Former Black Creek Founders Launch Speed Bay, a Shallow Bay Industrial Platform, with $250 Million Strategic Commitment from BDT & MSD Partners

Denver-based firm will target shallow bay, multi-tenant light industrial assets across U.S. markets

Strategic capital commitment supports the launch of Speed Bay's investment platform

Black Creek Group co-founders Evan Zucker and Jimmy Mulvihill today 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. In connection with the launch, a subsidiary of BDT & MSD Partners ("BDT & MSD") 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, serving small- to medium-sized businesses with warehouse solutions ranging from 5,000 to 25,000 square feet.

"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," said Zucker. "Over the past 18 months, we have built the investment, operating and leasing infrastructure to support that strategy, assembled nearly $500 million of seed assets in six of our 16 key markets, and have an actionable investment pipeline today of over $1 billion. The commitment from BDT & MSD marks an important milestone for the firm and reflects confidence in both the opportunity and our team."

Coburn Packard, Head of Real Estate Equity at BDT & MSD, commented, "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. We have known and respected Evan and Jimmy for years, and 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."

In addition to Zucker and Mulvihill — who serve as Chairman and Vice Chairman, respectively —Speed Bay's management team includes industry veterans President Rob Sistek, COO Matt Stephenson, CFO Lainie Minnick, Head of Acquisitions Michael Moriarty, Head of Investor Relations Jenna Macartney, Chief Legal Officer Howard Pollack and Chief Technology Officer Carter Bass. The leadership team brings decades of experience across acquisitions, asset management, operations and platform development, alongside a substantial track record of acquiring or building over 325 million square feet of industrial assets, including approximately 50 million square feet of shallow bay properties.

"Shallow bay properties serve a broad base of local and regional businesses that rely on functional, well-located space to operate effectively," said Mulvihill. "These tenants are an important part of local economies, yet they have historically been served by a highly fragmented ownership base and inconsistent operating infrastructure. In many infill markets, new supply remains limited and lease durations are generally shorter, which we believe supports resilient fundamentals and can provide a measure of inflation protection. Taken together, these dynamics create an attractive opportunity to build a scaled platform focused on tenant service and disciplined value creation."

Shallow bay industrial real estate serves as important infrastructure within urban and metropolitan supply chains, supporting uses including light manufacturing, last-mile delivery, professional services, storage and distribution. The properties are typically occupied by businesses that require close proximity to labor and transportation networks and customers, including equipment maintenance firms, construction and service providers, and e-commerce operators. Despite its importance to local and regional economies, the sector remains highly fragmented, with relatively few scaled operators focused specifically on the operating demands of multi-tenant shallow bay assets.

"Our diversified tenant base and localized operating approach are central to the strategy we are building," said Rob Sistek, President of Speed Bay. "We have assembled a terrific management team and look forward to building on this milestone and continuing to expand the platform with a disciplined, market-by-market approach."

About Speed Bay Warehouse Solutions

Speed Bay Warehouse Solutions is a Denver-based real estate investment and management firm focused exclusively on shallow bay, multi-tenant light industrial properties. Founded in 2024 by Evan Zucker and Jimmy Mulvihill – the entrepreneurs behind Black Creek Group, a leading real estate investment management firm acquired by Ares Management (NYSE:ARES) in 2021 – Speed Bay's senior management team brings an average of approximately 30 years of experience executing across all aspects of the industrial sector. Speed Bay is headquartered in Denver with regional offices in Dallas, Atlanta, and the Northeast, and personnel in Philadelphia, Phoenix, and Tampa. For more information, visit www.speedbay.com

About BDT & MSD Partners

BDT & MSD Partners is a merchant bank with an advisory and investment platform built to serve business owners and strategic, long-term investors. The firm combines decades of experience advising founders, families, and closely held businesses with a differentiated capital base and a culture of aligned investing.

Through its affiliated investment adviser, BDT & MSD has invested in or manages approximately $18 billion of real estate across a fully integrated platform. The firm's real estate business invests across credit and equity, including real estate assets and operating companies, and works with owners and operators to create value through a long-term, flexible approach.

For more information, visit www.bdtmsd.com.

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ICR on behalf of Speed Bay Warehouse Solutions

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