Industrial syndicator Joel Friedland joins Paul Shannon to share 40 years of Chicago lessons and why he now buys with little to no debt. They break down a debt-light playbook, how that changes capital raises and returns, and the investor profile that prefers sleep-at-night income. Joel also details his off-market system, what makes a “perfect” small-bay building, and how he creates liquidity and plans succession.

Key Takeaways:

Debt-light strategy: target 0 to 30 percent LTV, current portfolio around 18 percent

Buy box: Chicago small-bay under 40k sf, 7 to 8 percent entry yield, triple-net, strong geometry, docks, power

Return drivers: cash coupon that grows with rent, long holds, depreciation and recapture awareness

Sourcing and liquidity: door-to-door outreach, mini fund closes fast then syndicate, investor exits via assignments, 754 step-up, Rule 144 after 12 months

Sponsor vetting: ask for a written succession plan and review loan docs, covenants, and recourse

Disclaimer

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