The Hottest Commercial Real Estate Sector? Why Small Bay Industrial Is Taking Off | Paul Bennett

Paul Bennett (00:00)
I don’t know if you like having hot takes on your podcast, but I’ll give you my hot take. First of all, small bay industrial is the hottest sector in all of real estate, commercial real estate right now, in my view. Occupancy on average across the country is ninety-seven percent. And it’s been to date an undiscovered segment of the market. To your point, lots more people are talking about it today and that is shifting.

We’ve been building it since 2011. And for the longest time, you didn’t hear anything about it. It’s so powerful and so popular because it’s so flexible.

Dylan Silver (02:07)
Hey folks, welcome back to the show. Today we’re joined by Paul Bennett, fund manager and syndicator with decades of experience. He’s based in North Carolina. Paul, thanks for joining us here today.

Paul Bennett (02:19)
Dylan, just super excited to be here. Thanks for having me.

Dylan Silver (02:21)
What types of deals are coming across your desk these days?

Paul Bennett (02:25)
Yeah, Dylan, we are ground-up developers in the self-storage and small bay industrial space. And right now we’re focused on executing and simultaneously raising capital for our second fund, which is AAA Storage Growth Fund 2, which will invest in the ground-up development of seven self-storage facilities and four small bay industrial parks in Houston, San Antonio, Austin, and Charlotte, North Carolina.

Dylan Silver (02:52)
Now, ground-up development is something that I’ve heard many syndicators say and just folks in general know that it is tricky. Is it a knowledge barrier that is preventing people from getting into this? What is preventing so many folks from getting into ground-up?

Paul Bennett (03:08)
Well, ground-up development in self-storage and small bay is a little bit unique. I think the first thing to understand about ground-up development is that we actually manufacture value and we’re not dependent on appreciation—and maybe we’ll talk about that in a second. So it’s a—it’s a very attractive growth-oriented way to deploy capital in. In terms of barriers,

I think most people perceive ground-up development as significantly more risky than buying existing assets. In self-storage and small bay, you have to stop and think about the fact that we build single-story drive-up self-storage. So it’s not the multi-story product that you see in more urban markets. We’re really a city-skirt developer. And we’re building a slab-on-grade metal building, and we’ve built six and a half million square feet of it. And so the construction risk is essentially non-existent.

We’re also vertically integrated in the state of Texas. Every project is built by crews that we control. So that gives us a little bit of an advantage there. We’re not using third-party contractors for most of what we do. When we’re out of market, when we’re out of Texas, we do use third-party contractors. But the barriers—it depends on the market. There are zoning and entitlement issues that can be a barrier.

You know, most other people doing ground-up development are dependent upon third-party contractors to get the project built. So controlling time and cost can be more difficult. And I think, lastly, as I said, ground-up development in self-storage and small bay is a little bit unique. We’re building at a hundred dollars a square foot versus a multifamily developer who’s building at three hundred dollars a square foot. And if we miss our lease-up projection by twelve months, it does

impact returns—it’s never a positive event, but it takes returns from the mid-20s to the mid-teens. If you do that in the multifamily project, you’ve either wiped out your returns or the bank may be taking the property back. So there’s a significantly lower risk profile in developing the types of properties we develop.

Dylan Silver (05:03)
I’d like to get granular if we can, get into the weeds here, about the timeline to get a property like this, if we look at self-storage, up and running. From the date you’re closing on a property to the date it’s opened, what does that timeline look like typically?

Paul Bennett (06:08)
Yeah. That’s a great question. So the first step in the process is land acquisition and entitlement. And because we don’t want our investors to take that raw land risk—what if you don’t get it entitled and you can’t build your project? And it takes about a year and a half to go through that process. So what we actually do is we land bank land with our own capital

and take it through the pre-development process. The site’s designed, all the civil engineering’s done, all the building permits are in hand before we move it into one of our fund vehicles. And so when the piece of land goes into one of our fund vehicles—and our funds are all identified properties, it’s not a blind pool. In the prospectus it lists all the sites that we’ll be developing and provides market data on those sites. But once it goes into the fund, it’s essentially ready to start construction. That’s when the clock starts

from the investor standpoint. It takes us on average about six to eight months to build a phase one of a self-storage facility. And I say phase one because we do build in phases. Self-storage doesn’t lease up in big chunks. If you think about it, it’s a hundred square foot 10-by-10 unit. And our projects will have between four hundred and six hundred units, depending on the size.

