[sheet: Summary Dashboard]

[sheet: Summary Dashboard]
Metric | Value | Notes
Matter Number | 1036-00004 | Calderwood & Harkness LLP
Client | Fairwater Real Estate Investment Trust | Buyer
Seller | Greystone Meridian Partners Fund III, L.P.
PSA Execution Date | February 28, 2024
Actual Closing Date | June 6, 2024
Estoppel Delivery Deadline (PSA, as amended) | May 15, 2024 | Extended from May 10, 2024 per First Amendment dated April 12, 2024
Total Leases in Portfolio | 87 | Across 14 properties in 5 states
Total Annual In-Place Base Rent (ABR) | $74,800,000 | Per rent roll as of 12/31/2023
Estoppel ABR Threshold (80% per PSA) | $59,840,000 | $74,800,000 × 80%
Major Tenant RSF Threshold (Estoppel Required) | 25,000 RSF | Per PSA — every tenant occupying 25,000+ RSF
Major Tenant ABR Threshold (SNDA Required) | $1,500,000 per annum | See separate SNDA tracker
Total Estoppels Sent | 87 | Form per PSA Exhibit E
Total Estoppels Received (Executed) | 79 | As of closing date June 6, 2024
Total Estoppels Not Received | 8 | Below Major Tenant thresholds
ABR Covered by Received Estoppels | $68,371,200 | $74,800,000 × 91.4%
ABR Coverage Percentage | 91.4% | Exceeds 80% PSA threshold
ABR Not Covered | $6,428,800 | From 8 non-responding tenants
All Major Tenants (25,000+ RSF) Estoppels Received? | Yes | All Major Tenant estoppels received
Estoppels with Material Discrepancies (Flagged) | 6 | Resolved via Seller supplemental disclosure — see Estoppel Review Memorandum dated May 8, 2024
PSA Estoppel Condition Precedent Satisfied? | Yes | Confirmed by C&H Compliance Certificate dated June 6, 2024
Prepared By | Grace Nakamura, Calderwood & Harkness LLP | Lead Associate, Real Estate
Reviewed By | Douglas Fairchild, Calderwood & Harkness LLP | Responsible Partner, Real Estate
Last Updated | June 6, 2024 | Final version as of closing
[sheet: Property Summary]
Property # | Property Name | Address | City | State | Type | RSF | Target Entity | Loan Designation | Total Leases | Estoppels Sent | Estoppels Received | Estoppels Outstanding | Property ABR | ABR Covered by Estoppels | ABR Coverage % | All Major Tenants Covered? | Notes
1 | Fairfield Logistics Center I | 4200 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 412000 | GMP Fairfield I LLC | 1-A | 5 | 5 | 5 | 0 | $6,180,000 | $6,180,000 | 100.0% | Yes | Anchor tenant: Thornton-Whitaker Pharmaceuticals Corp.
2 | Fairfield Logistics Center II | 4300 Fairfield Industrial Blvd | Fairburn | GA | Logistics | 387000 | GMP Fairfield II LLC | 1-B | 4 | 4 | 4 | 0 | $4,850,000 | $4,850,000 | 100.0% | Yes
3 | Westlake Distribution Hub | 11500 Westlake Parkway | Houston | TX | Logistics | 624000 | GMP Westlake LLC | 1-C | 3 | 3 | 3 | 0 | $8,736,000 | $8,736,000 | 100.0% | Yes | Anchor tenant: Cascade Supply Chain Solutions Inc.
4 | Katy Freeway Logistics Park | 22600 Katy Freeway | Katy | TX | Logistics | 538000 | GMP Katy LLC | 1-D | 4 | 4 | 4 | 0 | $7,532,000 | $7,532,000 | 100.0% | Yes | Anchor tenant: Zynvaro Distribution Holdings LLC
5 | Alliance Commerce Center | 2800 Alliance Gateway Blvd | Fort Worth | TX | Logistics | 485000 | GMP Alliance LLC | 1-E | 6 | 6 | 5 | 1 | $5,920,000 | $5,480,000 | 92.6% | Yes | 1 small tenant (< 25,000 RSF) non-responsive
6 | Lakeland Crossings Industrial | 7100 Drane Field Road | Lakeland | FL | Logistics | 372000 | GMP Lakeland LLC | 1-F | 5 | 5 | 4 | 1 | $4,280,000 | $3,940,000 | 92.1% | Yes | 1 small tenant non-responsive
7 | Southport Logistics Park | 3200 Southport Connector Road | Jacksonville | FL | Logistics | 410000 | GMP Southport LLC | 1-G | 4 | 4 | 4 | 0 | $5,330,000 | $5,330,000 | 100.0% | Yes | Anchor tenant: Atlas Freight Logistics Corp.
