are currently clearing in the institutional market.
A confidential conversation about the asset, the operating context, and the ownership question. No materials required upfront — the work begins from your description and our market dialogue.
A defensible pricing range calibrated to actual institutional buyer appetite. Not a brochure. Includes lease-structure framing, cap-rate logic, and the buyer universe currently active.
You decide whether the range is useful. If it is, we refine. If not, the analysis stays as a planning benchmark for future timing. You control every next step.
Jeff leads IREP's industrial sale-leaseback practice, advising privately held manufacturers, sponsor-backed industrial platforms, and owner-operators on institutional net-lease capital formation.
Founding principal of Industry Real Estate Partners — a boutique advisory firm with $6B+ closed in industrial capital markets — and SIOR-designated industrial specialist, top 1% of commercial real estate professionals globally.
Every conversation is confidential. Bring an address — or a portfolio. We will calibrate against the current institutional bid before agreeing to take anything to market.
