Industrial underwriting starts with the building and the tenant.
Evaluate tenant credit, rent versus market, lease term, renewal options, rollover exposure, operating-expense structure, roof and parking condition, clear height, loading, power, truck circulation, zoning and functional obsolescence. Logistics location and replacement cost can be as important as headline cap rate.
For exchange planning, verify financing assumptions, environmental diligence, survey/title timing and whether any specialized property components raise tax-classification questions that should be reviewed professionally.
Primary / reference sources