Great timing for this interview as I was able to chat with Matthew Rand, Managing Director of Research and Analytics for Link Logistics the day after President Trump's Liberation Day.Naturally we chatted about tariffs but we also did a deep dive into how Link Logistics looks at opportunities in the industrial real estate market.About Matthew:Matthew is Link Logistics’ managing director, Research & Analytics. He is responsible for generating actionable insights that drive investment and operational decision making. He examines supply chain and logistics trends and changes, as well as builds models that consider property features, locations and larger market forces to analyze and predict long-term growth and investment potential.​Connect with Matthew:

Link Logistics: ⁠https://www.linklogistics.com/leaders...⁠LinkedIn: ⁠  / matthew-rand-07b6782b  ⁠

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In this episode of The Industrial Real Estate Show, I welcomed back Zach Harris and Hunt Rose of TrueCore Properties for a deep dive into their latest moves in the industrial space. They share how a previous podcast episode led directly to acquiring a FedEx facility in Baton Rouge, why Class B industrial is their sweet spot, and what makes secondary markets so attractive. The duo breaks down their buy box, value-add strategy, and shift to a fund model—all while emphasizing the importance of downside risk analysis, building functionality, and broker relationships. From tariffs to rail spurs to market fundamentals, this episode is packed with actionable insights for investors, brokers, and industrial enthusiasts alike.

About Zach: As Managing Director and one of the co-founding partners, Zach is responsible for the leadership, growth, and strategic direction of the company while also overseeing the investment and operational functions. Prior to TruCore, Zach was a Director at Stan Johnson Company for over 12 years, where he specialized in net lease industrial investment sales brokerage for clients nationwide and contributed to the closing of over $5.0 billion in transaction volume.Harris earned his B.S. in civil engineering from Villanova University and his master’s degree in business administration from the University of Oklahoma.

About Hunt: As Investments Director and a co-founding TruCore member, Hunt oversees investments, financial underwriting, due diligence, and assists in origination of new investment opportunities. Prior to TruCore, Rose was an Associate Director at Stan Johnson Company specializing in providing equity capital solutions for new real estate development projects nationwide. Rose contributed to the capitalization of more than $2.5 billion in transaction volume and placement of over $200 million inequity capital.Rose started his career with Deloitte in the Hedge Fund and Private Equity Advisory Group in Dallas, TX. Rose obtained a Certified Public Accountant designation and earned a master’s degree in business administration from Oklahoma State University.

Connect with Zach and Hunt:

TruCore Investments Website: https://trucoreinvestments.com

Zach on LinkedIn:   / zacharystevenharris  

Hunt on LinkedIn:   / hunt-rose-9229694b  

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In this week's episode of the Industrial Real Estate Show, I sit down with Colin Clish, President of PointOne Data Centers to explore the complexities and hidden details of developing data centers.

We discuss everything from site selection and power management to cooling systems, connectivity requirements, and critical design considerations. Whether you're new to data centers or a seasoned professional, this conversation offers valuable insights into what it really takes to build and operate these crucial facilities.

About Colin:

As President, Colin directs and manages PointOne’s strategic vision, scaled growth and development opportunities, and leads real estate execution across our portfolio. Colin draws on nearly 22 years of diversified commercial real estate experience managing the entire development process from project conception through leasing and asset sales. He is passionate about bridging traditional commercial real estate development models with the unique needs of digital infrastructure development. Prior to co-founding PointOne, Colin owned his own commercial real estate development company following a tenure at Remington Development Corporation. Throughout his career, Colin has over $325 million in asset sales of investment grade commercial real estate and has developed over 1,000-acres of land. Colin holds a diploma in Urban Land Economics from the University of British Columbia. Outside of the office, Colin is an avid outdoorsman who enjoys skiing, mountain biking, and time at his cabin with family.