So there’s no sense in building an eighty thousand square foot project all at once, because the back forty thousand square feet will sit empty for two years while you pay interest carry on it. So we build half the project, takes six to eight months, lease that up to about seventy percent occupancy, which takes another twelve to eighteen months. When we hit seventy percent, we then build phase two. All the site work is done, so phase two construction only takes four to six months.

And at that point, we’ve doubled the size of the facility. We’ve taken occupancy from 70 to 35, because we’ve doubled the size of it. And we go into final lease-up, which takes another 12 to 18 months to get the property to 85% occupied, which is where we can sell it for full value. That whole process is about four years. If you add all that together, it takes about four years from first shovel of dirt to a stabilized asset that’s ready to sell.

Dylan Silver (08:09)
So the hold time is four years. Are there any instances where you might hold a property beyond that?

Paul Bennett (08:16)
We have in our history. I said earlier we’re vertically integrated. We have our own property management group that handles lease-up and manages properties. Our strategy in Growth Fund 2 is to develop, stabilize, and sell these assets at stabilization in order to drive the highest time-value return for our investors. So if you run the math, if you hold the property and harvest cash flow—everybody loves the cash flow, but your time-value returns actually come down

because of the additional time that you hold the asset. So Fund 2 will build 11 assets. It’ll start exiting in year four. If you think about it, we can’t start eleven projects at one time. They’re starting sequentially over about the first two years of the fund’s life. But that first project that has already—in fact, will CO this month—will be ready to sell in four years. So four years into the fund, we have the first exit, we distribute cash to investors. After that,

we exit sequentially as each asset hits its maturity. So you’re looking at a series of exits between year four and year six or seven, when we’ve totally liquidated the portfolio, returned all the capital and the profit to the investors.

Dylan Silver (09:20)
Intentionally rolling it out in phases. Is this common, or is this something that is less common and you realized this is the best way to do it to avoid vacancy?

Paul Bennett (09:31)
I think it’s not uncommon. I don’t know that it’s common, if that makes any sense at all. And if you think about it, if you say self-storage to somebody on the street today, probably the first picture that’s gonna pop in their mind, depending on where they live, is a three- or four-story brick or concrete building. And those can’t be built in phases. You’re all in from day one when you turn over the first shovel of dirt. So it’s not common, but it’s also not

uncommon. I guess that doesn’t make a ton of sense. But yeah, it’s just a way we manage. Again, part of the cost of a project includes not only the cost to build it and the cost of the land, but the working capital required to carry it until it cash flows. And by building in stages, we simply reduce that component of cost, and it just makes good logical sense.

Dylan Silver (10:17)
I want to pivot and talk about industrial small bay. I’ve had a number of guests on the show talk about industrial, and several recently. And as I’m still somewhat green to this area, it does strike me that there seems to be a simplicity that isn’t as in vogue, say, as multifamily, and people aren’t talking about small bay industrial in the same

ways, maybe waxing poetic as some other asset classes, but it seems from my lens, outside looking in, to be a better, more predictable way to own real estate.

Paul Bennett (10:54)
Yeah, it is.

I don’t know if you like having hot takes on your podcast, but I’ll give you my hot take. First of all, small bay industrial is the hottest sector in all of commercial real estate right now, in my view. Occupancy on average across the country is ninety-seven percent. And it’s been to date an undiscovered segment of the market. To your point, lots more people are talking about it today, and that is shifting.

We’ve been building it since 2011. And for the longest time, you didn’t hear anything about it. It’s so powerful and so popular because it’s so flexible.

In our small bay business parks, we have everything from an HVAC contractor, a home services business, last-mile logistics, internet-based businesses. And now in the last year and a half, we’ve seen

pickleball facilities, volleyball training facilities, badminton facilities, gymnastics training facilities, any number of consumer uses, which we really, quite frankly, didn’t see coming when we started building this product. But it is flexible, which makes it easier to lease up. Our properties all have triple net leases, so investors are insulated from increases in property taxes and insurance.

