WHITE CAP MULTI-STATE PORTFOLIO

INVESTMENT HIGHLIGHTS

• Strong Corporate Guarantee – White Cap (White Cap, LP), a leading company in the construction materials and supply industry, provides a strong corporate guarantee for this investment. With 470+ locations, 9,500+ employees, and a customer base exceeding 200,000, White Cap’s solid market position underpins its reliability. In April 2024, White Cap demonstrated its strategic growth by acquiring Crimson Steel Supply, an Oklahoma-based leader in the rebar market with 100+ employees and 5 locations, further diversifying its portfolio.
• Strategic Locations / Long Operating History – These facilities are ideally situated in the industrially robust areas of Omaha, NE, Rock Island, IL, Maquoketa, IA, Waterloo, IA, and Grand Island, NE. Each facility formerly operated as Stetson Building Products, which was founded in 1955 and acquired by a predecessor of White Cap in 2016. Since then, White Cap has exercised multiple lease renewals, demonstrating their commitment to these specific locations.
• Functional Low-Coverage IOS Facilities – With a total of ±121,406 SF of warehouse situated on ±12.70 total acres of land (21.95%) Avg. Building / Lot Coverage, this low-coverage portfolio allows for ample outdoor storage (IOS) opportunities.
• Rare Industrial Absolute NNN Lease – White Cap is responsible for taxes, insurance, and CAM for each property. The Landlord is responsible for “Capital Repairs” of the roof and structural components of the buildings, which is fully reimbursed by the Tenant in Additional Rent that is amortized throughout the term of each lease.
• Below Market Rent, Significant Value-Add Opportunity – Some, if not all, of the properties in the portfolio currently have rent that is below market to varying degrees. 180 days prior to expiration of the current term, in July 2025, Tenant must provide notice of renewal for each property’s’ final 3 year renewal option from 1/1/2026 – 12/31/2028. At commencement of the final option in 1/1/2026, there will be an adjustment to “Market Rent.” This offers investors the opportunity to acquire the portfolio and significantly increase NOI on a short time horizon.