The Patriot Deal Room: IT WAS THE BEST OF RENTS, IT WAS THE WORST OF RENTS The gap was real. The permission wasn’t. By Jeremiah Boucher | Founder & CEO, Patriot Holdings On a mobile home park, a typical business plan is one sentence: lot rents are below market, we bring them to market. But in certain parts of the US, the first question isn't what market rent is. It's who has to approve it. Seven parks, one seller, western Massachusetts and southern Vermont. Roughly 290 lots, about 230...
15 days ago • 7 min read
PATRIOT HOLDINGS | INVESTMENT CASE STUDY Sometimes You Have to Lose Tenants to Grow Cash Flow. Occupancy fell by 7.4%, and monthly NOI grew 50%. The Setup This park came to us fully leased. Twenty-seven identical small bays across two buildings, not a vacancy on the page. By the only metric most operators quote, the property was already perfect. The rent roll disagreed. All 27 units were occupied and the property collected $9,632 a month: $357 per unit against a $660 market. Sixteen of the...
about 1 month ago • 3 min read
The Patriot Deal Room: KILL IT EARLY The deal killers I look for in the first ten days, before diligence gets expensive. By Jeremiah Boucher | Founder & CEO, Patriot Holdings The Hook Every deal eventually closes or dies. The only question is how much you spent finding out which. A title commitment, a Phase I, an ALTA survey, a property condition report, a roof report, a zoning report, and your attorney's time. That's real money and six weeks of calendar before you've even started negotiating...
about 1 month ago • 7 min read
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...
2 months 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...
2 months 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...
3 months 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:...
3 months 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...
3 months 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”...
3 months ago • 5 min read