Welcome to The Industrial Real Estate Show. In this episode, Chad sits down with David Hansel, Managing Partner at Lucern Capital, to unpack how his team pivoted from multifamily into multi-tenant industrial. They dig into buy boxes, tenant mix, capital stacks, interest-rate impacts, and what’s next through 2026—plus practical tips for sourcing deals and competing with bigger players by staying scrappy.

Discussion Topics:

Why small/mid-bay industrial can feel like multifamily—without the labor drag

The playbook for environmental insurance (what it covers, cost, timing, real claims)

Buy box specifics: size, locations, construction quality, tenant profiles

Real-world capital stacks (60–70% debt; using pref equity selectively)

2025–26 market outlook: lease duration, downsizing tailwinds, competition

Guest

David Hansel — Managing Partner, Lucerne Capital

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Host

Chad Griffiths — The Industrial State Show

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#industrialrealestate #cre #SmallBayindustrial #NNN #LucerneCapital #ChadGriffiths #DeRisking #EnvironmentalInsurance #EastCoastCRE