Connect with Colin:

PointOne Website: https://www.pointonecorp.com/

Colin's LinkedIn: https://ca.linkedin.com/in/colin-clish-3bb50619

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In this episode of the Industrial Real Estate Show, I spoke with Sean Dalfen, CEO of Dalfen Industrial. We explored his recent significant deals, particularly a large partnership with Goldman Sachs, expanding their portfolio with strategic acquisitions across key logistics hubs like Dallas, Philly, Vegas, and Cincinnati. Sean highlighted the importance of multi-tenant, mid-bay industrial facilities that offer flexibility, emphasizing the critical role labor availability plays in site selection.

He shared insights on the nuances of Last Mile logistics, emphasizing the value of minimizing labor and transportation costs. We also discussed how automation and AI are gradually influencing industrial operations, though labor remains critical. Lastly, Sean highlighted the volatility in today's market and reinforced the necessity of disciplined investing, stressing the importance of acquiring assets below replacement cost in strategic locations.

About Sean:

Sean Dalfen is the President and Chief Executive Officer of Dalfen Industrial and leads the firm’s investment committees and management committees across its platforms. Under Sean’s leadership, Dalfen Industrial’s portfolio has grown to over 50 million square feet of industrial properties from coast to coast, making it one of the nation’s largest owners and developers of industrial real estate and a leader in the last mile sector. Over his career, Sean has transacted on an excess of $10 billion USD. Prior to Dalfen Industrial, Sean worked at NAI Commercial as an Investment Sales Broker where he was one of the company’s Top 10 producers in Canada.

Sean is involved in a variety of philanthropic activities, sits on the boards of multiple charitable organizations and is a frequent speaker and panelist at private equity & commercial real estate industry events. Sean studied Psychology and Finance at Tel Aviv University’s Lowy School and McGill University.

Dalfen Industrial website: https://www.dalfen.com

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On this episode of the Industrial Real Estate Show, I had the honor of interviewing crowd favorite Aaron Halfacre. Aaron is CEO of Motive Industrial, a REIT focused on single-tenant, net-lease manufacturing properties across the U.S.

We discussed the unique benefits and risks of manufacturing real estate compared to typical industrial properties like warehouses. Aaron explained Motive’s investment criteria, emphasizing stable assets essential to infrastructure, long-term leases (around 20 years), and sustainable rent structures. He also highlighted strategies for diversification and managing risks.

We explored the challenges and opportunities in sale-leaseback transactions and how Motive evaluates properties, including considerations like low site coverage and proximity to transportation. Aaron touched on key financial metrics for REITs, including AFFO, and addressed the current gap between public market valuation and private net asset values.

We wrapped up by discussing the impact of tariffs and interest rates, stressing the importance of patience and disciplined investing amid market volatility.

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Honored to be joined by Doug Kiersey again as we jump into

Doug provides insights on current valuation trends, interest rates, and market dynamics. He notes that although interest rates have stabilized around 4.25%, the spread between industrial cap rates and treasury yields remains narrow, compelling investors to rely on rent growth rather than appreciation for returns. Doug anticipates moderate rent growth in 2025, driven by constrained supply due to significantly reduced development activity. We also cover challenges in the industrial sector, including overbuilt big-box warehouses in certain markets and potential pressures on vacancy rates. Doug emphasizes investing in high-quality, infill assets with sustainable competitive advantages. They also explore challenges such as power capacity constraints, the rise of automation, and political opposition to industrial developments.

About Doug:

Douglas A. Kiersey, Jr., is CEO and President of Dermody and oversees all of the company’s operations and strategic initiatives including capital formation, acquisition, development, and investment management activities. He is a member of the Dermody Properties Advisory Board and chairs the company’s Executive and Investment Committees. Since Mr. Kiersey joined the company in 2011, Dermody has developed and acquired industrial logistics assets with an aggregate value in excess of $10 billion.

Mr. Kiersey has more than 35 years of experience in logistics properties in major U.S. markets. Prior to joining Dermody, he spent 17 years at Prologis in various senior roles. Prior to joining Prologis, Mr. Kiersey worked at Cushman & Wakefield for 11 years.

Mr. Kiersey earned his Bachelor of Science degree in business administration from Oregon State University, and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University where he is an occasional guest lecturer and a member of the Kellogg Real Estate Advisory Council. He is also a member of the Urban Land Institute (ULI) and the Society of Industrial and Office Realtors (SIOR). Among other distinctions, Mr. Kiersey was elected Captain of the Palisades Elementary School Safety Patrol where he learned early lessons in risk management.

