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6. |
ACQUIRING WAREHOUSES
The
industrial development picture from Greg
Ryan |
 For
Greg Ryan (MSRE92), the network of
colleagues he developed in his classes
at the Robinson College has proven to be
a big career advantage. Ryan, vice
president of investments at IDI, still
regularly does business with his former
classmates these 14 years later.
Networking also landed Ryan’s current
job as vice president of investments for
IDI, a national developer and seller of
industrial warehouses. Atlanta-based IDI
was Ryan’s client at New York Life,
where he worked in commercial real
estate lending. When IDI offered him a
job, he accepted, and for the past eight
years, he has worked on dispositions,
joint ventures, and acquisitions for the
company, which is consistently ranked
among the top industrial developers in
the United States.
IDI provides warehouse and
distribution facilities to high-profile
tenants, including many Fortune 500
groups. It has wholly-owned assets of
more than $486 million and another $810
million in joint-venture assets. The
company has developed multiple-facility
rollouts for clients such as UPS Supply
Chain Solutions, Circuit City, CarMax,
AmerisourceBergen, CarQuest, and The
Home Depot. Local chapters of the
National Association of Industrial and
Office Properties have named it
developer of the year multiple times.
Recently, IDI started a core-return
fund designated for acquiring Class A
industrial buildings to complement its
value-added fund. Ryan is leading the
new acquisitions group. In following
trends and tracking products in his
niche of the market, he has noted that
cap rates—which tend to slightly lag
interest rates—are continuing to fall.
For Ryan, that translates into a
continuing rise in the value of
industrial warehouses.
"You always want to be right in
guessing markets and in timing," says
Ryan. "If you won the bid, that means
you’re paying more than the competitors.
You need to make sure you didn’t pay too
much. There is an element of risk, but
it is measured risk."
The skill for calculating that risk
extends back to Julian Diaz’s class at
the Robinson College. "He wouldn’t allow
a black-box answer," says Ryan of his
favorite teacher. "By that I mean we
couldn’t input a number and spit out an
answer. We had to calculate problems
longhand. That gave me a deeper sense of
numbers, logic, and a knowledge of yield
and returns."
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