Frito Lay Last Mile Distribution Center

Long-Term, Growing Cash Flow from Investment-Grade Tenant

1. PepsiCo Global Real Estate, Inc., a wholly-owned subsidiary of PepsiCo Inc., brings exceptional credit strength with premier ratings from Moody's (A1) and S&P (A+).
2. Lease Structure: Long-term lease initiated September 2023 under a landlord-favorable industrial triple-net (NNN) arrangement
3. Strategic Asset: Mission-critical last-mile distribution facility positioned to serve the greater southern Minneapolis metropolitan area, encompassing a population exceeding one million residents
4. Income Stability: Predictable cash flow growth supported by investment-grade tenant creditworthiness

Institutional Grade, Newly Constructed Last-Mile Logistics Facility

1. Superior Building Design: 32-foot clear height with exceptional dock density of 3.82 positions per 10,000 square feet positions the facility as best-in-class for last-mile logistics operations in the market
2. Operational Efficiency: Strategically designed loading configuration and ample vehicle parking ensure optimal distribution workflow and fleet management
3. Future Expansion Potential: Low floor-area-ratio (FAR) development provides significant opportunity for facility expansion or additional industrial building construction, enhancing long-term value and operational scalability
4. Purpose-built distribution center designed specifically for Frito-Lay operations, featuring rear and side loading capabilities, extensive truck and trailer parking capacity, and an integrated service garage for fleet maintenance.

Prime Location with Superior Workforce and Market Access

1.  Market Coverage: Over one million residents within a 25-minute drive radius provides extensive last-mile delivery market penetration
2. Strategic Connectivity: Direct access via signalized, four-lane 150th Street to Interstate 35 corridor enables seamless distribution throughout the greater Minneapolis-St. Paul metropolitan area
3. Robust Labor Access: Deep talent pool of 160,000+ workers within 15 minutes, including 17.4% blue-collar workforce ideal for distribution and logistics operations

Strong Minneapolis Industrial Market Fundamentals

1. Average actual first year rents have increased 37.5% from 2017 to 2021, an average increase of 9.7% per year
2. Currently there is 0.9 square feet of availability for every square foot of industrial demand in the Minneapolis-St. Paul market.
3. Strong absorption for modern product, as development are currently 55% preleased at completion with a 100% occupancy rate 24 months following completion.