Black Creek Group co-founders Evan Zucker and Jimmy Mulvihill have announced the launch of Speed Bay Warehouse Solutions, a vertically integrated real estate investment and operating platform focused exclusively on shallow-bay, multi-tenant light-industrial properties. A subsidiary of BDT & MSD Partners has committed $250 million in strategic capital alongside $100 million from Speed Bay’s founders. To date, Speed Bay has acquired or has under control approximately 2.7 million square feet across six high-growth markets including Phoenix, Dallas/Fort Worth, Tampa, Denver, Orlando, and Philadelphia, with an actionable investment pipeline of over $1 billion.
Speed Bay targets properties ranging from 5,000 to 25,000 square feet serving small- to medium-sized businesses including equipment maintenance firms, construction and service providers, e-commerce operators, and last-mile delivery companies that require close proximity to labor, transportation networks, and customers. Shallow bay industrial real estate remains highly fragmented with relatively few scaled operators focused specifically on the operating demands of multi-tenant assets — a structural characteristic that Speed Bay said creates a compelling opportunity to build a differentiated platform centered on tenant service and disciplined value creation. In infill markets, new supply remains limited and lease durations are generally shorter, dynamics the company said support resilient fundamentals and can provide a measure of inflation protection.
Speed Bay’s management team, which serves as Chairman and Vice Chairman respectively under Zucker and Mulvihill, includes President Rob Sistek, COO Matt Stephenson, CFO Lainie Minnick, Head of Acquisitions Michael Moriarty, and Chief Technology Officer Carter Bass, among others. The leadership team collectively brings decades of experience across acquisitions, asset management, and platform development, with a track record of acquiring or building over 325 million square feet of industrial assets including approximately 50 million square feet of shallow bay properties. The Denver-based firm also maintains regional offices in Dallas, Atlanta, and the Northeast, with personnel in Philadelphia, Phoenix, and Tampa. Zucker and Mulvihill previously co-founded Black Creek Group, a leading real estate investment management firm acquired by Ares Management in 2021.
BDT & MSD Partners is a merchant bank with an advisory and investment platform serving business owners and strategic long-term investors, with approximately $18 billion of real estate invested or under management across credit and equity.
KEY QUOTES:
“We’re excited about the opportunity to build a dedicated platform in the shallow bay industrial sector, a large and fragmented segment of the market that has been difficult to pursue at scale given its operational intensity. The commitment from BDT & MSD marks an important milestone for the firm and reflects confidence in both the opportunity and our team.”
Evan Zucker, Chairman, Speed Bay Warehouse Solutions
“We are excited to invest alongside Speed Bay’s proven leadership team to build a best-in-class, national platform in an underserved, necessity-based asset class with limited supply and compelling long-term demand fundamentals. Their experience scaling institutional-quality operating platforms, combined with their disciplined approach to investing, uniquely positions Speed Bay to build a scaled, differentiated operating platform and generate attractive risk-adjusted returns.”
Coburn Packard, Head of Real Estate Equity, BDT & MSD Partners
