In this episode of Durable Value, discover why multi-tenant industrial real estate is one of the most durable and overlooked investment opportunities in commercial real estate. Joe and Ryan break down what makes these smaller industrial parks such a compelling asset class. They explore the unique economics, supply constraints, and tenant diversity that create stable, long-term value.

Timestamps:
0:00 - Introduction: Multi-Tenant Industrial as Apartments for Industry
5:12 - The Value of Yard Space and Buying Below Replacement Cost
7:49 - The Heartbeat of America: Why Communities Need Small Bay Industrial
8:35 - Tenant Diversity vs. Single-Tenant Risk
10:01 - Why Multi-Tenant Industrial Is Becoming Institutional

In Episode 89 of Durable Value, host Ryan Swehla sits down with Matt Slepin, Co-Head of Real Estate at ZRG Partners, to unpack what great leadership and succession really look like in today’s real estate industry. Matt shares his fascinating 25-year journey in executive search, from lobbying for low-income housing to building and selling his own firm. We dive into the real succession challenges facing today’s real estate leaders, the institutional rise of multifamily, and how AI and technology are rewriting the playbook for talent and decision-making in the industry.

00:00 - Introduction
02:30 - From Lobbying to Real Estate Development
05:45 - Career Interruptions & Finding the Right Fit
13:20 - How Multifamily Became Institutional
18:30 - The Rise of Specialty Asset Classes & REITs
24:00 - Entrepreneurship & Starting Terrace Search Partners
29:45 - Succession Planning Challenges in Real Estate
34:15 - The Sale to ZRG Partners
38:30 - Benefits of Joining a Larger Firm
42:00 - Semi-Retirement & What's Next
45:15 - AI, Technology & The Future of Real Estate
51:30 - Advice for Real Estate Careers Beyond Deal-Making
56:00 - Final Thoughts & Closing

In this episode of Durable Value Podcast, Ryan Swehla is interviewed by Brandon Sedloff from Juniper Square Distribution. Ryan and Brandon discuss the private equity real estate strategy of Graceada Partners, focused on secondary and tertiary markets in the Western United States.

Ryan shares his journey from Wall Street to Modesto, California, where he and his third-grade friend Joe built a $900M real estate investment firm. Learn about their contrarian approach to investing in overlooked markets, the infrastructure required to succeed outside major metros, and why they believe secondary and tertiary markets represent a $1.6 trillion opportunity.

Timestamps:
0:00 - Introduction & Welcome
0:42 - Getting Into Commercial Real Estate
1:41 - Growing Up in Modesto, California
3:21 - Columbia University & Wall Street Experience
5:32 - Starting in Real Estate & Business Partner Joe Muratore
8:04 - Why Real Estate? The Tangible Appeal
10:27 - Starting Graceada Partners in December 2008
12:00 - First Property Purchase & Early Growth
13:02 - The 2017 Pivot: From Asset Manager to Investment Manager
16:10 - Graceada Partners Today: 75 Team Members, $650M Assets Under Management
17:42 - Attracting Institutional Talent to Modesto
19:50 - Investment Strategy: Secondary & Tertiary Markets
21:50 - Defining Secondary vs. Tertiary Markets
23:25 - Why Institutions Struggle in These Markets
27:48 - Surprising Insights: Liquidity & Economic Performance
32:06 - The "In-N-Out Burger" Expansion Strategy
36:37 - The $1.6 Trillion Addressable Market
39:19 - Challenges: Building Infrastructure in New Markets
43:34 - Lessons for Emerging Managers
47:00 - Business Priorities & Core Values

About Graceada Partners:
Graceada Partners is a vertically integrated private equity real estate firm with $650M in assets under management, focused on multi-tenant industrial and multifamily properties in secondary and tertiary markets across the Western United States.