For all the reasons Industrial real estate is a great purchase, a purchase of a slice of an industrial building in the form of an industrial-condominium can make sense.
The example in the photo is a building at 21 Commercial Blvd in Bel Marin keys - a multi unit industrial building which was later split into condominium units by roll-up door bay. Many units have doubled up their ground floor square-footage by building loft space…with nearly 20 foot ceilings this can be possible although the extent that this is legal operating space vs storage varies from city to city and their permit processes. I sold a unit in this complex 15 years ago to a building janitorial service company run by a local business person.
The Industrial Condos are most valuable to businesses that know their operations will stay the same size for most of their business lives unlike office condominiums.
As a result, business owners who really hate the idea of paying rent will often bid these condominium units to pretty high prices compared to their rents (see cap rates). It is often well worth it for them in the long-run due to the benefits of forced investment discipline, and great dynamics of the property type itself in an urban area that is getting ever more dense.
All commercial property can be difficult to finance, but a single tenant industrial condominium, usually vacant at the time of sale, is really a long-shot. Paying all cash is an option if you believe in the scarcity dynamics and the lower turnover advantages that I see.