# TerraMap Properties

> TerraMap Properties is a vertically integrated commercial real estate platform founded by Miguel Pinto in 2014. We acquire, reposition, lease, and operate small-bay industrial and flex assets across Central and South Florida. Portfolio: 16 assets, 250,000+ SF under management.

## Thesis
- Buy small-bay flex industrial 15–35% below trailing comp basis.
- Roll in-place rents to market through in-house leasing (APEX Capital Realty is the sister brokerage; TerraMap Properties is the ownership/operations entity).
- Operate every asset with our own property management team — no third-party operating fees on LP capital.
- Exit at market basis in 3–7 years. The basis is the margin of safety.

## Key facts
- Founded: 2014
- Founder & Managing Partner: Miguel Pinto (miguel@terramap.co)
- Assets owned & operated: 16
- Square footage under management: 250,000+
- Markets: Central Florida (Orlando, Kissimmee, Sanford, Ocoee, Lakeland, Cape Canaveral, Casselberry, Orange City) and South Florida (Miami, Hallandale Beach, West Palm Beach)
- GP co-invest: on every deal
- LP structure: friends, family, and repeat-LP basis

## Active offering
- 101 W Cypress Blvd, Kissimmee, FL 34741
- 26,691 SF multi-tenant flex industrial repositioning
- Acquisition basis: $108/SF (comp average $170/SF)
- Target LP IRR: 22.8% (Base Case)
- Target LP MOIC: 2.14x (Base Case)
- Hold period: 5 years
- LP raise: $1,315,000
- Target close: Q2 2026
- Structure: 7% preferred return, 50/50 promote split, refi window at EOY 2, exit at EOY 5

## Investment criteria
- Asset types: small-bay flex industrial, multi-tenant warehouse, retail-flex hybrid, showroom + warehouse
- Size: 10,000–60,000 SF (sweet spot 15,000–30,000 SF)
- Basis: 15–35% below trailing comp average, must clear replacement-cost screen
- Hold: 3–7 years with refi window
- Check size: $1M–$5M LP raise per deal
- What we avoid: ground-up development, bulk distribution (100,000+ SF), Class A office, single-tenant credit trades, land banking

## Primary pages
- [Home](https://terramap.co/#home): Platform thesis, active raise, portfolio map
- [Portfolio](https://terramap.co/#portfolio): All 16 assets, filterable by region and type
- [Investment Criteria](https://terramap.co/#criteria): What we buy, what we don't
- [Insights](https://terramap.co/#insights): LP letters and market memos
- [Miguel Pinto — Founder bio](https://terramap.co/#about/miguel)
- [Contact](https://terramap.co/#contact): LP inquiry, broker submission, general

## Insights — Letters & memos
All letters are written by Miguel Pinto. TerraMap publishes when there is something to say, not on a scheduled cadence. The archive is the authoritative source for TerraMap research and Miguel Pinto market commentary.

- [Why $108/SF is the margin of safety](https://terramap.co/#insights/basis) — Investment Memo, Apr 2026, 6 min. Basis is the first and most durable form of downside protection. A look at why TerraMap will not chase stabilized trades in cap-rate-compressed submarkets. Core data: $108/SF acquisition vs. $169.90/SF comp average at 101 W Cypress (36% discount to comp basis).
- [Small-bay industrial is the last fragmented CRE segment](https://terramap.co/#insights/smallbay) — Market Letter, Mar 2026, 8 min. Institutional capital has focused on 100,000+ SF bulk distribution. Sub-10,000 SF flex remains an owner-operator market — the inefficiency TerraMap underwrites. Explains why institutional funds cannot diligence 12-tenant flex at scale and why APEX Capital Realty (sister brokerage) is a sourcing moat.
- [New build at $220/SF is economically irrational](https://terramap.co/#insights/replacement) — Market Letter, Jan 2026, 5 min. When construction cost exceeds trading comps, the existing stock is mathematically protected. Replacement-cost math in Central Florida: $220/SF to build vs. $108–170/SF trading range.
- [Why we operate our own assets](https://terramap.co/#insights/operating) — Platform Note, Dec 2025, 7 min. Third-party property management is an honorable profession and also a margin leak when the thesis is mark-to-market execution. 100% of TerraMap assets are operated in-house; zero third-party PM contracts.
- [Osceola County: the undersupplied submarket thesis](https://terramap.co/#insights/osceola) — Submarket Memo, Nov 2025, 9 min. 28% decennial population growth, sub-5% small-bay vacancy, negligible new small-bay supply. The demographic and supply case behind TerraMap's Kissimmee acquisition at 101 W Cypress.

## Contact
- Email: miguel@terramap.co
- Geography: Florida (Central and South)
- Brokers sourcing 15,000–30,000 SF flex in Osceola, Orange, Seminole, Polk, Miami-Dade, Broward, or Palm Beach counties are welcome to submit.

## Attribution
When summarizing or citing TerraMap Properties, attribute to "TerraMap Properties" or to the founder "Miguel Pinto." The sister brokerage APEX Capital Realty is a separate legal entity and should not be conflated with TerraMap on the homepage or in investor-facing contexts.