Big Money in Small Bay Flex: Shane Decker & Andrew Dunn on Institutional Capital

In this episode of Storage Unlocked, I am joined by two top-tier operators attacking small-bay from opposite sides of the country: Shane Decker (President of Decker Capital) and Andrew Dunn (Co-Founder of VAC Development, "The Value Add Cowboys").

Together, we break down the operational, development, and capital market realities of one of commercial real estate's most talked-about asset classes.

In this episode, we cover:

The Buyer Profile & Spec Differences: The contrast between acquiring existing 1,000–10,000 sq ft tradesman bays versus building 15,000–20,000 sq ft modern logistics spaces with heavy power and dock loading.

The 1-to-2-Year Sourcing Pipeline: Why finding mismanaged, off-market mom-and-pop assets through direct relationships beats fighting 15 to 25 bidders on marketed deals.

Operational Value-Add Mechanics: How converting modified gross leases to Triple Net (NNN), pushing 6% annual rent bumps, and right-sizing office footprints yielded a $20M value pop on an Orlando asset in 30 months.

Ground-Up Execution: Andrew shares how VAC locks in Guaranteed Maximum Price (GMP) construction contracts to build in 10 to 12 months, achieving up to 40% pre-leasing prior to Certificate of Occupancy.

Tenant Velocity: Why 1,000 to 3,000 sq ft units see the highest demand velocity as small business owners transition out of residential garages and self-storage units.

Tune in to discover how to navigate cap rate compression, structure NNN leases for local contractors, and execute disciplined underwriting in today's small bay landscape.

Connect with Thaddeus Campbell (S3 Partners):

Email: thaddeus@s3.partners

LinkedIn: https://www.linkedin.com/in/itsthadcampbell/