Welcome to Adding Value, the show where commercial real estate meets real insight.
Hosted by Shy Assar, each episode dives into the deals, decisions, and dynamics shaping the world of industrial and commercial real estate. From development strategy to capital markets, we sit down with industry leaders who are building the future — literally.
Real deals. Real insight. Real estate — from the inside out.
Inside a $4.8M Industrial Outdoor Storage (IOS) Deal in Fontana | Benji Miller
IIndustrial outdoor storage (IOS) has shifted from overlooked mom-and-pop truck yards into one of the most profitable, highly competitive sectors in commercial real estate—consistently outperforming traditional core asset classes.
In this episode of Adding Value, host Shy Assar sits down with Benji Miller, founder of Negresco Property Group. Benji shares how he transitioned from working on massive institutional portfolios to launching his own firm and teaming up with Bethesda-based Open Industrial to deploy programmatic capital across Southern California.
We dive straight into our recently closed transaction at 10905 Hemlock Avenue in Fontana, CA—a $4,800,000 all-cash acquisition ($50/LSF) on 2.20 acres featuring a ±10,000 SF building and verified by-right truck and trailer storage.
In this episode, we cover:
• The 10905 Hemlock Breakdown: Sourcing, front-end due diligence, and navigating Fontana’s strict zoning landscape.
• The 1–3 Acre Sweet Spot: Why smaller low-coverage parcels provide the highest leasing velocity versus chasing "white whale" 10-acre sites.
• Acquisition Criteria: Why sub-30% coverage, functional service facilities, and dual-street ingress/egress are non-negotiable for institutional IOS.
• Structuring Co-GP & Equity Partnerships: How emerging sponsors scale by leveraging balance sheets, LP equity, and patient capital.
• Capital Markets & IOS Maturation: Debt conditions, cap rate expectations (fives to high sixes), and how 1031 buyers view IOS today.
• Advice for Brokers & Sponsors: The "unicorn" skill set of raising equity vs. finding deals, and how brokers can win institutional business.
Timestamps:
00:00:00 - Preview: Sponsorship Rules & Finding Alpha in Small Deals
00:01:09 - The Rise of Industrial Outdoor Storage (IOS)
00:02:02 - Breaking Down 10905 Hemlock Ave ($4.8M Fontana Acquisition)
00:03:38 - How the Deal Came Together: Sourcing & 2-Decade Trucking History
00:05:40 - The 1–3 Acre Sweet Spot vs. Chasing "White Whales"
00:07:20 - Negresco’s Co-GP Partnership with Open Industrial
00:08:44 - De-risking Due Diligence Upfront with Land-Use Counsel (Allen Matkins)
00:11:04 - The Value-Add Business Plan & CapEx Playbook for Hemlock
00:12:56 - Aggregating "Golden Tickets": Flexible Capital & WALT Strategy
00:14:10 - Why Institutional Equity Is Chasing Niche Alternative Assets
00:18:09 - Benji's Pivot: From $700M Hackman Deals to Entrepreneurship
00:20:26 - The True Cost of Starting a Firm & Balancing Family
00:24:44 - A Note for Inland Empire Industrial Owners
00:25:13 - How Co-GP Equity Stacks & GP Co-Invest Splits Work
00:28:42 - The Sub-30% Coverage Rule & Functional Shop Space
00:31:46 - Municipal Moats: Why Cities Don't Want More Truck Yards
00:32:50 - Acquisition Target Range ($3M to $50M+)
00:33:49 - IOS Portfolio Exit Strategies, Recaps & Maturing Loans
00:36:14 - SoCal Cap Rates & 1031 Exchange Buyers in IOS
00:37:51 - How Long-Term Relationships Turn into Closed Transactions
00:40:46 - Advice for Next-Gen Sponsors: The Sponsor Rule of Survival
00:44:06 - What Top Brokers Must Do to Win Institutional IOS Business
00:47:03 - Closing Thoughts
Connect with Shy Assar:
Voit Real Estate Services: https://voitco.com
Email: SAssar@voitco.com
Follow on YouTube: @AddingValueShyAssar
Watch the full episode here: https://www.youtube.com/watch?v=7qT_5Pw0cTo
#IndustrialOutdoorStorage #IOS #CommercialRealEstate #IndustrialRealEstate #Fontana #InlandEmpire #AddingValue #creative
Follow Adding Value with Shy Assar for more conversations that shape the future of industrial and logistics real estate.
Subscribe on YouTube, Apple Podcasts, Spotify, or your favorite platform.
Follow on Instagram and TikTok @AddingValueShyAssar
Music Codes: MB01DKPGNACZVRS MB01TGKRMBHDK91
#CommercialRealEstate #IndustrialRealEstate #InlandEmpire #inustrial #warehousing #logistics
4 Oct 2026
20 Years at Prologis: Kim Snyder on the Past, Present & Future of Logistics
What does it take to navigate four decades of commercial real estate cycles—and help lead the largest industrial landlord in the world?
