Description

Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive advisor, has been retained to market the opportunity to acquire the fee simple interest in First Solar at Cherokee Commerce Center 85 (the

"Project" or "Offering"), a 1,290,729 square foot Class A logistics facility in the Greenville-Spartanburg market. The Project is 100% leased to First Solar, Inc. (NASDAQ: FSLR) ("First Solar" or the "Company") on a new 10-year lease with 3.00% annual escalations, presenting investors with secure, long-term cash flow, requiring limited oversight from new ownership. Currently under construction, the Project is expected to receive its Certificate of Occupancy by October 1, 2026.

The Company is investing more than $330 million of its own capital into specialized equipment and improvements at the facility for solar manufacturing, underscoring the mission-critical nature of the asset and its importance to First Solar's operations. Strategically located along the I-85 corridor, the Project benefits from direct access to one of the Southeast’s most important industrial routes, connecting major Sunbelt markets and providing unparalleled logistics access. The Offering represents the opportunity to acquire a brand-new, core industrial facility housing a heavily entrenched tenant's mission critical operation with consistent sustainable yield in one of the country's healthiest industrial markets.

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Attributes

Building area net

119,913 m²

Occupancy

100%

Remaining lease term

10 years

Clear height

12.19 m

Year built

2025

Media

Investment Highlights

LONG-TERM CASH FLOW BACKED BY INDUSTRY-LEADING TENANT

• 100% leased to First Solar (NASDAQ: FSLR), a global leader in utility-scale solar manufacturing with approximately 7,900 employees across North America and Asia

• Record net sales of $5.2 billion in 2025 (+24% YoY), underscoring the company's accelerating growth trajectory and dominant position in domestic Solar Manufacturing

• Exceptional balance sheet supported by $2.4 billion in cash and a low debt-to-equity ratio, providing investors with unparalleled tenant credit quality

• New 10-year lease with strong contractual yield expansion via 3.00% annual escalations

MISSION-CRITICAL FACILITY WITH HEAVILY ENTRENCHED TENANT

• Brand-new 1.3 MSF solar production facility integral to First Solar’s domestic manufacturing operations

• $330+ million tenant investment in specialized manufacturing equipment and robust electrical and mechanical infrastructure

• The Project will onshore final production processes for Series 6 modules initiated by the company's international operations

• The Company’s 6th manufacturing facility in the U.S. and is supported by the distribution center in Duncan, South Carolina

VALUABLE LONG-TERM TAX INCENTIVES

• 30‑year Fee‑In‑Lieu of Tax (“FILOT”) agreement reduces tax costs and provides long‑term stability of future obligations

• Fifteen (15) years of Special Source Revenue Credits (SSRCs) equal to 60% of the annual FILOT payments further lower tax costs

• Tax incentives and below-market rents deliver substantial occupancy cost savings throughout the lease term, with property tax payments reduced by nearly 65%

INSTITUTIONAL-QUALITY, CORE CONSTRUCTION

• First building to deliver at Cherokee Commerce Center 85, a master-planned industrial park totaling more than 3.5 MSF in aggregate

• Highly-functional cross-dock facility featuring 40' clear height, ESFR sprinklers, energy efficient LED lighting, and minimal 3.10% office finish

• Robust power capacity of 16 MW with 2,700 amps (3-phase) or 6,000 amps (single-phase)

• 73 dock-high and three (3) drive-in doors with 135' and 190'-deep truck courts

• 115 on-site trailer stalls with the ability to expand

EXCEPTIONAL INTERSTATE CONNECTIVITY

• Directly adjacent to I‑85 4-way interchange, providing connectivity to the high-growth Sunbelt markets of Atlanta, Charleston, Charlotte, Greensboro-Winston-Salem, Raleigh- Durham and Richmond

• Situated within 30 minutes of Inland Port Greer and Greenville-Spartanburg International Airport (GSP), offering easy access to both rail and air cargo hubs