Question $26(1\mathrm{.}2$ points$)$

Around $1980,$ David Walentas paid $$16$ million to acquire $9$ dilapidated factory buildings in what is now known as the DUMBO neighborhood of Brooklyn. After going through many hurdles, from zoning board approvals, to obtaining permits, to massive scale renovations of each of the buildings, David Walentas has now become one of the most prominent real estate investors of the US$.$ His properties are worth more than $$3$ billion. In terms of value chain stages, David Walentas's purchase of the $9$ buildings in $1980$ would be best placed in which value chain stage?

operations

inbound logistics

procurement

general administration