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Most syndications live and die by debt. 

Joel Friedland does the opposite—he buys industrial properties 100% in cash. 

No lender. 
No covenants. 
No risk of losing a building in a downturn. 

For LPs, that means steadier distributions and true sleep-at-night investing.

In this episode of The Passive Income Playbook (Best Ever CRE Show), Pascal sits down with industrial real estate veteran Joel Friedland, founder of Brit Properties, who’s acquired 100+ assets over 40 years while pioneering a debt-free model in one of the most durable asset classes.

In this episode, you’ll learn:
✅ Why “sticky” industrial tenants rarely move—and how that stabilizes returns
✅ The risks leverage introduces and how going all-cash changes the LP experience
✅ How infill locations near highways/airports drive long-term value
✅ Why almost no new small-bay supply makes Class B industrial a landlord’s market
✅ How tariffs, politics, and labor shortages shape the future of U.S. manufacturing

Whether you’re new to syndications or re-thinking your risk tolerance, this conversation will give you a fresh lens on how to protect capital and still earn strong cash flow.

Chapters:
00:02 – Why Joel Buys Industrial With Zero Debt
01:48 – From Lawn-Mowing Hustle to 100+ Acquisitions
08:31 – Industrial 101 for LPs: Class A vs. B, Sticky Tenants, Real Use Cases
22:14 – Single-Tenant, Net-Lease Focus: Why All-Cash Simplifies Risk
28:29 – Location Edge: Infill, Highways, and Geometry That Attract Tenants
32:51 – Why He Doesn’t Develop: No New Small-Bay Supply = Landlord Advantage
36:35 – 2008 Lessons: Bank Workouts, Foreclosure Risk, and the No-Debt Pivot
45:32 – Tariffs & Politics: Why Labor Is the Real Onshoring Constraint
53:21 – How LPs Should Think About Risk, Returns, and Diversification
1:00:10 – Final Takeaways: Industrial’s Durability and Sleep-at-Night Investing