Acquisitions

Fund One purchased Riverview Plaza in June 2022, a 46,077 SF neighborhood retail center that was acquired at approximately a 12% cap rate due to operational and financial inefficiencies under prior ownership. Shortly after closing, the anchor tenant, Staples, executed a lease renewal that resulted in an immediate 25% increase in rental income. The Fund successfully sold both outparcels occupied by Long John Silver’s and Donut Connection at 5.35% and 6.00% cap rates, respectively, allowing it to recapture a significant portion of its original basis. Additionally, the Fund backfilled the former Altmyer’s space with Dollar Tree and leased remaining vacancies at market rental rates. The center is now stabilized and performing strongly, further supported by the adjacent development of Aldi, Harbor Freight, and Starbucks on the neighboring parcel.

Fund One purchased a 40,440 SF industrial facility with 30′ clear heights in March 2022. Immediately after the acquisition, the Fund was able to successfully sell off the billboard that was on site for $280,000. In addition to recouping some basis with the billboard sale, all tenants had below-market rent at the time of purchase, which has allowed Fund One to bring rent to market rates and has and will continue to increase NOI generated by the building. At the time of purchase, pre-existing tenants were paying $6-$8 NNN while new tenants are now paying more than double those rates.

Fund One acquired a single-tenant industrial building in Winston-Salem, NC in April 2022. The property was and still is leased to a logistics company on an NNN basis. Rent was ~20%+ below fair market at the time of acquisition and the lease incorrectly had the tenant paying rent on 104,000 square feet, thereby generating upside potential of ~10% to any future lease.

Fund One purchased Sherwood Plaza in Calumet City, IL in November 2022. The property hosted 11 tenants with a daycare as its anchor. The deal was done as a lease-to-purchase option contract at a 12% cap rate with 5 years of interest-only financing.

The former Timex HQ building in Middlebury, CT was built in 1978 and turned into medical condos soon after Timex built a new HQ and moved in 2001. Fund One purchased 4 of these condos in March 2022, or ~57% of the building. Leases have been converted to absolute NNN terms, and rents collectively increased by more than 20% since purchase, providing great cash flow for the Fund.

Fund One purchased ARP Liberty Plaza – Seminole at 9025-9097 Park Blvd, Seminole, FL in January 2025, which was 75% occupied at closing. Rents were well below market, with all leases expiring without options within 2 years of the purchase date. The property sits in a high-traffic location with ~50k VPD. Fund One is using the same leasing team from Gandy Plaza and Eagle Plaza to bring rents to the $20+ NNN market range, which should push NOI to ~$200k. The Fund repainted the center, added a new TPO roof, new HVAC units, and a new pylon sign to support top-of-market rents. The Fund expects NOI to reach $160-$200K upon filling the vacancies at market rates.

Fund One acquired ARP Liberty Plaza – Addison which is a ~20,000 SF retail strip center located in Addison, TX. The property was purchased in January 2025, at a price less than the appraised value from 2008. There was a zoning issue that was unable to be rectified with the city, so the Fund worked with the broker to have the city of Addison grant the zoning change prior to closing. Rent at the plaza was extremely below market due to the zoning restrictions, and since the acquisition, Fund One has been able to bring 33% of the plaza to market rent and intends to do the same with the rest of the plaza by 2028. Once fully stabilized, Fund One should be able to do a cash-out refinance at ~2.5-3.0x the initial purchase price.

Fund Two purchased Concord Street Business Park in October 2022. The property consists of 67,200 square feet of industrial space with 45 separate suites across two separate buildings and is located right off Route 95 just outside of Providence, RI. The buildings were constructed ~20 years ago as industrial space with docking bays, individual bathrooms (one per suite), and 20–30-foot ceilings. The design allows for suites to easily be combined and separated depending on tenant needs. There were 16 tenants occupying 45 suites at closing. The Fund has put a ~$1mn solar system on the roof which was 100% financed and increased NOI by ~$110,000 per year.

Fund Two acquired The Mission Medical Complex, a 49,878 SF medical facility located in Mission, Texas, directly adjacent to the Mission Regional Medical Center, a 297-bed hospital. This asset was acquired from a physician who operated his practice at the property. There was a small percentage of vacancy, with most leases being at a below-market rate. Immediately after purchase, the Fund replaced all HVAC units, power washed and did some general cleanup at the property so it would show better for leasing. The Fund is having continued success leasing up vacancies at market rent. The Fund successfully sold the additional land that came with the property for $550,000 in February 2026. There are over 1mn SF of industrial properties and thousands of housing developments being completed in Mission due to the Anzalduas International Bridge undergoing an $88 million expansion to become a full-service commercial port.