Dermody website: https://dermody.com/

News!

Dermody Properties—a diversified private equity investment management company focused exclusively on the national logistics real estate sector—is pleased to announce it has adopted a concise new name, Dermody. The streamlined name better reflects how the company is commonly recognized in the industry, and positions Dermody for continued growth, expansion and innovation.

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I was pleased to be joined by the illustrious Dr. Peter Linneman to get his thoughts on the economy, tariffs and the industrial real estate market!

In the interview Dr. Peter Linneman shares his perspective on current events in the industrial real estate market, emphasizing the importance of cutting through the noise to focus on fundamental economic indicators such as job growth, GDP trends, and capital flows. He uses an analogy of trying to predict the Super Bowl winner 10 years from now to illustrate the futility of long-term market forecasts based on short-term events. Linneman discusses the state of various real estate sectors, noting that office spaces have bottomed out and are starting to recover, while industrial warehouses, particularly big-box facilities, have experienced overbuilding but are expected to absorb excess supply due to steady demand growth. He also addresses reshoring and manufacturing, stating it will remain limited due to higher labor costs in the U.S., and emphasizes America’s economic strength due to robust capital markets and innovation. Linneman remains optimistic about the resilience and long-term strength of the U.S. economy despite ongoing challenges.

About Dr. Linneman:

For nearly 45 years, Dr. Peter Linneman's unique blend of scholarly rigor and practical business insight has won him accolades from around the world, including PREA's prestigious Graaskamp Award for Real Estate Research, Wharton's Zell-Lurie Real Estate Center's Lifetime Achievement Award, Realty Stock Magazine's Special Achievement Award, being named "One of the 25 Most Influential People in Real Estate" by Realtor Magazine and inclusion in The New York Observer's "100 Most Powerful People in New York Real Estate".

After receiving both his Masters and Doctorate in Economics under the tutelage of Nobel Prize winners Milton Friedman, Gary Becker, George Stigler, Ted Schultz and Jim Heckman, Peter had a distinguished academic career at both The University of Chicago and the Wharton School of Business at the University of Pennsylvania. For 35 years, he was a leading member of Wharton's faculty, serving as the Albert Sussman Professor of Real Estate, Finance and Public Policy as well as the Founding Chairman of the Real Estate Department and Director of the prestigious Zell-Lurie Real Estate Center. During this time, he was co-editor of The Wharton Real Estate Review. He has published over 100 scholarly articles, eight editions of the acclaimed book Real Estate Finance and Investments: Risks and Opportunities, and the widely read Linneman Letter quarterly report. He is also the co-creator of the popular, and highly regarded, Real Estate Finance and Investment Certification course, REFAI. Most recently, he co-authored (with Dr. Michael Roizen and Albert Ratner) the best-selling book "The Great Age Reboot: Cracking the Longevity Code for a Younger Tomorrow."

Peter's long and ongoing business career is highlighted by his roles as Founding Principal of Linneman Associates, LLC, a leading real estate advisory firm, and its affiliates. For more than 40 years, he has advised leading corporations and served on over 20 public and private boards, including serving as Chairman of Rockefeller Center Properties, where he led the successful restructuring and sale of Rockefeller Center in the mid-1990s.

Although retired from Wharton's faculty, Dr. Linneman continues his commitment to education through his SAM Elimu educational charity for orphans and children of extreme poverty in rural Kenya. He has been married for nearly 50 years and remains an exercise enthusiast.

Connect with Dr. Linneman:

Website: https://www.linnemanassociates.com/

LinkedIn: https://www.linkedin.com/in/peterlinneman/

SAM Elimu charity: https://www.samelimucharity.org/

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I don't mince words when I say this:

Bob Knakal is the Greatest of All Time.

An amazing broker and an even better person, I was honored to be joined by him again where we did a deep dive into how he has built a legendary career on the foundation of prospecting for new clients.

