Industrial Acquisitions
I am looking for opinions about working in industrial acquisitions. I'm asking broadly to hear a wide perspective. What do you like or do not like about it? If you start in this area, will it pigeon hole you in industrial? Etc. Appreciate the feedback.
I'm guessing this is entry-level. It's impossible to pigeon hole yourself in your first ~5-years. I've known plenty of people who jumped product types early on, and they're fine. Besides, at the junior levels, you're exposure will be very macro - 90% of it will be fund basic exposure, not micro industrial trends (you'll be able to take that to any product type fund).
Having said all that, the quicker you niche yourself in this game the better. You will (like myself), likely be the only person in most meetings under 30 (really 40). However, the game is getting younger as research and tech flood the sector and talent in this space is much tougher to find than MF, Hospitality, retail etc..
You'll likely fall in love with the sector, it's pretty intriguing stuff. You'll just have to internalize the fact that people outside the field will not understand anything you do, and will elect to sit next to the MF guy at dinner.
It makes for a logical move into office.
what are the main underwriting differences between industrial and office/MF/retail?
What makes industrial unique? what are the main factors to look at? if most tenants are NNN, isn't the modeling aspect nothing too difficult? I'm sure its the nuances and understanding the property type which you can only get with experience that makes it worthwhile such as what industrial tenants look for in a space, lease structure, construction and build outs etc.
anything else?
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