PROJECT UPDATE

• PTM closed on the land and the JV with Hernandez Development in April of 2026. The project will deliver a functional, small bay, infill industrial asset featuring 6 bays.
• The city of West Palm Beach granted formal site plan approval for the project following two hearings in May, allowing the project to formally proceed.
• The project is currently in the predevelopment phase, construction is expected to commence in 4Q26 and anticipated to last 12 months.
• The Partnership signed a leasing agreement with Kirk Nelson of CBRE, recognized as the market’s best industrial leasing broker. Marketing of the property for lease is expected to commence in the following weeks.
• JLL was formally engaged to capitalize the project with a senior construction loan and has been marketing the deal. Currently multiple institutional lenders have submitted term sheets in-line with underwriting.
• The partnership intends to select a lender by the end of August with the goal of closing the loan by the end of September