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Although gateway and other primary markets are difficult to find compelling value in, secondary, under the radar markets exist where you can still find great value, especially in smaller, non-institutional Flex Industrial properties. Many of these properties are still owned by ma-and-pa operators with significantly below market rents and prices up to 50% below replacement costs. Because of supply constraints, these properties can also be in the high 90%’s, or even 100% occupied. Grant Reaves, Managing Director and Co-founder of Stoic Equity Partners in Alabama, has created a fund to acquire value-add Flex Industrial properties in secondary markets in the Southeast.