And the lease terms are typically three to five years. So you have a little more stability in the income than you do in storage, where you basically got a month-to-month rental agreement with your tenants. And so it is a fantastic product. And the hot take part of this is, we lived through in self-storage in about 2011, 2012—prior to that, the institutional capital that’s out there really didn’t pay any attention to self-storage. In 2011, 2012,

all of a sudden they realized that storage was a very resilient asset class that provided great streams of income, and the institutional buyers started acquiring self-storage. Today there are five publicly traded REITs and literally billions of dollars. Prime Holdings set out to raise a six hundred million dollar fund and had to cut it off at just over two billion dollars to acquire and develop self-storage in 2022, 2023 is when they launched that fund. They’re still not fully deployed, but my point is

it changed the storage market. Cap rates compressed. There was significantly more liquidity in the market, which made selling properties easier, and it really was what exploded storage from 2011, 2012 to today. I think small bay is sitting on that same inflection point. It’s a supply-constrained product. The large industrial developers don’t like to build it; they’d rather build a million square foot box for Amazon or a million square foot data center

because it’s more efficient. So it’s historically been supply-constrained. Demand is very real and growing because of its flexibility, and we’re starting to see the institutional money take notice. We’ve seen cap rates compress 50 bips in the last year, and they do trade a little bit above other assets. Cap rates were in the sevens, they’ve kind of compressed a little bit to about six and a half, but that’s because your tenant profile, the credit profile of these, is typically local and regional businesses. They’re not national credits, so that’s why you get a little bit of difference in the cap rate. But my point is, I think the next five to ten years, five to eight years, we’ll see small bay become very popular and very valuable, which is why we include it. Our current fund is allocated 60% to storage and 40% to small bay. And in Fund 3, we may flip that

allocation and be a little bit more weighted on the small bay side because we think the opportunity over the next five to eight years is really, really attractive. And the small bay projects we can typically get to stabilization in about three years, so a little bit faster than we can a storage facility. ‘Cause we’re leasing, in some cases, 20,000 square feet a pop, but never less than four or five thousand square feet. So

they lease up a little bit faster, and it’s been a great product for us. We’ve had some fantastic returns invested in that product, and our investors have done very well.

Dylan Silver (14:53)
Do you have a similar approach in the development of these small bay industrial parks to the self-storage in that it’s in phases, or is it all at once?

Paul Bennett (15:04)
No, it’s in phases, but sometimes because we start pre-leasing when we get the first building shell up, if you think about it, we have to build a shell and then lease. We build a 20,000 square foot building, but basically it’s not divided at all—it’s one 20,000 square foot building with no doors in it. As we lease the space, we partition it. So you want 3,000 square feet, the plumber wants 6,000 square feet,

somebody else wants two thousand square feet. So we partition the building as we go and then finish it out. Typically, a three thousand square foot space will be two thousand square feet of warehouse in the back with a roll-up door and a thousand square feet of office in the front. You know, that internet-based business that’s selling coffee needs an office to process orders and do all that kind of thing, and needs a place in the back for their inventory and where UPS picks it up and takes it out the door. So in small bay, we start pre-leasing.

And we won’t start the next phase until we’ve got the first phase substantially leased. What’s happening in several markets—I’ll give you an example: the FM 3405 business park in Georgetown, Texas. We built phase one, and before we could finish it, it was completely leased. So we immediately just rolled and kept building phase two. That’s now a hundred and four thousand square foot small bay park

that is eighty-two percent occupied eight months after it’s CO’d. And we are a quarter to a quarter and a half away from having that hundred percent occupied and on the market to sell. And it will probably be sold at about year three. And we tell our fund investors to expect the first exit year four, so we’re gonna probably beat that by about a year in Fund 1 with this particular project. Now

Dylan Silver (16:44)
When you’re involved in the land acquisition and zoning, how challenging is it to get the zoning right in both of these asset classes, in self-storage and in small bay industrial?

Paul Bennett (16:59)
Yeah, Texas is a unique market, so it’s not as much of a challenge. It’s not a challenge really at all. And we tend to be, again, city-skirt developers. So we’re out of the ETJ. So we’re dealing with a fire marshal; we’re not dealing with a planning commission. If you’re in the city of Austin or in markets like Florida and the Carolinas, the zoning and permitting and inspection process is a lot more complicated and time-consuming.

Texas happens to be a great place to develop for two reasons. Number one, there’s not anywhere in the country that’s matched its growth over a long period of time, which obviously is a very positive thing. And secondly, it’s a very development-friendly state.

