Welcome to our latest episode! Today, we’re thrilled to have Neil Wahlgren, managing partner at MAG Capital Partners, return to the podcast. With nearly two decades of expertise in leadership, operations, and capital markets, Neil has a remarkable background that spans military service as a C-130 pilot and extensive experience in real estate investment. Under his guidance, MAG Capital has overseen approximately $500 million in income-producing commercial real estate.
In this episode, Neil delves into the unique strategies driving industrial real estate and the sale-leaseback model, explaining how MAG Capital Partners helps companies maximize cash flow and expand operations through this approach. He discusses the impact of high-interest rates, the demand for reshoring manufacturing to the U.S., and the importance of credit analysis for tenant stability. Neil also shares insights on building predictable cash flow in industrial real estate, along with his outlook on market trends and M&A-driven deal flow.
Tune in now to gain expert advice on industrial investing, risk management, and long-term opportunities from Neil Wahlgren’s extensive experience and unique approach to commercial real estate!
HIGHLIGHTS OF THE EPISODE
00:00 – Welcome to the BigMikeFund Podcast
00:23 – Guest Intro: Neil Wahlgren
03:30 – Military Background and Transition to Real Estate
06:00 – Journey into Industrial Real Estate
08:20 – Sale-Leaseback Transactions Explained
11:45 – Impact of Mergers and Acquisitions on Deal Flow
14:30 – Current Market Trends in Industrial Real Estate
18:00 – Risk Management in Industrial Investments
21:15 – Reshoring and Geopolitical Influences
26:45 – Final Thoughts and How to Connect with Neil
If you found this episode substantial and want to dig deeper into real estate, or maybe you want to discover better investment opportunities, be sure to check out www.tempofunding.com.
CONNECT WITH THE GUEST
Website: https://magcp.com/
Linkedin: https://www.linkedin.com/in/neilwahlgren/
Instagram: https://www.instagram.com/magcapitalpartners/?hl=en
Youtube: https://www.youtube.com/@MAGCapitalPartners
Facebook: https://web.facebook.com/neil.wahlgren/?_rdc=1&_rdr
Full Transcript:
Intro: Welcome to the BigMikeFund Podcast, where you’ll learn about advanced wealth building strategies from real estate investing to creating massive ROI and secure retirement profits. So pour yourself a cup of coffee, grab a notepad, and lean in. Because Big Mike has got the mic, starting now.
Mike Zlotnik: Welcome to the BigMikeFund Podcast. I’m the Big Mike, Mike Zlotnik, and today it is my pleasure and a privilege to welcome Neil Wahlgren. Hey, Neil.
Neil Wahlgren: Hey, Mike. How are you?
Mike Zlotnik: I’m good. Thanks for coming on a podcast. Neil is, I guess, co-founder and managing partner at MAG Industrial, a company specializing in industrial strategy. So awesome to have you.
But first, could you tell me a little bit about you and your family? It’s the first step. We always do it on a podcast. Where do you live? Family, kids, cats, pets, whatever works.
Neil Wahlgren: Yeah, absolutely. So yeah, Neil Walgren. Managing partner at 9 Capital Partners. I’m based out of San Francisco here. I’m a Northern California native.
I had a prior career as a Air Force officer and pilot. So, I went to the Air Force Academy after growing up in the East Bay area here in NorCal Air Force Academy in Colorado Springs, 4 years there, undergrad, and then ended up earning a pilot slot. With the Air Force, so I ended up going through additional a couple years of training and then applying the C 130 Hercules.
So flew that station in Japan 5 years, about 2 and a half years total around the Middle East and been to about 109 different countries. It’s really kind of a neat way to spend your 20s and early 30s there. Kind of flying all over the world and, you know, getting to understand logistics and, and you know, movement and troop personnel and all sorts of you know, interesting military missions through that.
So, I did that for about 10 years and finally decided, hey, let’s let’s think about having a family. It’s a little hard when you’re on the road all the time. So. Transitioned you know, out of the military there, got my MBA at Texas A and M courtesy of the, the military covered it. So that was nice.
And then moving down to Southern California, but had to run for about 4 years at a a biofuel startup, which is interesting. It was employee number 30 up to about 300 people and then a full cycle down to 0. But really you know, I got to get my feet wet on the entrepreneurial side with that.
