WHITE CAP PORTFOLIO

INVESTMENT HIGHLIGHTS

• Strong Corporate Guarantee – White Cap (NASDAQ: WCAP), 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 in Strong Industrial Markets – These facilities are ideally situated in the industrially robust areas of Tulsa and Muskogee in Oklahoma, known for their strong industrial base and favorable demographic trends. In Q1 2024, the Tulsa industrial market experienced historically low vacancy rates, dropping below 3.0% (CoStar). The Tulsa facility, located at 990 E 129th Ave E, benefits from exceptional connectivity:
  • Less than 3 miles from the Tulsa International Airport, providing easy access to regional and international destinations.
  • Less than 1.5 miles from the high-traffic I-244 and Highway 169 Intersection, which sees 212,000+ vehicles per day (VPD).
  • Surrounded by a variety of National Industrial Tenants (Sunbelt Rentals, Penske, Sonoco Products, etc.).
• Functional Low-Coverage IOS Facilities – With a total of ±79,499 SF of warehouse situated on ±13.66 total acres of land (13.35% avg. building/ lot coverage), this low-coverage portfolio allows for ample outdoor storage (IOS) opportunities.
• 14-Year Operating History / Early Lease Extension – Crimson Steel Supply has established a robust operating history, having experienced rapid growth since its inception in 2010. The primary location and Corporate Headquarters, constructed in 2014, demonstrate the company’s commitment to stability and expansion. White Cap, recognizing the strategic importance of these facilities, executed early Industrial NNN lease extensions for all sites at the time of acquisition, reaffirming their long-term investment commitment to these locations.