8 | Murfreesboro Distribution Center | 1600 Joe B. Jackson Parkway | Murfreesboro | TN | Logistics | 502000 | GMP Murfreesboro LLC | 1-H | 5 | 5 | 5 | 0 | $5,760,000 | $5,760,000 | 100.0% | Yes
9 | Buckhead Place Office Tower | 3380 Peachtree Road NE | Atlanta | GA | Office | 285000 | GMP Buckhead LLC | 2-A | 14 | 14 | 12 | 2 | $7,120,000 | $6,340,000 | 89.0% | Yes | 2 small tenants (< 25,000 RSF) non-responsive
10 | SouthPark Corporate Center | 6200 Fairview Road | Charlotte | NC | Office | 218000 | GMP SouthPark LLC | 2-B | 11 | 11 | 10 | 1 | $5,668,000 | $5,228,000 | 92.2% | Yes | Anchor tenant: Birchwood Technology Group Inc.; 1 small tenant non-responsive
11 | Cool Springs Office Park | 5000 Virginia Way | Brentwood | TN | Office | 196000 | GMP Cool Springs LLC | 2-C | 9 | 9 | 7 | 2 | $4,520,000 | $3,815,200 | 84.4% | Yes | 2 small tenants non-responsive
12 | Brickell Bay Office Building | 1450 Brickell Avenue | Miami | FL | Office | 152000 | GMP Brickell LLC | 2-D | 8 | 8 | 7 | 1 | $4,280,000 | $3,950,000 | 92.3% | Yes | 1 small tenant non-responsive
13 | Peachtree Corners Logistics Center | 5900 Peachtree Industrial Blvd | Peachtree Corners | GA | Logistics | 345000 | GMP Peachtree LLC | 3-A | 5 | 5 | 5 | 0 | $4,040,000 | $4,040,000 | 100.0% | Yes
14 | Mount Juliet Commerce Park | 400 South Mount Juliet Road | Mount Juliet | TN | Logistics | 298000 | GMP Mount Juliet LLC | 3-B | 4 | 4 | 4 | 0 | $3,584,000 | $3,584,000 | 100.0% | Yes
PORTFOLIO TOTAL | 5224000 | 87 | 87 | 79 | 8 | $77,800,000 | $74,765,200 | 91.4% | Yes | PSA 80% ABR threshold satisfied
[sheet: Estoppel Detail — All Tenants]
Row # | Property # | Property Name | State | Target Entity | Tenant Name | Suite / Unit | Leased RSF | Major Tenant (25,000+ RSF)? | Lease Commencement Date | Lease Expiration Date | Annual Base Rent (ABR) | Monthly Base Rent | Security Deposit | Renewal Options | Estoppel Form Sent Date | Estoppel Sent To | Estoppel Received Date | Estoppel Status | Discrepancy Flagged? | Discrepancy Description | Discrepancy Resolved? | Resolution Method | Final Approval Date | Approved By | Notes
1 | 3 | Westlake Distribution Hub | TX | GMP Westlake LLC | Cascade Supply Chain Solutions Inc. | Entire Building | 624000 | Yes | 2019-06-01 | 2029-05-31 | $8,736,000 | $728,000 | $436,800 | 2 x 5-year options | 2024-03-06 | Cascade Supply Chain Solutions Inc. — Attn: General Counsel | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura | Largest tenant by ABR (11.7% of portfolio ABR)
2 | 4 | Katy Freeway Logistics Park | TX | GMP Katy LLC | Zynvaro Distribution Holdings LLC | Entire Building | 538000 | Yes | 2021-03-01 | 2031-02-28 | $7,532,000 | $627,667 | $376,600 | 1 x 5-year option | 2024-03-06 | Zynvaro Distribution Holdings LLC — Attn: VP Real Estate | 2024-04-08 | Approved | Yes | Tenant reported base rent as $7,480,000; rent roll shows $7,532,000. Discrepancy due to mid-year escalation not yet reflected in tenant records. | Yes | Seller supplemental disclosure dated May 10, 2024; confirmed escalation effective 3/1/2024 | 2024-05-12 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
3 | 1 | Fairfield Logistics Center I | GA | GMP Fairfield I LLC | Thornton-Whitaker Pharmaceuticals Corp. | Entire Building | 412000 | Yes | 2020-01-15 | 2030-01-14 | $6,180,000 | $515,000 | $309,000 | 2 x 5-year options; ROFR on adjacent parcel | 2024-03-06 | Thornton-Whitaker Pharmaceuticals Corp. — Attn: Director of Real Estate | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
4 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Birchwood Technology Group Inc. | Suites 100-400 | 218000 | Yes | 2017-09-01 | 2027-08-31 | $5,668,000 | $472,333 | $283,400 | 1 x 5-year option; expansion option on Suite 500 | 2024-03-06 | Birchwood Technology Group Inc. — Attn: SVP Operations | 2024-04-15 | Approved | Yes | Tenant reported security deposit as $270,000; rent roll shows $283,400. Difference attributable to partial application in 2022 per lease amendment. | Yes | Seller supplemental disclosure dated May 10, 2024; confirmed lease amendment 3rd amendment | 2024-05-14 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
5 | 7 | Southport Logistics Park | FL | GMP Southport LLC | Atlas Freight Logistics Corp. | Entire Building | 410000 | Yes | 2021-07-01 | 2031-06-30 | $5,330,000 | $444,167 | $266,500 | 2 x 5-year options | 2024-03-06 | Atlas Freight Logistics Corp. — Attn: VP Facilities | 2024-04-12 | Approved | No | N/A | 2024-04-18 | Grace Nakamura
6 | 8 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Pinnacle Logistics Services Inc. | Bay A-B | 210000 | Yes | 2020-08-01 | 2030-07-31 | $2,730,000 | $227,500 | $136,500 | 1 x 5-year option | 2024-03-06 | Pinnacle Logistics Services Inc. — Attn: Facilities Director | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
7 | 8 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Southeastern Cold Storage LLC | Bay C-D | 165000 | Yes | 2021-01-15 | 2029-01-14 | $2,145,000 | $178,750 | $107,250 | 1 x 3-year option | 2024-03-06 | Southeastern Cold Storage LLC — Attn: General Counsel | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
8 | 8 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Cumberland Fulfillment Corp. | Bay E | 85000 | Yes | 2022-03-01 | 2029-09-30 | $1,105,000 | $92,083 | $110,500 | None | 2024-03-06 | Cumberland Fulfillment Corp. — Attn: COO | 2024-04-08 | Approved | Yes | Security deposit discrepancy: estoppel shows $82,875 vs. rent roll $110,500. | Yes | Seller confirmed TI overage application per First Amendment dated August 1, 2023. Rent roll updated. | 2024-05-14 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
9 | 8 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Delta Route Distributors Inc. | Bay F | 28000 | Yes | 2023-06-01 | 2028-05-31 | $364,000 | $30,333 | $36,400 | None | 2024-03-06 | Delta Route Distributors Inc. — Attn: Office Manager | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
