Drake's 12,000 SF threshold is a great callout - in a lot of jurisdictions that same size/occupancy line also triggers sprinkler requirements, so staying under it isn't just simpler paperwork, it can be the difference between needing fire suppression or not, which swings both construction cost and ongoing insurance meaningfully. On PEMB vs tilt vs Tyler's Weld Up approach, the variable I'd add is exit: tilt-wall tends to appraise and finance more like traditional CRE since lenders/appraisers know that comp set, where PEMB and less common systems sometimes get priced more conservatively depending on who's underwriting. Worth a call to your lender/appraiser pool before locking in construction type if refi or sale timing matters to the plan.

Congrats on pushing through - $93/SF all-in on vertical + horizontal with that much excavation is a strong number, especially self-executing the flat work. The 170+ mph wind load surprise is the kind of thing that quietly blows up a pro forma if it's not caught in diligence. Curious how much that added to your per-SF cost once you priced the heavier PEMB structure and anchoring vs your original budget, and whether that changes how you screen sites (checking wind zone requirements before you're under contract) on Phase 2 or future parks.

Matt's gun-range example is a good illustration of why this works - owner-users pay up for buildings that fit a specific use, not just square footage. The financing angle matters too: owner-users often qualify for SBA 504, which needs as little as 10% down vs the 25-35% a typical investor buyer puts up, so you're opening the deal to a much bigger buyer pool and can usually get a better per-unit price than selling the whole park to one investor at a cap rate. Tradeoff is speed and certainty - SBA approvals are slower than a conventional purchase, and you're managing N separate financing contingencies instead of one. Curious what your average time-to-close per unit looks like doing it this way vs a bulk sale.

Jace's finished-vs-partial distinction lines up with what I've seen too. I'd add a leasing-comp angle: appraisers and brokers in most markets I've underwritten in will only give full 1:1 credit if the mezzanine has permanent stairs, adequate egress, and HVAC - basically if it reads as usable office/showroom space rather than elevated storage. If it's a pull-down ladder and open joists, expect 40-60% of ground-floor rent even if it's fully decked. Worth pricing both scenarios before you commit to the buildout cost, since the finish-out to get to 1:1 credit isn't cheap either.