In this episode of Adding Value, host Shai Asar sits down with Kim Snyder, Executive Director at Prologis. With a career spanning 40 years across development, institutional ownership, and global portfolio strategy, Kim shares an insider’s look at the mechanics of modern logistics.
Tune in as we break down:
The SoCal Market Cycle: Why the post-2022 Southern California trough lasted longer than the rest of the country, and what data signals indicate the next wave of recovery.
The Prologis Playbook: How a relentless focus on customer centricity, long-term tenant relationships, and the legendary "easy button" drive unmatched portfolio retention.
The Power Grid Bottleneck: Why electricity is replacing traditional site selection, and how data centers, AI, and fleet electrification are rewriting industrial underwriting.
Career & Broker Advisory: Timeless advice for real estate professionals on building trusted client relationships, embracing disruptive technology, and investing in your own toolkit.
Whether you're an institutional investor, developer, or active broker, this conversation delivers elite-level insight into where industrial real estate is heading next.
Stream now on YouTube, Spotify, and Apple Podcasts! 🎙️🍿
Follow Adding Value with Shy Assar for more conversations that shape the future of industrial and logistics real estate.
Subscribe on YouTube, Apple Podcasts, Spotify, or your favorite platform.
Follow on Instagram and TikTok @AddingValueShyAssar
Music Codes: MB01DKPGNACZVRS MB01TGKRMBHDK91
#CommercialRealEstate #IndustrialRealEstate #InlandEmpire #inustrial #warehousing #logistics
28 Sept 2026
How to Manage 130M SF of Industrial Real Estate | Bud Pharris (Inland Empire & SoCal CRE)
What does it take to manage over 130 million square feet of industrial space for Blackstone—and what does the future of industrial development look like in Southern California and the Inland Empire?
In this episode of Adding Value, Shy Assar sits down with Bud Pharris, former Senior Managing Director of the West Region at Link Logistics and newly appointed Chief Executive Officer of Pacific Industrial.
Drawing on over 30 years of industrial real estate experience across Panattoni, DCT Industrial, CRG, and Link Logistics, Bud breaks down the institutional playbook: how Blackstone and Link analyze granular portfolio data, how landlords navigate market shifts and lease concessions, and why Pacific Industrial is doubling down on complex infill development, value-add acquisitions, and high-power autonomous/EV fleet charging infrastructure.
We also dive into the operational reality of the Inland Empire and greater Southern California markets—from tenant rightsizing and sublease inventory to power constraints, IOS (Industrial Outdoor Storage), and timeless career wisdom for brokers and developers.
TIMESTAMPS:
0:00 - Teaser: Complex Infill, Concessions & Data Centers
1:03 - Introduction: The 130M SF Scale of Bud Pharris
2:12 - Stepping in as CEO of Pacific Industrial
6:06 - Partnering with Dan Floriani & Neil Mishurda
9:32 - Acquisition Strategy: Infill Development vs. Secondary Markets
11:06 - Inside the Blackstone Machine: Managing 130M+ SF at Link Logistics
14:10 - How Institutional Landlords Stratify Data & Forecast Rents
16:20 - Navigating Downcycles: 2022 Market Peak vs. Global Financial Crisis
17:48 - Levers for Leasing: Concessions, Free Rent, Bumps & Getting Signatures
19:53 - Emerging Sectors: Data Centers & Power Constraints in SoCal
23:30 - Pacific Industrial’s 3 Pillars & The Autonomous Vehicle (AV) Strategy
25:45 - Industrial Outdoor Storage (IOS) & The Race for Powered Land
28:02 - Partnering with Shy Assar / Voit Real Estate Services
29:25 - Key Metrics to Watch: Tenant Rightsizing, Sublease Space & Submarkets
31:22 - What Institutional Landlords Actually Want from Industrial Brokers
33:23 - 30 Years of Leadership: Integrity, Empathy & Resilience
39:15 - Quotes That Shape a Career: Lessons from Roger Rhodess
43:24 - Finding the Love for the Process: Advice for the Next Generation
46:24 - Outside of CRE: Longevity, Fitness & Mountain Biking
47:28 - Giving Back: Childhelp & Mentoring Youth via Project Destined
CONNECT WITH BUD PHARRIS & PACIFIC INDUSTRIAL:
Website: https://www.pac-industrial.com/
LinkedIn: https://www.linkedin.com/in/bud-pharris-5b682312/
Childhelp: https://www.childhelp.org/
#IndustrialRealEstate #InlandEmpire #CommercialRealEstate #LinkLogistics #Blackstone #PacificIndustrial #CRE #Warehousing #SupplyChain #Logistics #SoCalRealEstate #AddingValuePodcast
Follow Adding Value with Shy Assar for more conversations that shape the future of industrial and logistics real estate.
Subscribe on YouTube, Apple Podcasts, Spotify, or your favorite platform.
Follow on Instagram and TikTok @AddingValueShyAssar
Music Codes: MB01DKPGNACZVRS MB01TGKRMBHDK91
#CommercialRealEstate #IndustrialRealEstate #InlandEmpire #inustrial #warehousing #logistics
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