10 | 8 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Volunteer Express Shipping LLC | Mezzanine Office | 14000 | No | 2023-09-01 | 2026-08-31 | $416,000 | $34,667 | $41,600 | None | 2024-03-06 | Volunteer Express Shipping LLC — Attn: Managing Member | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
11 | 1 | Fairfield Logistics Center I | GA | GMP Fairfield I LLC | Peach State Packaging Co. | Bay B | 78000 | Yes | 2021-04-01 | 2028-03-31 | $1,014,000 | $84,500 | $50,700 | 1 x 3-year option | 2024-03-06 | Peach State Packaging Co. — Attn: VP Operations | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
12 | 1 | Fairfield Logistics Center I | GA | GMP Fairfield I LLC | Horizon Freight Systems LLC | Bay C | 65000 | Yes | 2022-01-01 | 2027-12-31 | $845,000 | $70,417 | $42,250 | None | 2024-03-06 | Horizon Freight Systems LLC — Attn: General Manager | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
13 | 1 | Fairfield Logistics Center I | GA | GMP Fairfield I LLC | Southern Consolidated Logistics Inc. | Bay D | 52000 | Yes | 2020-07-01 | 2028-06-30 | $676,000 | $56,333 | $33,800 | 1 x 5-year option | 2024-03-06 | Southern Consolidated Logistics Inc. — Attn: CFO | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
14 | 1 | Fairfield Logistics Center I | GA | GMP Fairfield I LLC | Greenfield Specialty Crating LLC | Dock E | 32000 | Yes | 2023-02-01 | 2026-01-31 | $416,000 | $34,667 | $20,800 | None | 2024-03-06 | Greenfield Specialty Crating LLC — Attn: Owner | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
15 | 2 | Fairfield Logistics Center II | GA | GMP Fairfield II LLC | Magnolia Distribution Group LLC | Bay A-B | 180000 | Yes | 2020-09-01 | 2030-08-31 | $2,340,000 | $195,000 | $117,000 | 1 x 5-year option | 2024-03-06 | Magnolia Distribution Group LLC — Attn: VP Real Estate | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
16 | 2 | Fairfield Logistics Center II | GA | GMP Fairfield II LLC | Evergreen Materials Handling Inc. | Bay C | 95000 | Yes | 2021-05-01 | 2029-04-30 | $1,235,000 | $102,917 | $61,750 | None | 2024-03-06 | Evergreen Materials Handling Inc. — Attn: Facilities Mgr | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
17 | 2 | Fairfield Logistics Center II | GA | GMP Fairfield II LLC | Riverview Packaging Solutions Corp. | Bay D | 72000 | Yes | 2022-03-01 | 2027-02-28 | $936,000 | $78,000 | $46,800 | 1 x 3-year option | 2024-03-06 | Riverview Packaging Solutions Corp. — Attn: Controller | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
18 | 2 | Fairfield Logistics Center II | GA | GMP Fairfield II LLC | Clarkson Warehousing LLC | Bay E | 40000 | Yes | 2023-01-01 | 2026-12-31 | $339,000 | $28,250 | $16,950 | None | 2024-03-06 | Clarkson Warehousing LLC — Attn: Managing Member | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
19 | 3 | Westlake Distribution Hub | TX | GMP Westlake LLC | Cascade Supply Chain — Overflow Unit | Overflow Yard Office | 0 | No | 2022-06-01 | 2029-05-31 | $0 | $0 | $0 | Coterminous with main lease | 2024-03-06 | Cascade Supply Chain Solutions Inc. — Attn: General Counsel | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura | Yard lease; no RSF; included in main lease ABR
20 | 3 | Westlake Distribution Hub | TX | GMP Westlake LLC | Bayou City Telecom Installations LLC | Rooftop Antenna | 0 | No | 2021-10-01 | 2026-09-30 | $0 | $0 | $0 | 1 x 3-year option | 2024-03-06 | Bayou City Telecom Installations LLC — Attn: VP Engineering | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura | Telecom license; antenna only; no RSF
21 | 4 | Katy Freeway Logistics Park | TX | GMP Katy LLC | Lone Star Auto Parts Distribution Inc. | Bay B | 95000 | Yes | 2022-02-01 | 2029-01-31 | $1,330,000 | $110,833 | $66,500 | 1 x 5-year option | 2024-03-06 | Lone Star Auto Parts Distribution Inc. — Attn: Logistics Director | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
22 | 4 | Katy Freeway Logistics Park | TX | GMP Katy LLC | Gulf Coast Fulfillment Partners LLC | Bay C | 68000 | Yes | 2021-06-01 | 2028-05-31 | $952,000 | $79,333 | $47,600 | None | 2024-03-06 | Gulf Coast Fulfillment Partners LLC — Attn: General Counsel | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
23 | 4 | Katy Freeway Logistics Park | TX | GMP Katy LLC | Prairie View Cold Chain Services Inc. | Bay D | 42000 | Yes | 2023-03-01 | 2028-02-28 | $588,000 | $49,000 | $29,400 | None | 2024-03-06 | Prairie View Cold Chain Services Inc. — Attn: Office Manager | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
24 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | Northgate Industrial Supply Co. | Unit 101-102 | 165000 | Yes | 2020-04-01 | 2030-03-31 | $2,145,000 | $178,750 | $107,250 | 2 x 5-year options | 2024-03-06 | Northgate Industrial Supply Co. — Attn: VP Real Estate | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
25 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | Alliance Corridor Logistics LLC | Unit 103 | 120000 | Yes | 2021-01-01 | 2029-12-31 | $1,560,000 | $130,000 | $78,000 | 1 x 5-year option | 2024-03-06 | Alliance Corridor Logistics LLC — Attn: Managing Partner | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
26 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | Ridgeline Pallet Systems Inc. | Unit 104 | 85000 | Yes | 2022-07-01 | 2027-06-30 | $1,105,000 | $92,083 | $55,250 | None | 2024-03-06 | Ridgeline Pallet Systems Inc. — Attn: Director of Operations | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
27 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | DFW Express Couriers LLC | Unit 105 | 65000 | Yes | 2021-09-01 | 2026-08-31 | $670,000 | $55,833 | $33,500 | 1 x 3-year option | 2024-03-06 | DFW Express Couriers LLC — Attn: Owner | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
