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Portfolio

DISCIPLINED ACQUISITIONS ARE WHERE INVESTMENT YIELD IS BORN.

We focus on acquiring under-performing and undervalued assets at prices well below replacement cost and intrinsic value. We are disciplined in our approach and work tirelessly to uncover opportunities with unexploited potential due to artificial and correctable impediments to value, including complex ownership structures, poor capitalization/lack of required capital, unsophisticated or inattentive property management, curable environmental conditions, or various other advantageous circumstances.

Raytheon Technologies Tucson Campus Tucson, AZ

Tucson, AZ

Overview – Projected Project Level Returns

32%

IRR

2.2X

Equity Multiple

3.0 Years

Hold Period

Acquire at an 8.10% cap on existing rent, $171 per rentable square foot (“rsf”) or an 8.91% cap with removal of the value of the adjacent land value.

Rose Canyon Business Park

San Diego, CA

Overview – Projected Project Level Returns

36%

IRR

2.49X

Equity Multiple

3.0 Years

Hold Period

Multi-tenant light industrial project comprised of fifteen buildings and 146 individual units

DFW Financial Services Portfolio

Dallas, TX

Overview – Projected Project Level Returns

22%

IRR

1.72X

Equity Multiple

3.0 Years

Hold Period

Suburban office portfolio consisting of two single-story buildings with three tenants

Lemoore Commerce Center

Lemoore, CA

Overview – Projected Project Level Returns

31%

IRR

2.79X

Equity Multiple

4.0 Years

Hold Period

Multi-tenant light industrial project comprised of three buildings and 24 individual units

Moreno Valley Corporate Center

Moreno Valley, CA

Overview – Projected Project Level Returns

24.9%

IRR

1.9X

Equity Multiple

2.5 Years

Hold Period

Multi-tenant light industrial project comprised of five buildings and 74 individual units.

San Marcos Plaza

San Marcos, CA

Overview – Projected Project Level Returns

36.2%

IRR

1.5X

Equity Multiple

4 years

Hold Period

Multi-use, multi-tenant light industrial project with over 470 feet of direct freeway frontage visible from the highly traveled HWY 78.

Pacifica Commerce Center

Pacifica, CA

Overview - Realized Project Level Returns

65.7%

IRR

2.5x

Equity Multiple

2.5 Years

Hold Period

Single-story, mixed-use light industrial project consisting of two buildings, with 25 total units.

Sycamore Technology Center

Milpitas, CA

Overview - Realized Project Level Returns

40.2%

IRR

1.70X

Equity Multiple

1.5 Years

Hold Period

Premier campus of three office/ R&D buildings located in the heart of Silicon Valley.

The Wakefield

Oakland, CA

Overview - Projected Project Level Returns

12.4%

IRR

1.8X

Equity Multiple

4 Years

Hold Period

Eight-story LEED Gold-certified value-add office building located in vibrant downtown Oakland, CA.

Dixon Landing Research Park

San Jose, CA

Overview – Realized Project Level Returns

19.7%

IRR

1.4X

Equity Multiple

2 years

Hold Period

Off-market acquisition of fully leased R&D project at major discount to recent sales comps in the market.

The Pointe at Redwood Shores

Redwood City, CA

Overview – Realized Project Level Returns

19.3%

IRR

1.7X

Equity Multiple

3 years

Hold Period

Off-market acquisition of a 2-building life science/office project at approximately 60% of replacement cost.

The Landing

Oakland, Ca

Overview - Projected Project Level Returns

17.1%

IRR

1.9X

Equity Multiple

4 Years

Hold Period

Off-market acquisition of two-building office project at a major discount to prior purchase price and replacement cost that was 82% leased at acquisition.

Lathrop Industrial Center

Lathrop, CA

Overview - Realized Project Level Returns

24.3%

IRR

2.4X

Equity Multiple

5 years

Hold Period

Acquired vacant warehouse building at roughly half of replacement cost in a market with sub 5% vacancy.

Eastmont Town Center

Oakland, CA

Overview - Realized Project Level Returns

29.1%

IRR

3.1X

Equity Multiple

7 years

Hold Period

Enclosed shopping mall originally known as Eastmont Mall located on 33 acres in Oakland. The property was subsequently converted to multi-tenant office. With below market rents and occupancy of 82% at acquisition, the project presented an attractive opportunity to increase occupancy and NOI.

Hellyer Oaks Technology Park

San Jose, CA

Overview - Realized Project Level Returns

41.7%

IRR

2.3 X

Equity Multiple

3 years

Hold Period

Two office/R&D Buildings acquired at a 7.5% cap on in-place income at a major discount to replacement cost with significant value-add potential.

Montague Business Center

San Jose, CA

Overview - Realized Project Level Returns

30.6%

IRR

2.1X

Equity Multiple

3 year

Hold Period

Two multi-tenant office buildings in a key Silicon Valley location with potential for full repositioning and renovation.

Pacific Corporate Center

Livermore, CA

Overview - Realized Project Level Returns

30.1%

IRR

2.6X

Equity Multiple

4 years

Hold Period

Five single-tenant office buildings on 13.6 acres was purchased at an attractive price and well-positioned to deliver favorable yields.

Oakland Airport Plaza

Oakland, Ca

Overview - Realized Project Level Returns

77.4%

IRR

2.8X

Equity Multiple

2 Years

Hold Period

Off-market acquisition of 2 building office project at a major discount to previous purchase price and replacement cost. The property was 82% leased at acquisition.