Brandon Sedloff and Matt Adler explore the world of small bay industrial real estate and the path from family business to independent fund manager. Adler, founder and managing partner of Adler Real Estate Partners, shares how he spun out of a third-generation family operation to build a specialized platform focused exclusively on multi-tenant light industrial properties across the Sun Belt. The conversation on The Distribution reveals why this once under-the-radar asset class has become one of real estate's most sought-after sectors and how focused operators compete when larger managers enter the space.

They discuss:

• Why spinning out of a family business required balancing independence with preserving relationships
• How small bay industrial became a "HALO" asset class, hard assets with low obsolescence, resistant to AI disruption
• What institutional investors misunderstand about office build-outs in industrial properties
• How a disciplined operator grows NOI even when interest rates move against them
• Why staying focused on one property type in mid-sized deals creates competitive advantage against mega managers

This episode offers practical insight for anyone interested in niche real estate strategies, the transition from operating partner to fund manager, or how specialist platforms win by executing better than diversified competitors.