Dylan Silver (17:39)
You know, what’s interesting, you mentioned Georgetown, and I believe if I’m not mistaken, that’s in the urban sprawl of Austin. As we’re seeing more and more development happen all throughout Texas, but in Austin, people talk about Austin and San Antonio even joining in one central route. And so you see this sprawl ever increasing. People talk about this on the single-family side

and even in multifamily to some degree, like, “Hey, if you can buy or develop in that urban sprawl of Austin, even if it’s not right in Austin, it’s a long-term win.” Is that the same mentality when it comes to industrial and self-storage? Do you look at these cities and towns that are on the outside of Austin as being a really good bet?

Paul Bennett (18:24)
That is where we develop. So for example, Georgetown, Buda, Texas, south of Austin. Georgetown’s north of Austin. Yeah, I could go around if you look at the ninety-two projects that we’ve gone full cycle on, we’ve circled Austin, and probably a couple times. Same with San Antonio. We have a project right now in Cibolo, Texas, which is a suburb on that I-35 corridor outside San Antonio.

We’ve built phase two now, the whole project’s approaching fifty percent occupied, gaining momentum, and we’ll probably be right on track to sell about year four, right where we target. And it’s interesting, particularly for storage—people don’t understand it’s a hyperlocal market. When we find a site, we define the market for that site, and it’s generally somewhere between a three- and seven-mile radius around that site.

And if you look at data today, it would tell you that San Antonio has been chronically overbuilt for self-storage for the last four years. It has absorbed a lot of it, which is pretty incredible because of the growth in San Antonio. But the data would tell you, “Ooh, it’s not a market you want to be in.” And yet we have a project just outside San Antonio that’s right on track. And that’s because what’s going on in San Antonio doesn’t matter.

All that matters is what’s going on in that five-mile radius. And it’s the supply, demand, and rooftop dynamics and demand drivers in that five-mile radius that drive that project, nothing else.

Dylan Silver (19:48)
When you look at self-storage as a whole, do the trends that impact homeownership impact self-storage, or is it not tied to it because people are gonna need storage whether living in an apartment or a home?

Paul Bennett (20:02)
Home sales definitely impact self-storage. Moves drive about twenty-five percent of the demand in self-storage. So the fact that we’ve seen several years now, post-COVID, once rates went up, the sale of new homes and residential real estate transactions slow down significantly has had an impact for sure on self-storage. Demand is growing at a steady pace,

but when the housing market unlocks, it will level up because of the impact. Moves, whether it’s an apartment or a single-family home, absolutely affect it. And apartment dwellers are often—one of the statistics we look at in the market is what percentage of the households are renters versus owners, because renters tend to be heavier users of self-storage. But the underlying demographic

demand drivers in self-storage—there’s not a piece of data out there anywhere that would tell you there’s going to be less demand in five years than there is today. You’ve got boomers like me that are downsizing. You’ve got millennials and Gen Xers that are hitting household formation age, and that’s the time of life where all the things happen that drive the usage of storage. So there’s a solid demand curve underneath, but it’s missing the home sale piece of it right now.

Dylan Silver (21:14)
I heard a story about an investor owning small bay industrial and then self-storage, and talking about self-storage feeling like more of an undertaking to operate from a managerial perspective, and industrial in many cases taking care of itself with triple net leases, almost describing the small bay as, “Hey, you’re gonna be involved in the daily operations,” and industrial as more hands-off. Is that accurate? Would you describe it in a similar manner?

Paul Bennett (21:43)
Yeah, between those two asset classes, I absolutely would. We just did recently—and we’ll mention at the end of the podcast—I did a commercial real estate guide where I took seven different sectors in the commercial real estate area and looked at five different factors to illustrate for investors to understand the dynamics of each type of real estate, because that will lead you to better investment decisions. And certainly I would say, particularly large box industrial

is less management- or operationally intensive than self-storage. There’s no doubt. But if you look at how it compares to other asset classes, the most operationally intense is hospitality, hotels. But multifamily has an operating component that’s far more complex than self-storage.

Yes, between the two that you mentioned, self-storage is a little bit more operationally intense, but compared to the whole spectrum of commercial real estate that people have the opportunity to invest in, it’s on the low end of that scale.

Dylan Silver (22:37)
I wanna pivot a bit here, Paul, and talk about buying land at the right price and also finding these deals. You know, there’s a lot of folks who will say that it’s difficult to get any deals to underwrite in ground-up new construction because of factors like the cost of materials, interest rates. But if you can get the land at a good enough price, it makes the deal work. Are you sourcing land direct to seller through broker relationships? What

does that side of the game look like for you?

