Build from the ground up in America's industrial heartland
Aspen Industrial is our ground-up industrial development platform — acquiring and entitling strategic land in supply-constrained, high-growth logistics and manufacturing corridors. Headquartered in Kansas City at the intersection of I-35 and I-70, we're positioned at what CBRE calls an emerging industrial "supernode" for the United States. A proven playbook with multiple stages of value creation — from raw land through stabilized asset sale.
Industrial development at the center of a structural shift
Industrial real estate sits at the intersection of the most powerful economic forces shaping the next decade: onshoring, e-commerce logistics, supply chain reconfiguration, and a national mandate to rebuild American manufacturing capacity. The result is a sustained demand tailwind for modern industrial space — particularly smaller-format buildings under 100,000 square feet where vacancy rates remain below 4%.
Reshoring & Onshoring Demand
Reshoring job announcements are up 66% over the past two years, and U.S. factory construction spending has nearly tripled since 2021. The shift to domestic manufacturing is structural, not cyclical.
Supply-Demand Imbalance
Industrial construction starts have fallen to a 10-year low after 2022, while demand is starting to outpace supply. The gap is narrowing — the time to build is now, before the next wave of competition arrives.
Speed-to-Completion Advantage
Industrial buildings can be delivered from raw ground in under 12 months — compared to 24–36 months for multifamily. Faster cycles mean faster capital deployment and quicker returns for investors.
Development Yield Spread
It's cheaper to build than to buy an operating building. Our targeted unlevered yield on cost is significantly higher than stabilized cap rates, creating a large development spread and margin for investor returns.
Aspen Industrial was built on a simple insight: the most durable returns in real estate come from building what the market needs, in the place it needs it, at a cost basis below what institutions will pay for a stabilized asset. Since 2019, we've been acquiring industrial land in strategic Midwest locations — well ahead of the current onshoring wave.
The Fund is designed to capitalize on the tailwinds in U.S. industrial real estate, driven by reshoring and nearshoring trends that are reshaping domestic manufacturing and logistics networks. CBRE projects Kansas City will emerge as an industrial "supernode" for the United States, leveraging its access to the I-35 and I-70 corridors that connect to all parts of the country. Kansas City recorded the highest year-over-year market rent growth in the U.S. in 2024.
Through the acquisitions currently in process and under evaluation, the Aspen Industrial Growth Fund is positioned to become one of the largest landholders within the coveted "Golden Triangle" submarket of Southwest Kansas City. Industrial land for sale in this area is increasingly scarce, positioning the Fund as one of the few owners of developable land in the submarket — with over 4 million square feet of potential buildable area across multiple projects.
The large-format buildings planned are suitable for logistics, storage, and manufacturing users, enabling a broad range of potential tenants and buyers and positioning the Fund for multiple exit opportunities across varied market conditions. With construction starts at a decade low and demand accelerating, developers who can move now — with land already under control, construction partners in place, and local market expertise — are positioned to capture outsized returns.
Why Kansas City
Kansas City is a top-15 U.S. industrial market and an emerging "supernode" at the intersection of the I-35 and I-70 corridors, connecting to all parts of the country. Aspen Funds is headquartered here — 25 minutes from our development sites in the "Golden Triangle," the hottest industrial submarket in the metro.
Kansas City will emerge as an industrial "supernode" for the United States, leveraging its access to the I-35 and I-70 corridors that connect to all parts of the country.
Dedicated team with development & construction expertise
The Aspen Industrial platform is led by Dan Schulte alongside the Aspen Funds executive team. Development is executed in partnership with Crossland Construction, and leasing is led by Brent Peterson of NAI Heartland — two best-in-class partners with deep Midwest expertise.
Dan Schulte
20+ years' experience in asset management, private equity, and real estate. Formerly SVP and General Counsel for Waddell & Reed, a publicly traded mutual fund company. Began his career as a corporate securities attorney and tax accountant for Ernst & Young.
MoreBen Fraser
Former commercial lender and credit underwriter, personally responsible for underwriting over $125MM in CRE and business loans. Previously at Tortoise Capital Advisors, helping grow institutional managed accounts from $3BN to $7BN AUM. MBA from Azusa Pacific University, B.S. Finance from the University of Kansas magna cum laude.
MoreBob Fraser
20+ years' experience in finance, investing, and technology. Former E&Y Entrepreneur of the Year. Founded a technology company that became one of the fastest growing in the Midwest reaching 250+ employees. Magna cum laude graduate of UC Berkeley's computer science program.
MoreJim Maffuccio
30+ years' full-time experience in real estate investing and an award-winning developer. Expert in secondary mortgage markets and real estate development, deeply networked with primary sources, buyers, and service providers across multiple asset classes.
MoreEllis Hammond
Leads investor relations and capital formation for the Aspen Industrial platform. Partners with investors and advisors to align industrial development strategies with portfolio objectives and allocation goals.
