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TL;DR buy low sell high.
Everything Hehe has said is honestly common sense, but 1) common sense isn't common, 2) you need to have the knowledge to back it up.
For a very specific example, I've learned this from some business owners I've talked with. No two warehouses are the same. You need to know your geographical market, what the warehouse design/layout is good for.
There's a lot of flat warehouse space in Richmond, it's great for storage if your turnover isn't huge and your business is built on high margin low volume. But if you have a ton of volume with low margins, that space isn't going to be useful for you, you are going to want a dock, or multiple docks. And also consider your neighbours and space, can you get a 40ft container in, are you going to be able to load/unload 24/7?
You need to understand if there's a market for the space on offer, and then decide if you want to take a educated hedge if that's worth the price they are asking, and if the cap rate is there.
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