28 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | Westmark Surplus Goods LLC | Unit 106 | 8500 | No | 2023-01-01 | 2025-12-31 | $110,500 | $9,208 | $11,050 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
29 | 5 | Alliance Commerce Center | TX | GMP Alliance LLC | Sundance Vending Services Inc. | Unit 107 | 5500 | No | 2023-06-01 | 2025-05-31 | $329,500 | $27,458 | $32,950 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
30 | 6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Central Florida Freight Forwarding Corp. | Building A | 155000 | Yes | 2020-05-01 | 2030-04-30 | $1,860,000 | $155,000 | $93,000 | 2 x 5-year options | 2024-03-06 | Central Florida Freight Forwarding Corp. — Attn: VP Real Estate | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
31 | 6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Lakeland Industrial Coatings LLC | Building B | 62000 | Yes | 2021-08-01 | 2029-04-30 | $806,000 | $67,167 | $80,600 | 1 x 1-year option | 2024-03-06 | Lakeland Industrial Coatings LLC — Attn: Plant Manager | 2024-04-08 | Approved | Yes | Lease expiration discrepancy: estoppel states 4/30/2029 vs. rent roll 4/30/2028. Tenant exercised 1-year renewal option per lease Section 14.03 in February 2024. | Yes | Seller confirmed renewal option exercise; rent roll updated to 4/30/2029. | 2024-05-12 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
32 | 6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Sunshine State Warehousing Inc. | Building C | 88000 | Yes | 2022-01-01 | 2027-12-31 | $1,144,000 | $95,333 | $57,200 | 1 x 3-year option | 2024-03-06 | Sunshine State Warehousing Inc. — Attn: General Manager | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
33 | 6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Tampa Bay Distribution Co. | Building D | 42000 | Yes | 2023-04-01 | 2028-03-31 | $336,000 | $28,000 | $16,800 | None | 2024-03-06 | Tampa Bay Distribution Co. — Attn: COO | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
34 | 6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Polkway Maintenance Services LLC | Outbuilding 1 | 4200 | No | 2023-07-01 | 2025-06-30 | $134,000 | $11,167 | $13,400 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
35 | 7 | Southport Logistics Park | FL | GMP Southport LLC | Atlas Freight Logistics Corp. | Entire Building | 410000 | Yes | 2021-07-01 | 2031-06-30 | $5,330,000 | $444,167 | $266,500 | 2 x 5-year options | 2024-03-06 | Atlas Freight Logistics Corp. — Attn: VP Facilities | 2024-04-12 | Approved | No | N/A | 2024-04-18 | Grace Nakamura
36 | 7 | Southport Logistics Park | FL | GMP Southport LLC | Jax Harbor Transloading LLC | Dock Annex A | 0 | No | 2022-04-01 | 2027-03-31 | $0 | $0 | $0 | None | 2024-03-06 | Jax Harbor Transloading LLC — Attn: Dock Manager | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura | Ground lease/dock license; no RSF; rent included in Atlas lease
37 | 7 | Southport Logistics Park | FL | GMP Southport LLC | Northeast FL Equipment Staging LLC | Yard 2 | 0 | No | 2023-01-01 | 2025-12-31 | $0 | $0 | $0 | None | 2024-03-06 | Northeast FL Equipment Staging LLC — Attn: Managing Member | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Yard license
38 | 7 | Southport Logistics Park | FL | GMP Southport LLC | River City Solar Panel Storage Inc. | Yard 3 | 0 | No | 2023-06-01 | 2026-05-31 | $0 | $0 | $0 | None | 2024-03-06 | River City Solar Panel Storage Inc. — Attn: Owner | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Yard license
39 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Meridian Capital Advisory Group LLC | Suite 1800 | 28000 | Yes | 2019-04-01 | 2028-12-31 | $756,000 | $63,000 | $75,600 | 1 x 5-year option | 2024-03-06 | Meridian Capital Advisory Group LLC — Attn: Managing Director | 2024-04-08 | Approved | Yes | Lease expiration discrepancy: estoppel states 12/31/2028 vs. rent roll 6/30/2028. Tenant exercised 6-month extension option per lease Section 12.01 in January 2024. | Yes | Seller confirmed tenant exercised extension option; rent roll updated to reflect 12/31/2028 expiration. | 2024-05-13 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
40 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Peachtree Wealth Management Inc. | Suite 1500-1600 | 48000 | Yes | 2018-07-01 | 2028-06-30 | $1,296,000 | $108,000 | $129,600 | 2 x 5-year options | 2024-03-06 | Peachtree Wealth Management Inc. — Attn: CFO | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
41 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Atlanta Strategic Consulting Corp. | Suite 1200-1400 | 52000 | Yes | 2020-02-01 | 2027-01-31 | $1,404,000 | $117,000 | $70,200 | 1 x 5-year option | 2024-03-06 | Atlanta Strategic Consulting Corp. — Attn: Managing Partner | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
42 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Buckhead Insurance Associates LLC | Suite 1000-1100 | 38000 | Yes | 2021-01-01 | 2029-12-31 | $1,026,000 | $85,500 | $51,300 | None | 2024-03-06 | Buckhead Insurance Associates LLC — Attn: Principal | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
43 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Lenox Park Legal Services LLP | Suite 800-900 | 32000 | Yes | 2019-10-01 | 2026-09-30 | $864,000 | $72,000 | $43,200 | 1 x 3-year option | 2024-03-06 | Lenox Park Legal Services LLP — Attn: Managing Partner | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
44 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Piedmont Mortgage Group Inc. | Suite 600-700 | 30000 | Yes | 2022-04-01 | 2027-03-31 | $810,000 | $67,500 | $40,500 | None | 2024-03-06 | Piedmont Mortgage Group Inc. — Attn: President | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
45 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Vinings Marketing Partners LLC | Suite 500 | 18000 | No | 2022-09-01 | 2025-08-31 | $324,000 | $27,000 | $16,200 | None | 2024-03-06 | Vinings Marketing Partners LLC — Attn: Managing Member | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
