Tim Beaudin, president and CEO of IndCor Properties, joined REIT.com for a CEO Spotlight video interview at REITWorld 2012: NAREIT’s Annual Convention for All Things REIT at the Manchester Grand Hyatt in San Diego.
IndCor Properties Inc. is an industrial REIT with headquarters in Chicago. The company currently owns and manages more than 83 million square feet located in 40 logistics markets in 23 states.
Beaudin discussed acquisitions for 2013. After growing the company’s portfolio by 37 million feet in 2012, he said he expects that IndCor will to continue to acquire large portfolios in 2013.
“The one thing you will see change is IndCor take the lead on doing some one-off acquisitions” in the range of $25 million to $75 million, he said.
IndCor was formed in 2010 as a portfolio company of The Blackstone Group, a global investment and advisory firm. Beaudin explained that the large size of the firm is a benefit of being formed through Blackstone.
“Currently they just completed raising $13.5 billion of equity for new acquisitions, so obviously we'll benefit from that,” said Beaudin, adding that IndCor also benefits from Blackstone's third-party vendors.
Prior to coming to IndCor, Beaudin worked at Aimco (NYSE: AIV), an apartment REIT. He discussed a couple of the differences and similarities between industrial and apartment REITs. Beaudin said the biggest difference is the involvement of brokers
“In multifamily, brokers tend to bring you acquisitions, and you work with them on dispositions. But all the leasing is done pretty much by an onsite team that are self-contained within the organization,” he said. “On the commercial side, not only do you buy and sell through the brokerage network, but they represent almost every tenant we have.”