Fund Two purchased Eagle Plaza, a 29,807 SF retail center located in Lutz, Florida in June 2023. Eagle Plaza is directly off SR-54, which sees 70,000+ VPD. At the time of acquisition, the center’s average rent was $12-$15/SF, with most tenants having an expiration date within 3 years, when the market rent was $25-30/SF. As the Fund began to lease the plaza at a market rate, rates were pushed to $35-$40/SF, and it even signed a tenant at $60/SF in early 2026. In 2025, Fund Two successfully completed a refinance in which the property appraised at 2x what it was purchased for. Fund Two is continuing to fill vacancies driven by tenant turnover (below market rate tenants) and lease up the plaza at a market rate.

Fund Two acquired Puritas Plaza, an 82,217 SF neighborhood retail center anchored by Save A Lot, Family Dollar, and CVS. The deal was purchased with a new daycare operator in hand that added $40,000 of NOI immediately after closing. In 2025, the Pizza Hut outparcel was sold for $335,000 at a ~5.60% cap rate. The Fund just successfully completed a refinance on the plaza to help fund the construction of a new credit tenant at the plaza for its interior buildout and to put a new roof on the center.

Fund Two purchased Amherst Plaza, a 179,916 SF retail center located in Amherst, OH, in October 2023. The deal was closed with a tenant in hand, which immediately added ~$115,000 of NOI to the rent roll. In 2025, the grocery anchor went dark and moved out, which has provided an opportunity to talk to some major retailers to backfill their space and the vacant 24,000 SF space. In 2025, the Arby’s outparcel was sold for ~$1,850,000, and the proceeds were used to pay down debt and fund capital expenditures, such as repaving the entire parking lot, which has helped further the conversations with the retailers looking to potentially move to the plaza.

Fund Two purchased 540 Officenter Place, a ~40,000 SF medical office building anchored by Ohio State University in January 2024. The building was purchased at a 9.60% cap rate with three short-term leases that the seller agreed to master lease for 5 years in case those tenants did not renew, to provide additional safety at the acquisition of the asset. The building had a brand-new HVAC system; the Fund replaced the roof and did a ~$250,000 interior renovation project on the common area lobby and restroom to help retain current tenants and attract new tenants. Currently, Fund Two is working on filling the vacancies of the 3 tenants that did not renew but have continued to generate healthy cash flow from the seller’s master leases.

Fund Two purchased Jamestown Village Plaza, a 107,480 SF retail center located in Warren, OH in April 2024. The deal is anchored by a top-performing Giant Eagle grocery store. At the time of purchase, there was a 30,000 SF building located on the property that had a single tenant operating in 2,000 SF of the building. The building was old and dilapidated, which caused insurance costs to be much higher than they should have been. Shortly after purchase, the building was demolished and paved over to add parking. The Fund successfully moved the tenant to the inline space in the shopping center while also bumping their rent. These two things reduced insurance costs significantly and increased NOI by ~$45,000 due to recapturing the percentage of CAM.

Fund Two purchased The Morganton Medical Building, a 22,619 SF medical office building located in Morganton, NC in May 2024. The deal was purchased at an 8.20% cap rate with seller financing terms of 70% LTV, 4.00% interest only for 5 years, which has allowed the deal to cash flow tremendously. Recently, one of the tenants renewed their lease for another 3 years at a market rate and is discussing expanding in the building at the end of the current term.

Fund One purchased The Gandy Retail Plaza, a 16,864 SF strip center in South Tampa in June 2024. There was a bidding war to acquire the deal, which Fund One ended up winning. Each tenant at the time of purchase had severely below-market rent with no options. As of 2026, 3 of the 4 vacancies have been turned over, with tenants now paying market rent. Once the last space is leased up, it will allow Fund Two to complete a cash-out refinance and 3-4x invested capital in the deal.

Fund Two acquired the 5F Industrial Facility located in Pleasanton, TX, just south of San Antonio in July 2024. The 14,942 SF building sits on about 10 acres of IOS space that the tenant is actively using. This deal was purchased at a 9.5% cap rate, which has allowed the Fund to cash flow the deal. Fund Two has been approached by multiple local groups looking to purchase or lease the asset, which gives the Fund confidence that the current tenant will renew at the end of their term, or a new tenant will be able to backfill the space.

