CASE STUDY
Scaling Underwriting for a $3 Billion Industrial Portfolio Acquisition
Amount
$3 Billion
Location
Type
Industrial
The Situation
In 2019, one of the largest industrial portfolio acquisitions in the country required comprehensive financial due diligence across approximately 100 industrial properties with a combined purchase price of roughly $3 billion.
The acquisition presented an aggressive timeline, requiring every asset to be reviewed, underwritten, and modeled within approximately 30 days. Completing that level of analysis demanded significant underwriting capacity while maintaining consistency across the entire portfolio.
Our team was engaged early in the acquisition process to provide commercial real estate underwriting, financial modeling, and ARGUS support, working alongside the acquisition team to help complete the diligence process before closing.
Our Approach
Financial modeling and underwriting were performed simultaneously across the entire portfolio to meet the compressed acquisition timeline. Each property underwent detailed financial analysis, including ARGUS cash flow modeling, lease review, and underwriting to ensure assumptions remained consistent across all 100 assets.
Working as an extension of the acquisition team, underwriting responsibilities were scaled quickly to provide the additional analytical capacity needed during one of the most critical phases of the transaction. Continuous coordination throughout the diligence process helped maintain consistency across the portfolio while supporting investment decisions leading up to closing.
The engagement allowed the acquisition team to focus on executing the transaction while maintaining confidence that the underwriting and financial modeling were completed on schedule.
The Results
The acquisition closed successfully, completing the purchase of approximately 100 industrial buildings representing nearly 29 million square feet and approximately $3 billion in value.
By providing scalable commercial real estate underwriting, ARGUS modeling, and financial due diligence within an accelerated timeline, the transaction remained on schedule despite the volume and complexity of the portfolio. The engagement demonstrated the value of expanding underwriting capacity during institutional acquisitions where speed, accuracy, and consistency are critical to execution.
Following the closing, the relationship continued beyond the transaction, reinforcing the importance of having experienced underwriting support available for large-scale commercial real estate acquisitions.
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