100+ Deals Later: Why This Industrial Investor Never Uses Debt
Pascal Wagner talks with Joel Friedland about Class B industrial buildings, why manufacturing tenants stay put, and why he buys without debt.
In this interview
Joel Friedland explains what industrial real estate is, how Class A and Class B buildings differ, and why manufacturers tend to stay in a building for many years. He describes his own approach: single-tenant buildings bought from family companies, and selling to a business that needs the building rather than to an investor. He covers why being near a city or a highway matters, and why he buys existing buildings instead of building new ones. He explains why he stopped using debt after the last financial crisis, what that changes for his investors, and how he sees tariffs and the shortage of workers.
Chapters
- Meet Joel Friedland
- How he got into industrial real estate
- What industrial real estate is
- Who the tenants are
- Single-tenant buildings and selling to users
- Location, and buying versus building
- Why he buys without debt
- Tariffs and the search for workers
The picture is YouTube’s poster for this episode. Published October 11, 2025 by Pascal Wagner, founder of DealStack. DealStack does not rate or recommend firms. Brit Properties does not pay DealStack, so this page is not a paid placement.
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