46 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Druid Hills Accounting PC | Suite 420 | 12000 | No | 2023-01-01 | 2026-12-31 | $216,000 | $18,000 | $10,800 | None | 2024-03-06 | Druid Hills Accounting PC — Attn: Partner | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
47 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Inman Park Digital Media LLC | Suite 410 | 8500 | No | 2023-03-01 | 2025-02-28 | $153,000 | $12,750 | $7,650 | None | 2024-03-06 | Inman Park Digital Media LLC — Attn: Creative Director | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
48 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Colony Square Staffing Solutions Inc. | Suite 350 | 6500 | No | 2022-06-01 | 2025-05-31 | $117,000 | $9,750 | $5,850 | None | 2024-03-06 | Colony Square Staffing Solutions Inc. — Attn: Owner | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
49 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Roswell Executive Coaching LLC | Suite 330 | 4800 | No | 2023-05-01 | 2025-04-30 | $86,400 | $7,200 | $4,320 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; ABR below threshold; does not affect compliance
50 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Chastain Park Photography Studio LLC | Suite 310 | 3200 | No | 2022-04-01 | 2025-03-31 | $67,600 | $5,633 | $3,380 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; ABR below threshold; does not affect compliance
51 | 9 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Midtown Notary & Title Services | Suite 300 | 4000 | No | 2023-08-01 | 2025-07-31 | $0 | $0 | $0 | None | 2024-03-06 | Midtown Notary & Title Services — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt; rent-free period through 1/31/2024, ABR included in above rows
52 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Birchwood Technology Group Inc. | Suites 100-400 | 218000 | Yes | 2017-09-01 | 2027-08-31 | $5,668,000 | $472,333 | $283,400 | 1 x 5-year option; expansion option on Suite 500 | 2024-03-06 | Birchwood Technology Group Inc. — Attn: SVP Operations | 2024-04-15 | Approved | Yes | Security deposit discrepancy resolved. | Yes | Seller supplemental disclosure dated May 10, 2024 | 2024-05-14 | Grace Nakamura | Discrepancy resolved — see Discrepancy Log #2
53 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Carolina Financial Planning Associates Inc. | Suite 510 | 28000 | Yes | 2021-03-01 | 2028-02-28 | $504,000 | $42,000 | $25,200 | 1 x 3-year option | 2024-03-06 | Carolina Financial Planning Associates Inc. — Attn: Senior Partner | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
54 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Queen City HR Solutions LLC | Suite 520 | 22000 | No | 2022-06-01 | 2027-05-31 | $396,000 | $33,000 | $19,800 | None | 2024-03-06 | Queen City HR Solutions LLC — Attn: Managing Director | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura | Non-Major Tenant; estoppel received
55 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Piedmont Architectural Design Group PC | Suite 530 | 18000 | No | 2021-10-01 | 2026-09-30 | $324,000 | $27,000 | $16,200 | None | 2024-03-06 | Piedmont Architectural Design Group PC — Attn: Principal | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
56 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | SouthEnd Marketing Collective LLC | Suite 540 | 15000 | No | 2023-01-01 | 2025-12-31 | $270,000 | $22,500 | $13,500 | None | 2024-03-06 | SouthEnd Marketing Collective LLC — Attn: Founder | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
57 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Ballantyne Wealth Advisors Inc. | Suite 600 | 12000 | No | 2022-08-01 | 2027-07-31 | $216,000 | $18,000 | $10,800 | None | 2024-03-06 | Ballantyne Wealth Advisors Inc. — Attn: VP Operations | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
58 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Charlotte Mediation & Arbitration Center | Suite 610 | 10000 | No | 2023-04-01 | 2026-03-31 | $180,000 | $15,000 | $9,000 | None | 2024-03-06 | Charlotte Mediation & Arbitration Center — Attn: Director | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
59 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Dilworth Creative Agency LLC | Suite 620 | 8000 | No | 2023-07-01 | 2025-06-30 | $144,000 | $12,000 | $7,200 | None | 2024-03-06 | Dilworth Creative Agency LLC — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt
60 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | NoDa Coworking Solutions Inc. | Suite 630 | 6000 | No | 2023-09-01 | 2025-08-31 | $108,000 | $9,000 | $5,400 | None | 2024-03-06 | NoDa Coworking Solutions Inc. — Attn: Managing Member | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt
61 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Providence IT Consulting LLC | Suite 640 | 5000 | No | 2023-10-01 | 2025-09-30 | $88,000 | $7,333 | $4,400 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
62 | 10 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Myers Park Executive Suites LLC | Suite 650 | 4000 | No | 2023-11-01 | 2025-10-31 | $0 | $0 | $0 | None | 2024-03-06 | Myers Park Executive Suites LLC — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Rent commencement 2/1/2024; ABR included above
63 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Nashville Technology Ventures Inc. | Suite 100-150 | 52000 | Yes | 2019-01-01 | 2029-12-31 | $1,196,000 | $99,667 | $59,800 | 1 x 5-year option | 2024-03-06 | Nashville Technology Ventures Inc. — Attn: CEO | 2024-04-02 | Approved | No | N/A | 2024-04-10 | Grace Nakamura
