Blake Potolicchio- Profitable Outdoor Storage Investing (#126)

Bio Blake Potolicchio, Co-Chief Investment Officer More than a dozen years of experience in real estate acquisitions, dispositions, financing, asset management, and leasing. Prior to Open Industrial Blake spent 15 years spearheading a local private equity real estate fund’s strategic direction focused on acquisitions, entitlement, leasing and asset management. Show Notes Introduction and Welcome (00:04:30) Blake is welcomed to the show and expresses gratitude for the invitation. Blake’s Role and Responsibilities (00:04:40) Blake describes his role as co-chief investment officer at Open Industrial. Investment Strategy Overview (00:04:50) Discussion on acquiring heavy industrial zoned land for outdoor storage and its significance. Average Deal Size (00:05:15) Blake shares insights on the average deal size and the strategy of high volume, small check sizes. Impact of COVID-19 (00:05:50) The importance of their tenants during COVID-19 and the supply chain disruptions experienced. Challenges in Finding Suitable Sites (00:06:15) Blake discusses the difficulties in finding sites that meet zoning and user requirements. Motivation Behind Founding Open Industrial (00:06:45) Personal motivations and the market conditions that led to the establishment of Open Industrial. Identifying Market Opportunities (00:07:30) Blake explains how zoning and limited availability create market opportunities for outdoor storage. Economic Viability and Investment Perspective (00:08:15) Discussion on the economic aspects and long-term viability of their investment strategy. Acquisition Strategy and Market Focus (00:10:30) Blake outlines the geographic focus and strategy of the acquisitions team at Open Industrial. Background and Education (00:11:15) Blake shares his upbringing, education, and the importance of learning in his early years. Family Background (00:12:00) Details about Blake’s family, including his mother’s real estate career and father’s medical profession. College Experience (00:12:15) Blake discusses his college experience at the College of the Holy Cross and his athletic involvement. Career Aspirations Post-College (00:14:00) Blake reflects on his uncertainty about career paths after college and his initial interest in medicine. Internship Experience (00:15:30) Blake describes his internship at JLL and the various aspects of real estate he explored. Interest in Real Estate (00:16:15) Discussion on what spa...