LMI Investment Analyst

Last Mile Investments (“LMI” or the “Firm”) is a rapidly expanding real estate fund manager specializing in the acquisition of last mile retail assets primarily located in Sunbelt markets, including Atlanta, Austin, Charlotte, Dallas/Fort Worth, Nashville, Jacksonville, Phoenix, Raleigh/Durham, and Tampa / St. Petersburg, among others. Headquartered in Cincinnati, OH, the Firm was founded in 2019 by Ryan Moore (CEO) and David Birdsall (CIO) (combined, the “Co-Founders”), who have significant retail investment, management, and capital markets experience across their collective careers. Prior to co-founding LMI, Ryan was a Principal at Phillips Edison & Co., where he led their investment management business and was responsible for the $7 billion fully integrated real estate platform focused on the retail sector. David was formerly the President of the Strategic Investment Fund division of Phillips Edison and Co., and VP of Development with Regency Centers, a national owner, operator and developer of shopping centers. LMI's team currently consists of 24 professionals, all with deep experience in the retail sector. In addition, LMI is an affiliate of North American Properties (“NAP”), a privately held owner / operator that has invested $7 billion into the real estate sector since its inception in 1954.

Market Opportunity
LMI has established a robust national portfolio across 24 markets and a clear vision for growth. The Firm is seeking to add $1 billion of assets to its portfolio over the next three years, aiming to reach $2 billion in assets across 30-40 markets within five years.

Historically, LMI has successfully raised multiple commingled fund vehicles, capitalized by a diversified roster of institutional, family office, and high-net-worth investors. Recently, LMI completed the capital raise of Fund III.

LMI targets multi-tenanted last mile retail assets that typically range in size from 10,000-50,000 square feet in highly trafficked, densely populated locations. LMI often targets assets that are undermanaged and/or undercapitalized and seeks to create value through tailored capital improvements, lease-up / re-tenanting, operational improvements and mark-to-market opportunities. Importantly, LMI assets cater to e-commerce-resistant and service-based tenants, including food & beverage, health & wellness, healthcare, and service/convenience users.

Last Mile Retail Differentiated Investment Strategy
This approach generates significant tenant demand and stable cash-on-cash returns. LMI's current portfolio consists of 32 last mile retail assets located throughout the Sunbelt.

About North American Properties
What makes a place great? North American Properties believes that it all comes down to connections—people to each other; cities to their souls; partners to opportunities; and individuals to experiences that move them.

We believe that by fulfilling people’s desire for connectedness, we’re creating happier places and experiences that, in turn, become more successful environments, more vibrant communities, and ultimately, a better world. Since 1954, we’ve balanced a well-capitalized approach and a keen focus on successful execution with a willingness to question conventional wisdom, reimagining and expanding the possibilities for more than $7 billion of assets across the US.

Whether developing multifamily, mixed-use, office, student housing, hotel, or retail environments, we’re driven to deliver more valuable, meaningful real estate that transforms, inspires, delights, and succeeds by connecting us all with what matters most.