Irwin Boris, Heritage Capital Group

Today’s podcast is with Irwin Boris, head of acquisitions and investor relations at Heritage Capital Group, a 3rd generation family office with over $750MM in assets under management, whose Number 1 investment priority is Don’t Lose Money!

Irwin does not believe in basing investment decisions on the IRR but focuses on underwriting investments to prioritize stable, ongoing cash flow while aiming to at least double equity through appreciation during the lifecycle of any deal. Evidence of the prudence of this approach, Irwin says, is seen in the current market where many sponsors and their investors who were chasing high IRRs are now facing serious cash crises and, in the worst cases, complete loss of invested capital.

Heritage Capital Group has an extensive history of investing through multiple economic cycles and multiple asset classes including multifamily, having owned over 7,000 units at one time, office, and today, industrial of which they currently own and manage some 6 million square feet.

Irwin shares his insights into the broader implications of rising interest rates and their impact on the real estate market and he discusses how Heritage’s cautious approach to debt, favoring longer-term fixed debt structures, has helped mitigate the risks associated with macro-economic market volatility.

Wrapping up, Irwin shares his projections for the industrial real estate market as we move into 2024. He provides a nuanced perspective on the opportunities and challenges that lie ahead, offering strategic advice for navigating the complex landscape of commercial real estate investment.

This podcast is an essential listen for those interested in gaining a deeper understanding of industrial real estate investment, market trends, and the strategic considerations crucial for successful real estate ventures in any asset class or during any phase of the economic cycle.