You know, in the process started investing on my own and some single family and then ultimately moved up to San Francisco where I’ve been last you know, about 1112 years up here. I met my wife. I have 2 children. So 2 boys, 1’s turning 13 and 1’s 6 months. So we’ve got full, full spread in the family here.
We live in the Marina district in San Francisco. Worked for a couple of years on a, a small capital shop focused on kind of syndicating commercial real estate, individual single asset deals. And through that relationship, met my, my partners at mad capital background 20, 2015, 2016.
Mike Zlotnik: That’s an awesome overview. So first of all, thank you for your service. So great to hear that you had a whole adventure. Through the U. S. Air Force and travel the world. And it’s awesome to hear you went through a, I guess, a startup in biofuel, and that didn’t quite work out. So some lessons learned from there. And then how did you wind up really in industrial real estate?
This is not a field easy to get into. It’s one of these strategies that typically reserve for big players because the assets are, Industrial size type of buildings that are, it’s a unique strategy. It’s not easy to break into unless you work for some big shop that have been specializing in that. So,
Neil Wahlgren: yeah, that was a, it’s a great question and I always tell people, you know, industrial is interesting because most people can live their whole life without really ever. Setting foot in a manufacturing industrial space, right? Whereas retail, everyone’s been in retail. Everyone’s been in an apartment or live in 1, you know, some capacity, almost everyone in office.
So it tends to be a little less familiar for folks from a actual brick and mortar standpoint. But. You know, really, it’s a, it’s a fascinating asset. My 2 partners Dax Mitchell and Andrew G are a really core real estate players. So they, they’ve been commercial brokers. They’ve been investors. They’ve been developers.
Andrew was an appraiser in the commercial side for 10 years. So they, they both have about 30 years experience each. Deeply into, you know, all just a whole journey of different commercial real estate. So the 2 of them kind of found it on really net lease originally. So they were doing net lease medical office and then once, you know, kind of had the foundation there saw a lot of opportunity in the industrial space.
So, as they were getting into that, they were 1 of 8 sponsors I worked with on the previous firm and really, it was great to be able to. Introduce a network of individual investors to be able to, to work a syndication model and bring that capital as limited partners into the deal managed by mag capital.
And so really, you know, we’ve added the team a lot. I got comfortable with the 2, 2 partners there and, you know, we did about 4 or 5 deals together. And at that point, you know, really had the model down. I really liked the the, you know, the individuals behind the company there. And had an opportunity to join them full time.
So that, that was really my transition point. Those are my two top criteria for, you know, finding what firm I wanted to jump to full time.
Mike Zlotnik: Yeah. Yeah. That’s really, really cool. It’s a, it’s a nice venture, I guess journey. And it sounds like you found, you found the calling as Specialty as it is. It’s actually great.
What do they say? Don’t be a jack of all trade traits and master of none. Be a specialist. This is a great special.
Neil Wahlgren: I’ve heard a niche is rich. So, you know, you find, find a little you know, category that not everyone’s doing and do it, do it well. And it’ll work really well for you.
Mike Zlotnik: Yeah. Riches in the niches. I thought I heard that too. So that’s that’s a great thing. So, what’s happening today? We are recording this in early October 24 Fed cut rates as a first sort of sign for some support in the interest rate policy. You certainly in this higher interest rate environment, are you able to find more deals?
Is it more of an environment conducive to better bargain hunting versus when the rates were low? And what are you seeing today? Are you finding great opportunities? And yeah, just, just talk about sort of a bigger picture. What’s happening in the industrial and, and you do typically what? Seller buyback leases is a specialty, also trade. Will you buy from the owners and then lease back?
Neil Wahlgren: Yeah, exactly. So our, as an asset, you know, we’re, we’re effectively acquiring net absolute net leased industrial real estate, usually 20 year full full net leases where our tenants will pay 100 percent of the expenses on the property. That’s taxes, insurance, everything from roof replacements down a landscape, you name it.
So it becomes much more of a predictable cash flow play. And then how we acquire really that’s a, a niche within a niche almost and that’s through, like you mentioned, say, a lease back. So most of our deal flow is driven by M and a, with a private equity backer coming in, typically buying a family owned manufacturing business.
Typically that family owned business owned its own real estate. And then that PE shop comes in, buys that firm, including the real estate. And then what they want to do is effectively monetize that real estate and convert, move that capital over to the operating side of the business to help grow the company.
