A disciplined, hands-on approach to mid-market industrial and logistics assets — from off-market acquisition through lease-up, repositioning, and disposition.
When acquired, the property was occupied by tenants on legacy leases spanning 15–25 years, with below-market rent. Through a proactive leasing strategy, we brought 60% of rents to market within four months while modernizing the property to meet current tenant needs and ensure retention.
Cash-on-cash moved from 4.00% to 11.70% within 12 months.
Purchased for $1.7 million with $150,000 allocated toward key operational upgrades — converting showroom space to warehouse, installing a new dock door, and expanding exterior storage capacity.
Sold at $2.25 million after 7 months, delivering a 32.00% investor IRR.
Acquired at a low basis of $93/SF via short-term leaseback, then re-leased at $10.50/SF NNN. A disciplined investment strategy culminated in a cash-out refinance within 11 months following a 7-month tenant search.
20.10% investor IRR · 10.54% unlevered yield on cost.
Constructed in 2003 by the original owner-user, this asset was acquired off-market to protect the seller's business interests. We structured a short-term sale-leaseback for operational wind-down, then repositioned the property by securing two tenants.
Stabilized within 1 month · 8.60% cash-on-cash.
| Asset Address | Type | Acres | SF | IRR / CoC | Status | Strategy |
|---|---|---|---|---|---|---|
| 280 Furniture Dr, Salisbury, NC 28147 | Industrial | 6.97 | 35,713 | IRR: 32.00% | Exited | Upgraded distressed asset with a new yard, then pivoted from leasing to a sale. |
| 701–709 Monmouth Rd & 4 Hawkin Rd, Plumsted, NJ 08514 | Industrial | 3.10 | 2,000 (Spec) | IRR: 16.36% | Exited | Assembled three parcels, secured full entitlements for an IOS site, funded via investor bridge loan. |
| 7709 Park Place Rd, York, SC 29745 | Industrial | 9.20 | 19,030 | IRR: 20.10% · CoC: 10.54% | Exited | Purchased at low basis ($93/SF) via short-term leaseback, then re-leased at $10.50/SF NNN. |
| 1200–1240 W Industrial Ave, Boynton Beach, FL 33426 | Industrial | 4.03 | 40,800 | CoC: 11.70% | Stabilized | Acquired property with mixed lease structures and optimized rents to current market NNN rates. |
| 6 Youngs Rd, Hamilton Township, NJ 08619 | Industrial | 2.20 | 3,500 (Spec) | CoC: 10.60% | Stabilized | Acquired IOS site with a single subtenant, leased up, then expanded 0.5 paved acres post-stabilization. |
| 2407 Burlington Ave, Delanco, NJ 08075 | Industrial | 15.12 | 6,673 | CoC: 8.60% | Stabilized | Sale-leaseback for wind-down, then repositioned by securing two tenants; stabilized within 1 month. |
| 285 Peach Orchard Ln, Salisbury, NC 28147 | Industrial | 10.88 | 5,000 (Spec) | — | In Process | Repositioned via local annexation, rezoning, and permitting into a 4.5-acre IOS development in a prime I-85/Hwy 29 corridor. |
| 2701 Belle Chasse Hwy, New Orleans, LA | Self-Storage | 7.90 | 83,535 | — | In Process | Acquired storage facility at C/O; reached 93% occupancy within 18 months. |
| Florida Panhandle Land Portfolio | BTR / Resi | 148.00 | — | — | In Process | Entitled 740 residential lots; developed horizontal infrastructure on 106 lots to date. |
Beyond Cleat Capital's direct portfolio, our principals have executed on additional industrial and logistics projects through strategic partnerships.
~50 acres · 115,000 SF — a three-phase industrial project near the Wilmington, NC port, including building renovations, additional outdoor storage acreage, and a build-to-suit development with a national credit tenant.
9.33 acres — delivered a fully entitled site with a completed development order, culminating in a sale to a national homebuilder for vertical construction.