Paul Bennett (23:07)
Yeah, great question. First of all, yes, we’re primarily sourcing land directly. We’ve been doing this for thirty-three years, and we’ve been doing a lot of it in Texas, so we’re well known and deals tend to find their way to us. We will buy through brokers if they bring us something that looks particularly attractive, but most of our deals are sourced directly, number one. Number two,

it may seem counterintuitive, but remember we’re building in city-skirt markets. We’re not in downtown Austin. We’re not paying a million dollars an acre for land. Our land costs range between two dollars a square foot and six dollars a square foot. And our projects all-in, including land, run around $105 a square foot. So what that’s telling you is that land cost is between two and five percent of total cost in a project. So

we certainly can’t overpay for land, but we consistently find land in that cost range where it doesn’t impact how well a deal pencils. The other thing related to land, but different, but it’s an important concept: I don’t know if you’re familiar with yield on cost, which is basically the total cost of a project versus the projected stabilized NOI of a project as a yield on the cost to construct that project.

So a $10 million project that has a 9.5% yield on cost is going to have a $950,000 NOI. We underwrite to that 9.5% yield on cost. In today’s marketplace, cap rates in self-storage are about 5.5%, 5.75% for institutional quality product like we build. That means the spread between our yield when we develop and the value of that cash flow stream

once it’s stabilized is four percent. That’s the development spread. An example is a $10 million project, $950,000 NOI. When we get it stabilized at a five and three-quarter cap rate, that $950,000 NOI makes the property worth a little bit over $16 million. We built it for $10 million; four years later, it’s worth $16 million.

We borrowed seven million because we’re typically leveraged 70/30, so we have three million dollars worth of equity in that project. We exit, pay off the debt, we have nine million dollars in cash against a three million dollar investment. That’s your gross project-level equity multiple—so it’s not the net multiple, but it’s a 3X equity multiple on the exit. We do that in four years, and it’s consistently a mid-20s IRR. That’s the play we run over and over and over again. And if you look at

multifamily, their yield on cost is in the low sevens, retail low sevens. Storage is such an efficient product. I told you earlier, an apartment in Austin will cost you 300 bucks a square foot to build; we’re building at 100. The spread between what they get per square foot in rents and what we get is about two bucks. So think about the yield dynamics and the value creation. That’s why I said

at the very beginning, we manufacture value through the development process. We’re creating value. We’re not dependent on appreciation. We’re not dependent upon cap rates compressing or rental rates going up. And we have a buffer to absorb unexpected market conditions because of the yield that we underwrite to in self-storage. And small bay, by the way, we underwrite to a 10 and a half percent yield on cost because

cap rates in that market are about a hundred bips higher, so we want to maintain the same development spread that we have in storage. So we underwrite to a ten and a half percent yield on cost in small bay.

Dylan Silver (26:32)
It seems like, and I could be totally off here and you’ll tell me, that in small bay industrial there’s different factors that impact leasing and overall what can drive rents versus other asset classes. Historically, what have you seen have the most impact on those trends?

Paul Bennett (26:53)
So a lot of the businesses that you’ll find in a small bay facility are serving the consumer population in that market. It’s a landscaper, an HVAC contractor, a plumbing contractor, a general contractor, a car repair facility, any number of things. So two things: business formation, population growth.

Dylan Silver (27:12)
Business formation or population growth. Okay, so therefore you wanna see areas where there’s high density population, but also business-friendly, so that people—Texas being a great place for that. Okay, that checks out.

Paul Bennett (27:25)
And you talked about Georgetown, Texas. It was the fastest growing city in America for three years in a row. It’s been in the top ten for ten years. And all those new rooftops gotta have their grass cut. They got HVACs that are gonna break down. And then you have people that are living in that area, maybe they own a business and now they can have their office ten minutes from their house instead of driving, so they move their business out to the Georgetown area. You know, if they’re an internet-based business or

last-mile logistics provider. So yeah, it’s not any different than a lot of other types of real estate where population growth, inward migration, and business formation are two of the important demand drivers in small bay.

Dylan Silver (28:05)
What happened during COVID? Was it a large disruption? What did that look like?