So, we are effectively the monetization partner on getting the capital out of that real estate. And allowing them to effectively change roles from an owner to a tenant, and we change roles from a buyer to a landlord. And so, really, it’s, it’s all a paper transaction inside the shop. Nothing changes day in and day out.
They continue making whether it’s aerospace parts or manufacturing or aluminum extrusion, whatever it might be that that shop does. So, really, when you asked about our deal flow. Almost 90 percent of it is driven by M and a activity. So as long as mergers and acquisitions are occurring in the space you know, we are tangentially the recipient of a lot of that deal flow that happens through those M and a activities.
Mike Zlotnik: That’s really fascinating. I didn’t realize this was the great specialty and then the M& A. So M& A usually does really well. The volume is up when the interest rates are low. Now the volume is pretty low because the interest rates are high. Well, like beginning to come down, but we just started. So are you able to find interesting deals still happening?
I assume it never goes down to zero. It can shrink from peak of the volume to wherever it is now, but it’s never, you know, a zero. There’s still something happening.
Neil Wahlgren: Yeah, I know, and it is a good point. So, in low rate environments, there’s a ton of, you know, mergers and acquisitions and sales, and it’s just a flurry of activity, but you also get a flurry of liquidity in the market.
A lot of buyers, a lot of big institutional shops competing. And that was, you know, that was kind of what we saw in 2001, right? Early, early 2022. And there was just so much money in the market, you know, deals now that are trading at 8 caps, 8 and a half. I mean, we, we might bid at 6 and a half and it would trade for like, 5 and a half cap rates.
So it was just so much money being thrown in that it was, it was driving the values to, you know, what we felt was no longer grounded in reality there. So we ended up sitting out for about 8 or 8 or 9 months. In that period, really not buying anything and then once once rates started coming up, we still saw activity.
It shrank, but we suddenly, you know, we’re seeing cap rates go back to a more normalized level. And then now, you know, really a quite attractive level from a historical vantage point. You know, we’re, we’re still pretty, pretty regularly able to find good mid market mid market real estate with private tenants.
And that’s nice because we really, we kind of limit the pool that we compete with. We have to do our own credit analysis of these, these private sellers who become tenants. And not a lot of, not a lot of firms have that in house capability. So we, we compete with a smaller pool. We’re able to, you know, still get a nice yield and then ultimately, you know, we lock in the cap rate.
We lock in long term fixed rate debt and really the spread between that is what generates the cash flow yield to our LPs.
Mike Zlotnik: So let’s dive into that a little bit. So what kind of cap rates are you finding these deals at? What kind of Fixed rate that are you able to lock in? What’s the the equity spread?
I think it’s that that’s the term between the the cap rate and the the mortgage rate. And it’s 1 of the few strategies that actually has a decent positive spread multi family stories doesn’t have much of a spread. So that,
Neil Wahlgren: yeah, and that spread will always move and we, we target, you know, whatever the fixed rate interest is at the, at the time. We look to usually get a cap rate, you know, about 150 to 200 basis points higher. So we saw just use an example. Our 2nd, industrial funds, we’re just closing out. We have 1 final acquisition to to fully stabilize it now. And I believe. You know, over the last 12 or 14 months, we’ve acquired about 22 industrial assets and we’ve averaged, I think, about 8.
3 acquisition cap rate. And then the, I believe the debt is about 6 and a half percent average across that death spread there. So, you know, able to maintain, you know, that basis point spread we talked about that usually will generate somewhere between about a 6 to 9 percent initial yield on on each asset.
And then when you diversify it across the fund, you really get a nice upfront cash flow. On those leases, you’re going to have annual and rent escalators built in. So every year the rent goes up, increases that cash flow. And then you’re also shielded from increasing expenses. So all that goes to your tenants.
So it’s a very much more predictable cash flow play. We’re able to appreciate the asset during, you know, roughly a five to six year hold before we sell the portfolio.
Mike Zlotnik: So that’s a great explanation. So the math works out as cash flow improves, I guess NOI improves, valuation improves, so you’re collecting pretty decent cash and you have sort of a, not a guaranteed but likely improvement in the in valuation of the asset.