64 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Franklin Healthcare Consulting LLC | Suite 200 | 32000 | Yes | 2020-06-01 | 2027-03-31 | $504,000 | $42,000 | $48,000 | 1 x 3-year option | 2024-03-06 | Franklin Healthcare Consulting LLC — Attn: Managing Director | 2024-04-08 | Approved | Yes | ABR discrepancy: estoppel shows $504,000 vs. rent roll $480,000. Tenant correctly reporting rent inclusive of 2024 CPI escalation effective 1/1/2024. | Yes | Seller confirmed CPI escalation effective 1/1/2024; rent roll updated to $504,000. | 2024-05-13 | Grace Nakamura | Discrepancy resolved — 1 of 6 flagged estoppels
65 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Brentwood Executive Search Partners Inc. | Suite 300 | 28000 | Yes | 2021-09-01 | 2028-08-31 | $644,000 | $53,667 | $32,200 | None | 2024-03-06 | Brentwood Executive Search Partners Inc. — Attn: Senior Partner | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
66 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Williamson County CPA Associates PC | Suite 350 | 25000 | Yes | 2022-01-01 | 2027-12-31 | $575,000 | $47,917 | $28,750 | None | 2024-03-06 | Williamson County CPA Associates PC — Attn: Managing Partner | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
67 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Music Row Digital Productions LLC | Suite 400 | 18000 | No | 2023-02-01 | 2026-01-31 | $414,000 | $34,500 | $20,700 | None | 2024-03-06 | Music Row Digital Productions LLC — Attn: CEO | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
68 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Hendersonville Staffing Group Inc. | Suite 410 | 14000 | No | 2022-05-01 | 2025-04-30 | $322,000 | $26,833 | $16,100 | None | 2024-03-06 | Hendersonville Staffing Group Inc. — Attn: VP Operations | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
69 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Thompson's Station Insurance Agency LLC | Suite 420 | 10000 | No | 2023-04-01 | 2026-03-31 | $160,200 | $13,350 | $8,010 | None | 2024-03-06 | Thompson's Station Insurance Agency LLC — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt
70 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Spring Hill Tutoring Center LLC | Suite 430 | 8000 | No | 2023-07-01 | 2025-06-30 | $112,800 | $9,400 | $5,640 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
71 | 11 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Nolensville Bookkeeping Services LLC | Suite 440 | 9000 | No | 2023-10-01 | 2025-09-30 | $192,000 | $16,000 | $9,600 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
72 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Coral Gables Investment Partners LLC | Suite 800-900 | 42000 | Yes | 2019-11-01 | 2029-10-31 | $1,260,000 | $105,000 | $63,000 | 1 x 5-year option | 2024-03-06 | Coral Gables Investment Partners LLC — Attn: Managing Partner | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
73 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Miami Shores Legal Group PA | Suite 700 | 28000 | Yes | 2020-03-01 | 2028-02-28 | $840,000 | $70,000 | $42,000 | None | 2024-03-06 | Miami Shores Legal Group PA — Attn: Senior Partner | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
74 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Key Biscayne Wealth Management Inc. | Suite 600 | 25000 | Yes | 2021-06-01 | 2026-05-31 | $750,000 | $62,500 | $37,500 | 1 x 3-year option | 2024-03-06 | Key Biscayne Wealth Management Inc. — Attn: CEO | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
75 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Coconut Grove Design Studio LLC | Suite 500 | 18000 | No | 2022-02-01 | 2027-01-31 | $540,000 | $45,000 | $27,000 | None | 2024-03-06 | Coconut Grove Design Studio LLC — Attn: Creative Director | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Non-Major Tenant; estoppel received
76 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Wynwood Digital Marketing Corp. | Suite 400 | 14000 | No | 2023-01-01 | 2025-12-31 | $420,000 | $35,000 | $21,000 | None | 2024-03-06 | Wynwood Digital Marketing Corp. — Attn: Founder | 2024-05-12 | Approved | No | N/A | 2024-05-18 | Grace Nakamura | Non-Major Tenant; late receipt
77 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Little Havana Translation Services LLC | Suite 300 | 10000 | No | 2022-07-01 | 2025-06-30 | $300,000 | $25,000 | $15,000 | None | 2024-03-06 | Little Havana Translation Services LLC — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt
78 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Doral Executive Coaching Inc. | Suite 200 | 8000 | No | 2023-05-01 | 2025-04-30 | $120,000 | $10,000 | $6,000 | None | 2024-03-06 | Via Argyle Property Services LLC (Sean Kilpatrick) | Not Received | No | N/A | Non-Major Tenant; does not affect ABR coverage compliance
79 | 12 | Brickell Bay Office Building | FL | GMP Brickell LLC | Pinecrest Notary Public Services | Suite 100 | 7000 | No | 2023-08-01 | 2025-07-31 | $50,000 | $4,167 | $2,500 | None | 2024-03-06 | Pinecrest Notary Public Services — Attn: Owner | 2024-05-28 | Approved | No | N/A | 2024-06-03 | Grace Nakamura | Non-Major Tenant; late receipt
80 | 13 | Peachtree Corners Logistics Center | GA | GMP Peachtree LLC | Gwinnett Distribution Services Corp. | Bay A-B | 145000 | Yes | 2020-10-01 | 2030-09-30 | $1,885,000 | $157,083 | $94,250 | 2 x 5-year options | 2024-03-06 | Gwinnett Distribution Services Corp. — Attn: VP Logistics | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
81 | 13 | Peachtree Corners Logistics Center | GA | GMP Peachtree LLC | Stone Mountain Packaging Inc. | Bay C | 78000 | Yes | 2021-08-01 | 2028-07-31 | $1,014,000 | $84,500 | $50,700 | 1 x 3-year option | 2024-03-06 | Stone Mountain Packaging Inc. — Attn: Plant Manager | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
82 | 13 | Peachtree Corners Logistics Center | GA | GMP Peachtree LLC | Norcross E-Commerce Fulfillment LLC | Bay D | 55000 | Yes | 2022-04-01 | 2027-03-31 | $715,000 | $59,583 | $35,750 | None | 2024-03-06 | Norcross E-Commerce Fulfillment LLC — Attn: General Manager | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
