Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?
In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Craig Hippern, President and CEO of Mantella Corporation, to unpack the growing opportunity in small-bay industrial condos. Craig explains why converting traditional industrial properties into owner-occupied units is creating a powerful path to equity for small business owners, while delivering strong, risk-adjusted returns for investors.
The conversation explores Mantella’s approach to identifying prime assets, structuring value-add conversions, and leveraging an “alpha plus beta” strategy that blends stable income with upside from unit sales. They also discuss absorption timelines, tenant-to-owner conversion dynamics, and why fragmented small-bay assets can be more resilient than large-scale warehouses in uncertain markets, and what this shift means for the future of urban industrial development.
What you will learn:
- How to identify prime conversion candidates
- Why the “alpha plus beta” strategy delivers superior risk-adjusted returns
- The six-month pre-market launch window that drives pre-registration sales
- How to underwrite conversions vs. rental IPP assets differently
- Why small-bay industrial is recession-resistant compared to mega-warehouses
- The leverage play in real estate partnerships
Craig Hippern is the President and CEO of Mantella Corporation, one of Canada’s largest privately owned industrial real estate developers. With an extensive background in alternative investments, private equity, venture capital, and real estate across Canada and offshore markets, Craig brings a sophisticated capital markets perspective to industrial real estate strategy. At Mantella, he leads the company’s evolution into a scalable, partnership-driven organization focused on value-add industrial opportunities, including condo conversions, asset repositioning, and owner-occupier transitions.
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