Vacant Boxes.
Cash-Flowing
Logistics Assets.
Secondary-market industrial acquisitions where cap rates still compress. We underwrite the deal. You collect the distributions.
← Drag to see the transformation
Closed Acquisitions
The Portfolio.
Hover to see the NOI.
Each card shows acquisition price on the front. Flip to see current net operating income and realized returns.
Third-Party Logistics
Tucson, AZ
Acquisition Price · 2020
$9.4M
Size
218,000 SF
Entry Cap
6.1%
Hover to see performance →
Tucson, AZ — Performance
Current NOI
$1.82M
Net IRR
24.1%
Entry Cap
6.1%
Current Cap
7.9%
218,000 SF · Third-Party Logistics · Fully realized and distributed to LPs.
Cross-Border Distribution
El Paso, TX
Acquisition Price · 2021
$14.2M
Size
340,000 SF
Entry Cap
5.8%
Hover to see performance →
El Paso, TX — Performance
Current NOI
$2.41M
Net IRR
21.7%
Entry Cap
5.8%
Current Cap
7.2%
340,000 SF · Cross-Border Distribution · Currently held, distributions ongoing.
E-Commerce Fulfillment
Albuquerque, NM
Acquisition Price · 2019
$7.1M
Size
175,000 SF
Entry Cap
6.4%
Hover to see performance →
Albuquerque, NM — Performance
Current NOI
$1.38M
Net IRR
26.8%
Entry Cap
6.4%
Current Cap
8.1%
175,000 SF · E-Commerce Fulfillment · Fully realized and distributed to LPs.
Agricultural Cold Storage
Bakersfield, CA
Acquisition Price · 2022
$11.8M
Size
290,000 SF
Entry Cap
5.9%
Hover to see performance →
Bakersfield, CA — Performance
Current NOI
$1.95M
Net IRR
19.3%
Entry Cap
5.9%
Current Cap
6.8%
290,000 SF · Agricultural Cold Storage · Currently held, distributions ongoing.
The Macro Thesis
Vast. Patient.
Unmistakably Moving.
The Sunbelt industrial thesis isn't a trend. It's a decade-long structural shift — nearshoring, e-commerce penetration, and supply chain redundancy are filling every dock door we can underwrite.
Secondary Markets, Primary Returns
While institutional capital crowds gateway markets, cap rates in Phoenix, El Paso, and Tucson still sit 80–140bps above coastal peers — with the same tenant demand from nearshoring and e-commerce last-mile expansion.
Industrial Doesn't Flinch in Rate Cycles
Warehouse leases run 5–10 years with annual escalators. When rates rose 525bps between 2022 and 2024, our NOI grew 18%. Triple-net structures pass operating costs to tenants. The math holds.
Value-Add Before Stabilization
We acquire below replacement cost when dock doors are dark, then reposition — new striping, upgraded power, brokered leases — before cap rate compression does the heavy lifting on exit valuation.
$2.1B+
Sunbelt industrial leased in 2024 — Cushman & Wakefield
Mesa sourced a Tucson deal our family office would never have found independently. The repositioning thesis was exactly right — we were fully distributed 14 months ahead of the projected hold.
Richard Castellano
Castellano Family Office · Phoenix, AZ
24.1%
Net IRR
Current Offerings
The Next
Acquisition Is Open.
We're currently accepting accredited investors into the Mesa Sunbelt Industrial Fund III — a $42M vehicle targeting secondary-market warehouse acquisitions in AZ, TX, and NM. Minimum hold period: 36 months. Projected net IRR: 19–23%.
$250,000
Minimum Investment
Accredited
Qualified Purchasers
DST / LLC
Structure
3–5 Years
Target Hold
Past performance is not indicative of future results. All investments involve risk. This page does not constitute an offer to sell or solicitation of an offer to buy any securities.