Paul Bennett (28:10)
No. Obviously there was some short-term disruption in the small bay space, but a lot of those—if you think about it, HVAC service is an essential service, right? Your air conditioner breaks down and you live in Texas, by God, you’re gonna get somebody out there to fix it. And so it wasn’t a significant impact. Storage was actually the opposite. One of the reasons we’ve had a difficult three- or four-year period in self-storage from an operating standpoint

is that during COVID, occupancy nationwide in self-storage went to ninety-eight percent. And it was because people were turning bedrooms into offices and had to have a place to put the furniture, or they were at home and they were bored and they were cleaning out their garage and their attic and everything else. And so occupancy went through the roof, rates were up significantly, and then coming out of that, money was cheap. Developers saw, and investors saw

where storage was, and we immediately flipped into an oversupply trend where there was too much storage built in most major markets from 2021 to 2024. And we spent the last year and a half, two years absorbing that. We’re starting to see the market stabilize, rates stabilize, but there’s been a lot of downward rate pressure, particularly from the REITs who really manage occupancy more than they do rates. And so we’ve been through a very interesting window

of time in storage that was really triggered by COVID.

Dylan Silver (29:31)
I wanna pivot here and talk about raising capital. A lot of the folks on our show talk about this being the biggest bottleneck for them. And it almost feels like raising capital and the secrets of this are hidden behind like a cloak and a dagger in some cases. You’ve obviously been successful at this—full-cycle deals, dozens and dozens of deals. What makes someone successful at raising capital year in, year out?

Paul Bennett (29:55)
This has been a tough market for raising capital. I think geopolitical uncertainty combined with the fact that a lot of investors got burned, particularly in multifamily deals, because multifamily went through the same thing I just described that storage went through coming out of COVID—very popular, got overbuilt, and there were investors who lost money. So it has been a challenge.

I don’t know that if I knew the secret to raising capital on a consistent basis, I’d probably be on a beach somewhere with an umbrella drink, not talking to you, Dylan. But for us, it’s being transparent. It’s serving our investors, honoring their process. We’re not terribly salesy or persuasive in our process. We want to make sure they get all the information they need, they get all the questions answered that they have,

and if what we do is a fit for their investment objectives, then we think they just naturally will be comfortable and invest with us. I don’t know that that’s a secret or even that that’s really helpful to anybody that might be listening to this. It’s hard work. Raising capital is hard work, particularly so for the first 30 years of our existence. We started with friends and family as investors. That grew into a network of about three hundred and fifty investors, many of whom invested in multiple deals over time.

We were successful enough that people were saying to their friends, “Hey, you need to do this.” It got to a point where we would send out an email on a new project and a new offering, and in 24 hours it’d be fully subscribed. When we flipped to the fund model, we now raise 40-plus million dollars at a time. It forced us into the cold market—people we didn’t know and have a relationship with, and who didn’t know us. And that’s a lot harder proposition. And we’re learning. To be

honest, to be totally honest, we’re learning how to do that day by day, week by week. But it’s part of the deal. The capital’s what drives the wheel, so it’s an important part of the puzzle.

Dylan Silver (31:46)
We are coming up on time here, Paul. Any new projects or activities that you’re working on? Also, anything you’d like to mention directly to our audience?

Paul Bennett (32:35)
Yeah, I mentioned Growth Fund 2, which is developing seven self-storage facilities and four small bay industrial office parks. It is available to investors today. We plan to close the offering probably at the end of first quarter 2027. So there’s a little bit of window time here to get your questions answered and make a decision if it’s a right fit for you. We are a growth-oriented investment. Because it’s ground-up development, there’s really no cash flow from the assets.

It’s really about growing the value of your capital. And I would submit that if you’re an active investor, existing assets will keep pace with inflation, but they won’t generally outpace inflation except for in small windows of time. Ground-up development, because of the returns we can generate, will grow the buying power of your capital. It will outpace inflation. So it should have a place in your portfolio somewhere. Our website is

AAAStorageInvestments.com. Great place to visit. We do a podcast, and all the episodes of the podcast, the blog posts, the newsletters are available there in the insights tab. We offer some great resources that you can download. I just did a commercial real estate guide that I talked about a minute ago that talked about the different sectors in commercial real estate and the different characteristics of those sectors. I think that’s a super valuable,

contextual piece that’s there for free if you want to visit the website and grab it. So check us out, visit the website. If you fill out a contact form, we’ll send you some summary information on Growth Fund 2. And if there’s interest, then we’ll have some conversation beyond that.

Dylan Silver (34:08)
Paul, thank you so much for your time today. Thanks for joining us.

Paul Bennett (34:11)
I enjoyed it, Dylan. Thanks for having me.