83 | 13 | Peachtree Corners Logistics Center | GA | GMP Peachtree LLC | Duluth Industrial Supplies Inc. | Bay E | 42000 | Yes | 2023-01-01 | 2028-12-31 | $546,000 | $45,500 | $27,300 | None | 2024-03-06 | Duluth Industrial Supplies Inc. — Attn: Operations Director | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura
84 | 13 | Peachtree Corners Logistics Center | GA | GMP Peachtree LLC | Lawrenceville Auto Parts Depot LLC | Mezzanine | 25000 | Yes | 2023-06-01 | 2026-05-31 | $0 | $0 | $0 | None | 2024-03-06 | Lawrenceville Auto Parts Depot LLC — Attn: Owner | 2024-04-28 | Approved | No | N/A | 2024-05-03 | Grace Nakamura | Rent included in Bay E lease; shared occupancy
85 | 14 | Mount Juliet Commerce Park | TN | GMP Mount Juliet LLC | Wilson County Logistics LLC | Building 1 | 125000 | Yes | 2020-12-01 | 2030-11-30 | $1,625,000 | $135,417 | $81,250 | 1 x 5-year option | 2024-03-06 | Wilson County Logistics LLC — Attn: VP Operations | 2024-03-28 | Approved | No | N/A | 2024-04-05 | Grace Nakamura
86 | 14 | Mount Juliet Commerce Park | TN | GMP Mount Juliet LLC | Lebanon Distribution Partners Inc. | Building 2 | 98000 | Yes | 2021-05-01 | 2029-04-30 | $1,274,000 | $106,167 | $63,700 | None | 2024-03-06 | Lebanon Distribution Partners Inc. — Attn: CFO | 2024-04-08 | Approved | No | N/A | 2024-04-15 | Grace Nakamura
87 | 14 | Mount Juliet Commerce Park | TN | GMP Mount Juliet LLC | Hermitage Cold Storage Solutions Inc. | Building 3 | 45000 | Yes | 2022-09-01 | 2027-08-31 | $685,000 | $57,083 | $34,250 | 1 x 3-year option | 2024-03-06 | Hermitage Cold Storage Solutions Inc. — Attn: General Manager | 2024-04-15 | Approved | No | N/A | 2024-04-22 | Grace Nakamura
[sheet: Discrepancy Log]
Discrepancy # | Property Name | State | Target Entity | Tenant Name | Suite / Unit | Leased RSF | ABR per Rent Roll | ABR per Estoppel | ABR Variance | Security Deposit per Rent Roll | Security Deposit per Estoppel | Deposit Variance | Lease Expiration per Rent Roll | Lease Expiration per Estoppel | Date Discrepancy | Nature of Discrepancy | Flagged Date | Flagged By | Communication to Seller's Counsel | Seller Supplemental Disclosure Date | Resolution Summary | Discrepancy Resolved? | Final Approval Date | Approved By
1 | Katy Freeway Logistics Park | TX | GMP Katy LLC | Zynvaro Distribution Holdings LLC | Entire Building | 538000 | $7,532,000 | $7,480,000 | $52,000 | $376,600 | $376,600 | $0 | 2031-02-28 | 2031-02-28 | No | ABR discrepancy: tenant reported pre-escalation rent of $7,480,000 vs. rent roll showing post-escalation rent of $7,532,000 effective 3/1/2024 | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed 2024 escalation per lease Section 3.02; rent roll reflects current rent; estoppel reflects prior-period rent. Supplemental disclosure provided. | Yes | 2024-05-12 | Grace Nakamura
2 | SouthPark Corporate Center | NC | GMP SouthPark LLC | Birchwood Technology Group Inc. | Suites 100-400 | 218000 | $5,668,000 | $5,668,000 | $0 | $283,400 | $270,000 | $13,400 | 2027-08-31 | 2027-08-31 | No | Security deposit discrepancy: tenant reported $270,000 vs. rent roll $283,400. Difference due to partial application of $13,400 in 2022 per Third Amendment to Lease. | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed partial security deposit application per Third Amendment dated June 15, 2022. Rent roll updated. | Yes | 2024-05-14 | Grace Nakamura
3 | Buckhead Place Office Tower | GA | GMP Buckhead LLC | Meridian Capital Advisory Group LLC | Suite 1800 | 28000 | $756,000 | $756,000 | $0 | $75,600 | $75,600 | $0 | 2028-06-30 | 2028-12-31 | Yes | Lease expiration discrepancy: estoppel states 12/31/2028 vs. rent roll 6/30/2028. Tenant exercised 6-month extension option per lease Section 12.01 in January 2024 — not yet updated in rent roll. | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed tenant exercised extension option; rent roll updated to reflect 12/31/2028 expiration. | Yes | 2024-05-13 | Grace Nakamura
4 | Cool Springs Office Park | TN | GMP Cool Springs LLC | Franklin Healthcare Consulting LLC | Suite 200 | 32000 | $480,000 | $504,000 | -$24,000 | $48,000 | $48,000 | $0 | 2027-03-31 | 2027-03-31 | No | ABR discrepancy: estoppel shows $504,000 vs. rent roll $480,000. Tenant correctly reporting rent inclusive of 2024 CPI escalation effective 1/1/2024; rent roll not yet updated. | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed CPI escalation effective 1/1/2024; rent roll updated to $504,000. | Yes | 2024-05-13 | Grace Nakamura
5 | Murfreesboro Distribution Center | TN | GMP Murfreesboro LLC | Cumberland Fulfillment Corp. | Bay C (Bay E) | 85000 | $1,105,000 | $1,105,000 | $0 | $110,500 | $82,875 | $27,625 | 2029-09-30 | 2029-09-30 | No | Security deposit discrepancy: estoppel shows $82,875 vs. rent roll $110,500. Landlord applied $27,625 toward tenant improvement overage per First Amendment. | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed TI overage application per First Amendment dated August 1, 2023. Rent roll updated. | Yes | 2024-05-14 | Grace Nakamura
6 | Lakeland Crossings Industrial | FL | GMP Lakeland LLC | Lakeland Industrial Coatings LLC | Building B | 62000 | $806,000 | $806,000 | $0 | $80,600 | $80,600 | $0 | 2028-04-30 | 2029-04-30 | Yes | Lease expiration discrepancy: estoppel states 4/30/2029 vs. rent roll 4/30/2028. Tenant exercised 1-year renewal option per lease Section 14.03 in February 2024. | 2024-05-06 | Grace Nakamura | Email to Thomas Keating (Blackridge Hayes LLP) dated May 6, 2024 | 2024-05-10 | Seller confirmed renewal option exercise; rent roll updated to 4/30/2029. | Yes | 2024-05-12 | Grace Nakamura
[sheet: ABR Coverage Analysis]
Category | Number of Leases | ABR | % of Total ABR | Estoppels Received | ABR Covered | Coverage % | Compliant?
