Portland Industrial Market Overview_Q1 2021

SALES COMPARABLES

PORTLAND DISTRIBUTION CENTER YEAR BUILT 1968 SALE DATE 12/3/2020 BUYER Black Creek Group SELLER Portland Distribution Center SUBMARKET East Columbia RBA 122,793 SF PRICE/SF $118.08 CAP RATE 4.5% COMMENTS Two fully leased buildings.

THE CUBES AT TROUTDALE YEAR BUILT 2019 SALE DATE 8/20/2020 BUYER KKR SELLER Clayco SUBMARKET ECC RBA 349,080 PRICE/SF - CAP RATE 4.11% excludes TI amortization COMMENTS Part of Portfolio.

PORTLAND PORTAL INDUSTRIAL CENTER YEAR BUILT 2019 SALE DATE 10/2020 BUYER Clarion SELLER Spada SUBMARKET ECC RBA 130,589 PRICE/SF $137.45 CAP RATE - COMMENTS Vacant building. Needs office build out.

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VISTA LOGISTICS YEAR BUILT 2017

SALE DATE 11/2019 BUYER Blackcreek SELLER Specht / NYL SUBMARKET East Columbia RBA 733,232 PRICE/SF $127.00 CAP RATE 4.15% COMMENTS Occupancy 86%

Airport Way

GLISAN CORPORATE PARK YEAR BUILT 2018 SALE DATE 5/2019 BUYER Exeter SELLER Trammell Crow / Principal SUBMARKET East Columbia RBA 504,528 PRICE/SF $115.00 CAP RATE 5% COMMENTS 43% leased. CAP on projected stablized asset. 200K SF & 86K SF spaces remain.

East Columbia Corridor

SANDY INDUSTRIAL PARK YEAR BUILT 2020 SALE DATE 12/31/2020 BUYER Black Creek Group SELLER City of Gresham SUBMARKET Airport Way RBA 110,525 SF PRICE/SF $123.00 CAP RATE 5.2% COMMENTS Buying at $123/SF, stabilizing $139/SF. PORTLAND PORTAL II YEAR BUILT 2019 SALE DATE 2/13/2020 BUYER Private SELLER Panattoni/LaSalle SUBMARKET Airport Way RBA 359,836 SF PRICE/SF $130.00 CAP RATE 4.5% minus lease up costs COMMENTS Off Market. 27% occu- pied at time of sale.

SOUTHSHORE CORPORATE PARK YEAR BUILT 1999

PDX LOGISTICS CENTER III YEAR BUILT 2018 SALE DATE 7/31/2020 BUYER Clarion SELLER Capstone SUBMARKET Airport Way RBA 257,149 SF

SALE DATE 12/15/2020 BUYER LRE Portland LLC SELLER Bridgestone Tire SUBMARKET Airport Way RBA 279,300 SF PRICE/SF $115.40 CAP RATE COMMENTS Fully leased.

BIG EDDY COMMERCE CENTER YEAR BUILT 2017 SALE DATE 12/2018 BUYER Private SELLER Panattoni/LaSalle SUBMARKET Airport Way RBA 153,387 SF PRICE/SF $144.00 CAP RATE 4.9% COMMENTS 100% occupied by two tenants. PRICE/SF $169.16 CAP RATE 4.85% COMMENTS 46-year ground lease pre- paid. Parking lot lease at 9% cap.

CAMERON DISTRIBUTION CENTER YEAR BUILT 2015 SALE DATE 8/2019 BUYER Barings SELLER CBRE Global Investors SUBMARKET Airport Way RBA 320,795 SF PRICE/SF $125.00 CAP RATE 4.5% COMMENTS Off market sale. 100% leased.

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