Do you ever take it to refi at some point as rates fall? I assume that that might become viable again because the interest rates in the past were falling, falling, falling for a long time and they spiked and now, as they fall again, maybe some interesting opportunities to refi as part of the Strategy
Neil Wahlgren: yeah, so that’s what’s nice with the fixed rate debt. Right? So we don’t have to do anything. The underwriting is pretty stable where rates could go up rates. Couldn’t go down. We could, we could sit back and say, hey, we have this yield that we underwrote for. However, if rates do go down to a point where it makes sense to refi, we can, we can lower that interest debt service and now we’ve increased the cash spread and that would definitely be a positive effect on both cash flow and overall on the fund there.
Mike Zlotnik: I got you. And what’s the typical asset size that you try to acquire? It’s a single tenant, some kind of industrial manufacturing. And, and are you seeing, so again, size of the opportunities typically. And then the next question are you seeing any interesting, you know, shifts? Driven by the geopolitical friction with China, U.
S. based manufacturing, are you seeing anything interesting happening on that front?
Neil Wahlgren: Yeah, so size wise, you know, as an asset, I would say the, you know, about 200 to 400, 000 square feet is kind of our sweet spot.
Mike Zlotnik: It’s pretty sizable, 200, it’s like a big Warehouse yeah,
Neil Wahlgren: yeah, no, they’re they’re big operations. You know, sometimes several buildings on 1 parcel of land and often they’re a bit of a patchwork looking at a setup because, you know, you’ll have a company that grows over many decades and, you know, adds additional structures and you’re, you’re buying kind of the. Accumulation of all that, but you know, typically, you know, we’re buying 50 to 100 dollars a foot.
Okay. Replacement value right now is about 150 to 175. so, you know, well, below replacement value kind of in the space we plan and then, you know, when you talk about with China, it’s really interesting. I would lump in, you know, kind of increasing costs of overseas overseas labor. You have a geopolitical uncertainty with China and, you know, claims on Taiwan and the Philippines and the waterways there you have.
I mean, just yesterday you had the port port workers, 45, 000 of them went on strike all of these add. Major uncertainty to what I call the global supply chain. Right? And as that uncertainty stacks up, you know, it adds increased time and increased cost for manufacturers. We started seeing this back in 2018, 2019, heavily accelerated when cobit hit for reasons.
We’re all familiar with and really during that last roughly 5 year period, we’ve seen a lot of. American manufacturers that previously produced their goods overseas. We’ve seen a lot of them move their manufacturing operations back to the U. S. So the, the term for that is reshoring that reshoring really has been a very strong demand driver across, you know, a finite supply of industrial estate across the U.
S. for the last 3 to 4 years. And we foresee that continuing trend to to keep going for probably at least the next 3 to 5 years.
Mike Zlotnik: Yeah, that’s a great explanation. Reshoring. I heard offshoring, nearshoring, reshoring. It’s a great, great term. Yeah,
Neil Wahlgren: nearshoring is bringing the Canada or Mexico, so typically considered, you know, less volatile overseas production spots. You know, really any of those, you know, basically bringing back to North America is going to benefit, you know, industrial across those sectors.
Mike Zlotnik: Yeah, exactly. That was exactly my experience. When I was in technology world, we had an office in Nova Scotia, Halifax, that was the nearshoring concept of outsourcing to some way in India.
Technology was a very popular trade. So let’s go back to the. Acquisition costs. So if I, if I heard you correctly, you’re buying at about a third of the price per square foot, about a third versus building new, which is. Phenomenal. And how old are these buildings? In essence how much useful life and with a triple net lease, all the upkeep, including the roofs, as you said, is a function of the tenant.
But the only risk is on maturity of the Of the lease can they go somewhere else and you have to go find another tenant and it’s a multi year play as soon Nonetheless, there’s something to to think about I guess your cost basis is so low that it’s it’s probably it doesn’t matter You’re gonna find another tenant if this one wanted to move
Neil Wahlgren: Yeah, so it’s really, it’s becomes much more of a contract play versus a true, you know, core real estate play. So, you know, as we’re buying most of the new industrial being built, a lot of it is class a to think like a big Amazon or pro lodges centers right on the highway. Super sleek and nice. Those are going to be substantially more right? We, we play in what we call it kind of a 2nd generation. So often, you know, properties are built 20, 30 years ago.
Some are even a compilation of, like, 40 or 50 year properties that have been renovated over time. But again, like, there’s not a lot of, there’s not a lot of, you know, substance to the real estate. It really is, you know, we call them industrial boxes, right? It’s 4 walls, a roof. You know, paving outside typically, I mean, really, it’s just a, it’s a covered working space for warehousing for manufacturing operations for shipping and receiving, right?