About Bob:

Bob Knakal also known as "BK" has been a broker in NYC since 1984. Over that time, he has brokered the sale of over 2,341  buildings having a market value of approximately $22 billion.

For 26 years of those years (1988-2014), he owned and ran Massey Knakal Realty Services, which sold more than 3x the number of properties as the #2 firm in NYC from 2001-2014. Running the firm with a Servant Leadership management style, focusing on empowering everyone on the team, intensely training them, and building their self-esteem, led to this overwhelmingly dominant platform. The firm was sold to Cushman & Wakefield in 2014 for $100 million.

The Massey Knakal Legacy is illustrated by the fact that today in the New York City investment sales market, there are 30 companies, or divisions of companies, that are either owned by, or run by, folks who learned the business at Massey Knakal. 

Bob is a prominent thought leader in the commercial real estate business, frequently writing about the market, lecturing on the market, and appearing on podcasts and national television shows on networks like Fox, CNBC and MSNBC.

Connect with Bob:

Website: https://www.bkrea.com/

LinkedIn: https://www.linkedin.com/in/bobknakal

X: https://twitter.com/BobKnakal

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Also pleased to note that I will be collaborating with Terrakotta.ai on a number of future videos. I've been using their system for the past several months and enthusiastically recommend them.

It's a web-phone that uses personalized AI voicemails to double the number of contacts you can engage over the phone. Voicemails left using Terrakotta are personalized to every contact and generate more callbacks than generic scripts.

Check them out here: https://www.terrakotta.ai/

Was honored to be joined by Justin Horowitz from Cooper Horowitz to do a deep dive into Industrial Outdoor Storage!

About Justin:

Justin Horowitz works at Cooper Horowitz, a family-owned capital markets advisory firm, where he specializes in debt and equity placement throughout the country. Prior to Cooper Horowitz, Horowitz worked at Savills Studley on the New York investment sales team, and worked at Brickman where he focused on the management and leasing of their New York office portfolio.

Connect with Justin:

LinkedIn: https://www.linkedin.com/in/justin-horowitz-a62a2a64

Website: https://www.cooper-horowitz.com/

IOS List: https://ioslist.com/?utm_source=news.ioslist.com&utm_medium=newsletter&utm_campaign=ios-weekender-february-22-2025&_bhlid=78e90dfa33e764b1dc1d879ddac9620ed159337e

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In this week's episode of the Industrial Real Estate Podcast I was pleased to be joined by David Hoffman, a veteran supply chain expert and real estate investor.We chatted about a number of fascinating topics that should be on your radar in 2025!Connect with David:Website: https://hoffmansupplychainadvisors.com/

David's Youtube: https://www.youtube.com/@SupplyChainandLogisticsHub-q7d

LinkedIn: https://www.linkedin.com/company/hoffman-supply-chain-advisorsAbout David:David Hoffman is a seasoned supply chain veteran focusing on transportation & logistics practices. He started his career at C.H. Robinson (CHRW) and worked with companies and private equity firms in various industries on multiple freight initiatives. Many of these projects focused on complete outsourcing of transportation functions, vendor management, KPI development, annual procurement exercises, cross-border solutions, and reverse logistics.After success on the transportation side, David moved over to the shipper side and worked for Puratos Corporation, a global food ingredient manufacturer. During his time David oversaw and implemented a full transportation outsource of all 3rd party freight within the US, developed industry standard KPI’s that were adopted by the company’s C-suite and board members, crafted new freight contracts and bill of ladings to meet industry standards, oversaw multiple RFP cycles, developed a claims mitigation process recouping hundreds of thousands of dollars, and introduced optimization & modal conversion practices that yielded millions in savings over the course of his career.Today, David is taking his knowledge and is focusing on working with small businesses and private equity firms. The objective is to assist these companies in making sense of their supply chains by streamlining processes and creating efficiencies to keep them competitive and profitable. With a hands-on approach and a deep understanding of industry challenges, David is committed to delivering tailored solutions that drive sustainable growth. His expertise ensures that businesses can navigate complex supply chain dynamics with confidence and achieve long-term success.

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