Funds are dominating the purchase of industrial real estate. Out of the top 40 Los Angeles industrial deals this year, the majority were purchased by funds. For off-market deals, funds purchased closer to 100% of properties that were quietly offered. The size of the fund can range from a $20 Billion public company dealing in billion dollar portfolios to a single operator with wealthy partners buying an old building to rehab. What unites all the funds is their view of real estate as an investment, not as a place to do business.