Why Infill Industrial Remains Our Highest-Conviction Theme

Urban infill light-industrial assets continue to present the most attractive risk-adjusted returns in our investable universe. Vacancy across our target submarkets remains below 5%, while the supply of functional infill product is structurally declining as land converts to higher-density uses.

Last-mile logistics demand is no longer a pandemic story — it is a persistent shift in how goods reach consumers. At the same time, reshoring of advanced manufacturing is generating supplier ecosystems that compete for the same shallow-bay space.

Our Foundry District aggregation in Phoenix illustrates the playbook: assemble sub-institutional assets at attractive bases, professionalize management, roll legacy leases to market, and let portfolio scale command an institutional premium at exit.