Usually, maybe 5 to 10 percent of the square footage is office or bathrooms, but, I mean, really, most of it is just concrete flooring, very versatile space and also being a little older. It doesn’t really matter in our, our model, because the tenants going to maintain it. Right? Right. You know, the bathroom breaks, they cover it, you know, the roof needs replacement.
They, they come in and really the only time we come in heavily on the real estate side, outside of, you know building inspections every 1 or 2 years. We, we have a kind of a full service development arm within our firm. So, you know, we stay in close contact with facility managers and as that PE firm You know, if they’re successful in growing the company often, they’re like, hey, we need more space.
You know, the contractually tied to that that building, but we can say, hey. If they’re sitting on excess land, which is quite often, we go, hey, we can, we can build out another 40 square feet for you. And that’s kind of neat. Ultimately, you might do the build out, say, all baked in at a 10 cap, and maybe the original acquisition was an 8 cap and now blended.
You effectively have a nine cap acquisition without taking on any substantial additional risk. So that’s a nice way We’re able to add some alpha and really increase our return profile compared to some of our competitors
Mike Zlotnik: You can build a cost to 10 cap. That’s remarkable. I mean, that’s that’s great And the more I think about it, the more I’m impressed because really you’re mostly in financial engineering.
You’re not really heavily doing real estate work where you have to deal with improvements and dealing with all kinds of elements related to real estate. You’re still in real estate, but you’re really on a financial side. And yes, like you said, further development, if it’s necessary on a given. Property.
I mean, that’s honestly, I love your model and that’s why we we’ve started investing with you and looking forward to do more because the model continues to make to make a lot of sense. Are you expecting to see more competition entering your field or because of your existing relationships, you, you get into this I guess not heavily bid or overbid environments when you, when you get one of these private equity firms that buys one of these shops do they put up the, the asset for bid and are you competing heavily or it’s a little bit more of a friendly environment? Just curious.
Neil Wahlgren: Yeah, I mean, we have seen some, some new players come in pretty strong. For example there’s a Morgan Stanley net lease shop. Now there’s a JP Morgan at least shop, you know, they’ve seen, you know, the, Hey, this is you know, definitely you know, kind of under. Under highlighted segment of of the commercial real estate investment space.
But I think we, we still do pretty well. We’re, we’re nimble. We’re a smaller shop. We can be a little more creative, right? For example, you know, let’s say our tenant on a, on a lease back says, hey, we, you know, we want to start a lower rent than what we preferred. We’re going to go, hey, on a 5 year horizon, we still want to be here.
We, we might win the deal by going, hey, we’re going to, you know, instead of 2 percent rent bumps, we’ll bump it up to 3 and a half percent rent bumps for the 1st, 5 years. That still gets us to our sales and why target and then then maybe it levels out to more, you know, stable 2 percent annual afterwards.
Right? So we can be a little more creative on how we structure things if we love the tenant. We love the basis on the deal. Those that’s our 2 biggest criteria that we look for. And then, you know, the rest is, you know, just being being that creative and nimble as an acquisition shop to outcompete some larger competitors there.
Mike Zlotnik: So it’s financial engineering room to wiggle a little bit over. What do you do with the rent escalations and some other variables that you can control?
Neil Wahlgren: Completely, yeah. And then, and then the other interesting variable is, is really how do you control risk, right? And so, you know, on paper
Mike Zlotnik: What is the biggest risk? That’s, that’s, that’s the first question. What is the biggest risk?
Neil Wahlgren: Yeah. It typically is going to be a risk of default, right? So we’ll put it in layman’s terms. What is the odds of my tenant staying in business and paying rent? And if they default on that lease, typically through either chapter 11 or chapter 7 bankruptcy What what is the odds that my lease will be upheld or rejected if they go through restructuring and then if it is rejected, or if I end up with an empty building, then I have to run some analysis to go.
How long would it take me to release here? So that’s why the fund structure is nice. You can really absorb absorb those. They are very rare events. In 10 years at 140 tenants, we’ve only had 1 default. So it’s a really strong track record on that side. But, you know, controlling that risk, you have the guarantor on the lease.
You know, you can pursue a secondary guarantee, say, from a parent company. You can, let’s say they’re. You know, maybe having a turnaround story, you might say, hey, we’re going to we’re going to withhold a full year’s worth of rent in escrow. And then once your financials improve to a level that we’re happy with, and we’ll release that.
