Merchant Land Holdings is a private investment firm that acquires, entitles, and develops real estate across the United States — with a focus on land and industrial assets.
About the Firm
We invest where complexity meets opportunity. Merchant Land Holdings targets real estate assets where our entitlement expertise, operational knowledge, and willingness to take on difficult transactions create a meaningful advantage.
The firm was built by principals who have spent their careers in the details of land development, industrial repositioning, and real estate capital deployment — and who believe the best returns come from doing the hard work others avoid.
History
Merchant Land Holdings was formed around a straightforward conviction: that real estate markets consistently misprice complexity, and that investors with the right skillset and temperament can build significant value where the path forward is not obvious.
From our earliest transactions to today, the firm has maintained a singular focus — acquiring assets that require hands-on expertise to unlock, and executing with the thoroughness and patience each situation demands.
Philosophy
The most compelling investments are rarely the most obvious ones. We are drawn to situations that require deep diligence, creative structuring, and the conviction to move when others hesitate.
Every transaction we pursue reflects the same principles: align with strong local partners, underwrite conservatively, manage actively, and never confuse patience with passivity.
Investment Focus
Diversified Across Asset Classes
Residential Entitlement
Strategic land positions navigated through the entitlement process to unlock residential development value.
Commercial & Mixed-Use
Land and existing assets positioned for commercial development in high-growth corridors.
Industrial Value-Add
Older-vintage industrial buildings acquired, renovated, and repositioned to institutional quality.
Data Center & Infrastructure
Land acquisitions in power-rich corridors positioned for data center and critical infrastructure development.
Land Banking & Entitlement
Large land positions in growth paths, managed through entitlement and monetized at optimal development windows.
Special Situations
Compelling off-market deals and complex transactions where our flexibility and experience create an edge.
Strategy
Our core competency is land — sourcing it, entitling it, and positioning it for its highest use. We complement that foundation with industrial value-add investments and select real estate opportunities where our hands-on approach drives outsized outcomes.
Identify & Acquire
Source assets through proprietary relationships where complexity or market dislocation creates attractive entry points.
Entitle & Reposition
Navigate the regulatory and entitlement process to establish the highest and best use for each property.
Optimize & Exit
Manage actively, execute the business plan, and exit at the point of maximum value realization.
Investment Examples
Our Team
John Hetzler
Founder & Principal
Cardon Smith
Founder & Principal
James Moon
Acquisition Partner
Andrew Holt
Acquisition Partner
Barrett Kibble
Acquisition Partner