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Industrial AdvisorsAuthor: podcast@industrialadvisors.com (Industrial Advisors)
Supply chain nerds, warehouse gurus, distribution dudes, transportation titans, site selection geeks No one knows the industrial real estate market better than Colliers International's Matt McGregor and Bill Condon. Tune into their Industrial Advisors' show to find out what you don't know about the market behind the market. Language: en Genres: Business Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Build-to-Suit Industrial Real Estate: Mastering Tenant Capital Strategy with Joe Neckles
Episode 17
Friday, 19 June, 2026
Build-to-Suit Industrial Real Estate: Mastering Tenant Capital Strategy with Joe Neckles Recorded live from IAMC in Little Rock, Industrial Advisors host Joe Neckles of Fortress Investment Group to discuss Fortress's single-tenant triple-net lease strategy and his focus on fully capitalizing build-to-suit projects with developers and users. Neckles explains Fortress invests via existing net-lease acquisitions, sale-leasebacks, and build-to-suits, emphasizing direct engagement with developers, tenant reps, and end users. The conversation highlights why tenants choose build-to-suit over spec space or ownership: specialized needs (manufacturing, cold storage, data centers), limited market availability, and the ability to invest capital into their core business rather than real estate. Typical build-to-suit leases target 15+ years, ideally 20+ with extension options, and can reduce tenant risk through guaranteed maximum price contracts and delivery timelines; Fortress supports power needs by funding solutions once sites are vetted. They note improving build-to-suit activity after uncertainty in 2024–2025 and tighter construction lending in 2023, with some tenants taking advantage of a softer industrial market to lock long-term rates. 0:00 Intro and Joe Neckles Background 2:10 Building Strategic Industry Partnerships 3:45 Why Choose Build to Suit Over Spec 5:15 Power Capacity and Infrastructure Challenges 6:35 Lease vs Ownership Strategy 7:55 Mitigating Risk and Project Timelines 9:15 Industrial Market Trends and Outlook