Back to the, to the tenant there, and so there’s, there’s different ways we can play with that where we still have a strong risk adjusted, you know, a conservative. Basis and approach there, but we’re still able to work with the tenants and put together strong deals.
Mike Zlotnik: Yeah, I appreciate that. So it’s really credit on the writing. It’s just, just having credit on the writing the, the, the company itself, the apparent where it was guaranteeing and making sure that if high confidence is going to get paid and obviously track record speaks for itself. So you, you’ve got great, really great story there. So any sort of quick books or other just.
I, I ask you really for a book or advice, so any good advice for either passive investors or just folks who are most of the audience on this podcast are passive investors, they’re not active operators, so I’m not asking you how do you get into the industrial, this is not an Sure, sure. But how do folks start investing in industrial?
Does it make sense to just, you know, write you a check on one of your funds? But it’s a long cycle. Most of your stuff takes, you know, what you said, 7, 8 years, right?
Neil Wahlgren: We usually talk about 5 to 6 years, but to your point, you know, we’re putting a 20 year lease on, usually the most, most of the debt is 7 to 10 year fixed rate debt. So it’s, it’s a model around optionality and predictable yield, right? And, you know, that, that is our, the core of our thesis there. Can we sell early? Absolutely. Right. When 2021 came around, we sold a bunch of stuff early. You know, we’re like, this feels like a terrible time to buy and a great time to sell.
And we did, we sold off a bunch of stuff. That was some of it 3 or 4 years before we were planning to just because cap rates were so compressed. Conversely. If we hit the 5 year point, and we’re going through a cycle, like we saw last year, we might say, hey, you know what, there’s no compelling reason to sell.
We still have a strong tenant. We still good cash flow increasing every year. We’re going to add another year or 2 and wait for what feels like a more optimal time to exit. That’s a lot of timing optionality that we build around.
Mike Zlotnik: You control the decisions effectively. We investors are generally passive. Do you do 1 of syndication? Do you do mostly funds? So folks just.
Neil Wahlgren: Yeah, most of our, our industrial will go into the funds, but we do do some net lease, sale, lease back and other asset types. So, you know, the occasional stand alone retail property, or, you know, we just bought an office headquarters in a high end suburb outside of Minneapolis recently and, you know, strong credit.
Good, good bones, good basis so same, same effective strategy, just the non industrial asset types that will do those individual, but most industrial goes into our diversified funds there.
Mike Zlotnik: Makes sense. Any good book recommendation? Anything comes to mind?
Neil Wahlgren: Yeah, so I’ve become a a bit obsessed about sleep lately. And so Matthew Walker has a book I read and actually have re read called Why We Sleep. And then I, I got 1 of those risk trackers. I use Fitbit. And so the, the risk trackers will, will actually, like, give you an objective sleep score. And you can kind of, you know, look at all the highs and lows and those book, you really kind of walks you through the different segments of sleep, you know, how, how certain pieces of, of those, you know, light and heavy and non sections kind of affect your mood, your, your, you know, You know, your mentality and they show it how it affects animals is really fascinating.
And I’ve, I’ve I got a lot of that book in terms of optimizing what happens on those you know, 7 or 8 hours a day on the mattress and how that improves your performance when you’re, you know, up and about the next day.
Mike Zlotnik: Yeah, that’s an awesome recommendation. I think sleep is very important. Most of us underestimate and we’re tired Of course, so if you’re not rested, it’s harder to do what you do every day. Thank you for coming on the podcast
Neil Wahlgren: I was gonna say with that with this new six month old i’m i’m feeling it more than ever now Well, that’s That’s so that you know, when you have small, small kids you, you, you, you, you, your, your riff changes quite a bit. , you get a little older, they sleep a little longer, longer.
You get a little more break from from that, so, well, good luck with the six, six months old. Hopefully it gets easier from here. What’s the best way for folks to reach out if they wanted to learn more? A little bit of, you know, about what you do, make industrial your funds, et cetera. Yeah, absolutely.
You know, I’d love to you know, chat more. Easiest way is either visit us on our website. It’s www. magcp for magcapitalpartners. com or just email me. It’s neil, N E I L at magcp. com and happy to chat further.
Mike Zlotnik: Thank you, Neil. Thank you for your wisdom and thank you for sharing.
Neil Wahlgren: Awesome. Thanks, Mike. Appreciate you having me on.
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