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Ironstone

CURRENT STRATEGY — COMMERCIAL REAL ESTATE

What we acquire

We acquire commercial real estate where operating leverage is mispriced by under-management, not by market.

Target profile

What we bring

Capital for a clean ownership transition. Institutional-grade operations across property management, revenue optimization, and expense discipline. A disciplined underwriting model that prices the yield-to-exit spread before we bid. Strategic optionality across the portfolio for holds, refinances, and exits.

  • Asset types: Industrial flex, medical outpatient building, single-tenant industrial, self-storage, surface parking, covered land, manufactured housing communities, and STNL retail & unanchored strips where the opportunity meets our screen

  • Deal size: $1–20M per asset, with flexibility outside the range for the right opportunity

  • Business plan: Value-add operations — lease-up, rent mark-to-market, expense discipline, tenant diversification, targeted capital

  • Geography: US-headquartered assets nationally, core markets plus select growth and yield metros

  • Seller profile: Founder-owned, family-owned, mom-and-pop, or institutional owners ready for a clean transition

  • Financing: ~60–70% LTC with rate protection; agency where applicable

Out of scope

  • Ground-up development or land speculation

  • Asset categories outside our stated target classes (with limited exceptions per our screen)

  • International properties

  • Assets requiring major structural reconstruction or environmental remediation

Process

First conversation within five business days of a qualified inquiry.
 

Mutual NDA at our standard form prior to review of financials, T-12, rent roll, and expense detail.
 

Letter of intent (LOI) within two to three weeks of asset walk-through and management review.
 

Confirmatory diligence runs in parallel with loan documentation — physical inspection, Phase I environmental, zoning review, tenant estoppels.
 

Path to close, in most cases, inside 45 to 60 days from executed purchase and sale agreement.

Submit an opportunity

Reach our deal team at deals@ironstonecap.com or use the Partner with Ironstone form. We respond to qualified inquiries within five business days.

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