Fund Three purchased Shaker’s Marketplace, a 67,000 SF neighborhood retail center anchored by an IGA grocer and the Cleveland Clinic, in October 2026 for its first acquisition at an 11% cap rate off-market. The center is 100% occupied and is currently cash flowing. The land directly across the street was purchased by a developer who is building 300 residences, a Sheetz gas station, an Aldi grocery store, and an additional 20,000 SF retail strip center. When talking to the city development team, the goal is to make the intersection that Shakers Marketplace sits on the town center for Olmsted Township. This should allow Fund Three to keep occupancy at or near 100% and continue to drive rent higher.

Fund Three purchased a 38,000 SF plaza in Olive Branch, MS, just outside of Memphis, TN in February 2026. This is a strong area and an extremely mismanaged plaza. The plaza has 3 vacancies and ~39,500 SF of leasable space. Fund Three invested ~$250,000 in capex by replacing the roof, painting the plaza, and installing new signage. The Fund has signed a tenant at a market rate at the back of the plaza to a 5-year term with 3% annual increases. Fund Three expects to be able to lease the remaining space for $16-$20 NNN and drive NOI to $600k+ within 3 years, which would push the value of the plaza to $7.5mn+ using an 8% cap rate.

Fund Three purchased Pinebrook Park, a ~130,000 SF retail shopping center located in Ft. Myers FL in December 2025. The property sits on a road that has 70K+ vehicles per day and has 117 tenants whose leases were not fully analyzed, allowing Fund Three to immediately increase NOI at closing compared to what was advertised pre-closing. Multiple higher offers were submitted on the property after Fund Three already had it under contract. During diligence, the Fund hired an architect to measure all the suites and discovered there was ~4,000 more SF of leasable space than advertised. Fund Three also immediately cut costs by ~$160,000 by getting multiple bids on vendor contracts and insurance for the plaza. Immediately after closing, the plaza was painted which gave it a more modern look. The Fund is currently investing ~$1mn into the executive suite building, which will allow the Fund to drive top of market rent. In addition to the investment of the executive suites, over 50% of the tenants have leases expiring in the next 2-3 years, all of which have below market rent. The Fund is also in the process of completing a replat, which is required to sell off the Outback Steakhouse at a much lower cap rate than what it was purchased at. Overall, there are multiple ways for the value to be added at Pinebrook Park, and the Fund sees a clear path to rent growth in the coming years.

Fund Three purchased a 32,330 SF plaza in Blythewood, SC in May 2026. There is one recent vacancy of 2,177 SF with interest from multiple perspective tenants. The Fund believes market rents are roughly 50% below market, with all existing tenants’ leases and options expiring by May 2029 at the latest. Scout Motors is opening a plant diagonally across the intersection from the plaza in late 2027, a development expected to create 4,000 jobs. The added foot traffic from plant workers (coffee breaks, lunch, shopping) is expected to support continued rent growth above the current rates which will allow the Fund the further drive rent after the new Scout Motors plant opens.

Fund Three purchased The Village Shoppes, a 12,075 SF retail center in Indian Trail, NC in July 2026. The center is 100% leased to four tenants and sits at the entrance to a top 3 Walmart Supercenter in the 50-mile radius. In-place shop rents average $14.43 PSF NNN versus nearby comparable centers averaging $25-27 PSF, giving Fund Three a clear mark-to-market opportunity as leases roll over the next several years. The property benefits from strong, affluent trade area fundamentals (113,000+ population and $130,000+ average household income within 5 miles) and sits directly on the path to a Walmart generating 2.5 million annual visits, positioning Fund Three to push rents toward market as all but one of the leases expire over the next 4 years.

Fund Three acquired Raleigh Oaks Plaza, a ~31,000 SF retail center in Memphis, TN in July 2026. The center is 100% leased to 16 tenants with below market, modified gross leases. All tenants have leases that expire in the next 4 years which should allow the Fund to bring rent to market which should be $16-20 PSF. The road the plaza sits on sees ~27K VPD and has seen major development over the past 5 years including Chick-fil-A, Bojangles, Starbucks, Tropical Smoothie Café and a $45mn Civic Center less than a mile down the road.