Top 5 Tenants by ABR | 5 | $33,446,000 | 44.7% | 5 | $33,446,000 | 100.0% | Yes
Other Major Tenants (25,000+ RSF) | 33 | $34,925,200 | 46.7% | 33 | $34,925,200 | 100.0% | Yes
Subtotal — All Major Tenants | 38 | $68,371,200 | 91.4% | 38 | $68,371,200 | 100.0% | Yes — all Major Tenant estoppels received
Non-Major Tenants (< 25,000 RSF) — Received | 41 | $5,228,800 | 7.0% | 41 | $5,228,800 | 100.0% | N/A — not individually required
Non-Major Tenants (< 25,000 RSF) — Not Received | 8 | $1,200,000 | 1.6% | 0 | $0 | 0.0% | N/A — not individually required
Subtotal — Non-Major Tenants | 49 | $6,428,800 | 8.6% | 41 | $5,228,800 | 81.3% | N/A
PORTFOLIO TOTAL | 87 | $74,800,000 | 100.0% | 79 | $68,371,200 | 91.4%
PSA COMPLIANCE CHECKS
80% ABR Threshold | $59,840,000 | $68,371,200 | 91.4% | SATISFIED — exceeds by $8,531,200
All Major Tenants (25,000+ RSF) | 38 | 38 | 100.0% | SATISFIED — all 38 received
Estoppels in form reasonably acceptable to Buyer and Buyer's lenders | SATISFIED — confirmed by C&H review
[sheet: Timeline & Status Log]
Date | Event / Action | Responsible Party | Reference Document | Notes
2024-02-28 | PSA executed; estoppel delivery obligation triggered | Seller / Blackridge Hayes LLP | PSA — Section [Estoppels] | Original estoppel delivery deadline: May 10, 2024
2024-03-04 | Estoppel form transmittal letter sent to Seller's counsel | Calderwood & Harkness LLP (Grace Nakamura) | Estoppel Transmittal Letter to Seller | Form per PSA Exhibit E; instructions for distribution to all 87 tenants
2024-03-06 | Seller/Argyle distributes estoppel forms to all 87 tenants | Argyle Property Services LLC (Sean Kilpatrick) / Blackridge Hayes LLP | Distribution via mail and email
2024-03-28 | First batch of executed estoppels received (12 tenants) | Blackridge Hayes LLP (Thomas Keating) | Includes Thornton-Whitaker Pharmaceuticals Corp.; running total: 12
2024-04-02 | Second batch received (18 tenants) | Blackridge Hayes LLP | Includes Cascade Supply Chain Solutions Inc.; running total: 30
2024-04-08 | Third batch received (15 tenants) | Blackridge Hayes LLP | Includes Zynvaro Distribution Holdings LLC; running total: 45
2024-04-12 | PSA First Amendment executed — estoppel deadline extended to May 15, 2024 | All parties | PSA First Amendment | Extended from May 10, 2024
2024-04-15 | Fourth batch received (11 tenants) | Blackridge Hayes LLP | Includes Atlas Freight Logistics Corp., Birchwood Technology Group Inc.; running total: 56
2024-04-28 | Fifth batch received (9 tenants) | Blackridge Hayes LLP | Running total: 65
2024-05-06 | C&H identifies 6 estoppels with material discrepancies | Calderwood & Harkness LLP (Grace Nakamura) | Email — Nakamura to Keating re: Estoppel Discrepancies | Flagged to Seller's counsel for supplemental disclosure
2024-05-08 | Estoppel Review Memorandum — Material Discrepancies issued | Calderwood & Harkness LLP (Grace Nakamura) | Estoppel Review Memorandum | Detailed analysis of 6 discrepancies
2024-05-10 | Seller supplemental disclosure resolving all 6 discrepancies | Blackridge Hayes LLP (Thomas Keating) | Rent roll updates provided
2024-05-12 | Sixth batch received (8 tenants); 73 total received | Blackridge Hayes LLP | Running total: 73
2024-05-14 | All 6 discrepancies confirmed resolved; updated estoppels approved | Calderwood & Harkness LLP (Grace Nakamura)
2024-05-15 | Estoppel delivery deadline (PSA, as amended) — 75 estoppels received | All parties | ABR coverage at ~89%; running total: 75
2024-05-28 | Additional 4 estoppels received (79 total) | Blackridge Hayes LLP | ABR coverage reaches 91.4%; running total: 79
2024-06-06 | Closing date — final status: 79 of 87 estoppels received; 91.4% ABR coverage | Calderwood & Harkness LLP | Estoppel & SNDA Compliance Certificate | PSA estoppel condition precedent satisfied
2024-06-06 | Estoppel & SNDA Compliance Certificate issued | Calderwood & Harkness LLP (Grace Nakamura / Douglas Fairchild) | Compliance Certificate | Confirms all PSA conditions met