THE PATRIOT DEAL ROOM Why I passed. Why I bought. What it teaches. THE PATRIOT DEAL ROOM SMALL BAY "FLEX" INDUSTRIAL PARK // A SUBURBAN SUBMARKET IN SOUTH JERSEY THE JUICE WAS WORTH THE SQUEEZE Is the Juice Worth the Squeeze? By Jeremiah Boucher | Founder & CEO, Patriot Holdings The Hook Six tenants. Four of them are youth sports and fitness businesses. And the park is wrapped in a condominium — we own the buildings outright and we'll run the association, but the operating costs live on two...
12 days ago • 8 min read
VERDICT: KILL — UNDER CONTRACT, TERMINATED IN DUE DILIGENCE On the Surface It Looked Good. Then We Read the Leases. By Jeremiah Boucher | Founder & CEO, Patriot Holdings We were genuinely interested in this one. 46,000 SF of small bay flex in a central Connecticut metro. A diverse tenant base with no concentration risk. 90% occupied. And a strong basis — $117/SF, below what it costs to build. We liked it enough to put it under contract. Then we got into diligence, started reading the actual...
20 days ago • 6 min read
THE PATRIOT DEAL ROOM Why I passed. Why I bought. What it teaches. THE PATRIOT DEAL ROOM ISSUE NO. 04 // MULTI-TENANT SMALL BAY / FLEX INDUSTRIAL // FORT WORTH-ADJACENT SUBMARKET Doing the Dance: How You Get to a Number That Works for Everybody. By Jeremiah Boucher | Founder & CEO, Patriot Holdings A seller who won't show us a rent roll. No trailing financials, no P&L — just a unit mix, a site plan, and a purchase price we tracked down ourselves: $15,000,000, about a year ago. This isn't a...
about 1 month ago • 6 min read
THE PATRIOT DEAL ROOM ISSUE NO. 03 // SMALL BAY "FLEX" INDUSTRIAL // SOUTHERN FORT WORTH SUBMARKET VERDICT: PASS AT $3.3M | OFFER STANDING AT $2.7M The $70-a-Foot Flex Trap: Why I Offered $57 a Foot The price per foot is the bait. The rent roll is the hook. By Jeremiah Boucher | Founder & CEO, Patriot Holdings · 7 min read My team and I look at a lot of deals. This one I walked personally — flew into Dallas, drove the site, talked to tenants working on a Saturday. On paper it's a steal:...
about 1 month ago • 8 min read
THE PATRIOT DEAL ROOM ISSUE No. 02 // SELF-STORAGE // INFILL SUBMARKET, NORTHWEST DALLAS VERDICT: PASS The Broker's P&L Said 5.7%. The Real One Said 3.4%. Same property. Same trailing twelve months. One pencil. By Jeremiah Boucher | Founder & CEO, Patriot Holdings · 6 min read This week: a Dallas self-storage deal where the seller cut the price twice and started whispering a number 20% below the ask. On paper, it looked like a motivated-seller opportunity. Then my COO did a one-afternoon...
about 1 month ago • 6 min read
Small bay “flex” industrial — the primary focus for Patriot Flex Fund (Fund 6). My team and I look at a lot of deals. Most of what you learn in this business comes from the ones you walk away from. This one came to us off-market: a small bay “flex” industrial park in an exurban growth corridor northwest of Fort Worth. On paper, exactly what we buy. I passed. Here's the honest breakdown — real numbers included. Deal Snapshot (details anonymized — the listing is private) Asset: Small Bay “Flex”...
about 2 months ago • 5 min read