MoreOne of the largest general contractors in the Midwest with a proven track record in industrial, commercial, and institutional construction. Deep capabilities in ground-up industrial development — including tilt-up concrete and steel-frame warehouse construction. Crossland brings the execution reliability that allows Aspen to deliver projects on time and under budget.
Brent Peterson
Brent Peterson leads industrial leasing and advisory for Aspen's Kansas development projects through NAI Heartland, one of the top commercial real estate brokerage firms in the Kansas City market. Deep relationships with institutional tenants, credit tenants, and owner/users across the Midwest — including the active 300K sf build-to-suit tenant negotiation on the Hedges North parcel.
Aspen Industrial Growth Fund
The Growth Fund targets the acquisition and entitlement of land in supply-constrained, high-growth logistics and manufacturing markets — beginning in Southwest Kansas City, one of the nation's fastest-growing industrial corridors. The Fund currently owns or controls ~477 acres across four strategic acquisitions, representing over 4 million square feet of buildable industrial space.
Strategic land acquisition and entitlement in KC's "Golden Triangle" along the I-35 and I-70 corridors, plus Wichita, KS. ~477 acres under control with four value creation paths: entitlements & incentives, land sales, build-to-suit development, and speculative construction. Positioned to become one of the largest private landholders in Southwest Johnson County.
*Projected returns are forward-looking estimates based on current market values and are not guaranteed. Actual results may vary materially. Past performance is not indicative of future results. All investments involve risk, including potential loss of principal. Preferred return begins immediately upon investment. Please review the applicable offering memorandum in its entirety before making any investment decision.
Multiple stages of wealth creation
The Growth Fund is structured to generate returns at every stage of the development lifecycle — from raw land acquisition through stabilized asset disposition. Each stage adds value and reduces risk as the project matures.
Entitlements & Incentives
Purchasing well-located raw land and immediately obtaining entitlements and tax abatements. Minimal risk stage completed within 6 months. South Kansas City is pro-business and development-friendly with 50% tax abatements available.
Land Sales
Selling parcels of entitled land to other developers at an appreciated basis. With limited supply in Southwest Kansas City, land values are anticipated to rise as remaining parcels are purchased — creating a limited window to act.
Build-to-Suit Development
Direct projects for credit tenants or buyers — a lower-risk development strategy. The fund is actively negotiating with potential build-to-suit tenants including a 300K sf user on the Hedges North parcel.
Speculative Construction
Developing spec industrial with the land contributed as equity. The fund participates alongside JV equity in some projects. Multiple exit paths including cash-out refinances, individual sales, or portfolio-level exits to institutional buyers.
Proven industrial development experience
Aspen Industrial has successfully developed over 760,000 square feet of industrial space across multiple projects in Kansas. Both Ironhorse and Bel Aire demonstrate our ability to deliver projects on time, under budget, and leased to credit tenants — the same playbook now being scaled through the Growth Fund's ~477-acre land position across the I-35 corridor.
Ironhorse
Construction under budget by $500K+ and on time
Building 1 (200K sf) — fully leased to credit tenant AGCO above proforma lease rate
Cash-out refinance completed Fall 2024 — returned ~13% of capital to investors
Building 2 (130K sf) — sold with ~54% of capital returned to investors
Bel Aire
Building 1 completed — on schedule with Crossland Construction
Building 2 construction beginning on schedule
Building 1 leasing — expected to be fully leased by end of 2025
*Past performance is not indicative of future results. Projected returns are estimated based on current market values and are not guaranteed. All investments involve risk, including potential loss of principal. Please review the applicable offering memorandum for complete performance disclosures.
Why investors choose Aspen Funds
Downside-First Structuring
Every fund begins with capital preservation. We acquire land at a low cost basis — often 3x below market value — so your capital is protected by real collateral from day one.
Macro-Driven Investment Process
We identified the onshoring trend and began acquiring strategic industrial land in 2019 — well before it became consensus. Our investment decisions are anchored to structural market cycles.
100% GP Co-Investment
Our executives invest personal capital alongside you in every fund we operate. When we lose, we lose together. Our interests are structurally aligned, not contractually adjacent.
Uncorrelated Investment Verticals
Each Aspen vertical — including private credit, upstream energy, industrial development, and multifamily real estate — is built on a distinct macro thesis with different return drivers.
Audited Financials & Transparency
Fund-level and sponsor-level audits, detailed offering memoranda, and quarterly investor reports. We believe transparency is a prerequisite for trust, not a marketing differentiator.
Education-First Approach
The Invest Like A Billionaire podcast, on-demand webinars, and macro commentary provide ongoing education that helps you understand not just what you're investing in, but why the opportunity exists.
Ready to explore the Aspen Industrial platform?
Our team can walk you through the Growth Fund, current parcel status, development timelines, and discuss how Aspen Industrial fits within your broader portfolio.