First Student IOS Portfolio Sale-Leaseback (Project Cuisine)

JLL is pleased to exclusively offer for sale, via a sale-leaseback, the First Student industrial outdoor storage Portfolio, which comprises 14 locations totaling 246,056 SF across the state of Illinois (the “Portfolio” or “Properties”). The Properties are 100% occupied by First Student ( the “Company” or “Tenant”), the largest national student transportation service provider in North America, providing almost 4.6 million student journeys a day to 1,300 customers through a fleet of ~47K yellow school buses. Based in Cincinnati, OH, the Company operates 500 locations throughout the United States and Canada, and benefits from continuous growth through organic initiatives and strategic acquisitions & mergers.

The Tenant will commit to a long-term initial lease with an absolute triple-net master lease structure, creating an attractive passive income opportunity for single-tenant investors seeking growing, long-term cash flow backed by market-leading tenancy. The Portfolio is part of a strategic acquisition of Cook-Illinois Corporation that First Student closed in January 2026. This acquisition creates significant operational synergies and economies of scale by integrating Cook-Illinois's 18 subsidiaries with their enviable footprint and contracts in some of the most populated Chicago MSA (“metropolitan statistical areas”) neighborhoods into First Student's existing network.