Calare Acquires 511,000 SF Industrial Property in Merrimack, NH

April 6, 2018

Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, announced today that it has acquired two institutional
quality high bay industrial warehouse buildings at 57 and 59 Daniel Webster Highway in Merrimack, NH. This first-class 511,000 SF warehouse and distribution
facility is situated on 48 acres in an Economic Revitalization Zone and is strategically positioned 47 miles from Boston, between New Hampshire’s two
largest cities, Manchester and Nashua.

This acquisition is an impressive addition to Calare’s portfolio, as the property is optimal for both high-tech manufacturing and high bay warehouse needs
ideal for companies in the research, technology, manufacturing and distribution industries. The property is strategically positioned on the US Route
3 corridor in Southern New Hampshire with I-93 and I-293 nearby, providing superb access to Boston and Central and Northern New England. The site is
further enhanced by a secured yard area and rail service provided by Guilford Rail. The property offers excellent highway accessibility off the F.E.
Everett Turnpike, close proximity to the Manchester Airport, and key amenities including ceiling heights between 22 and 40 feet, 40 feet by 50 feet
column spacing and an abundant 26 tailboard loading docks.

Southern New Hampshire and northern Massachusetts provide a skilled professional and technical employee base that supports ongoing economic growth in the
region and will benefit from Calare’s capital improvement program for the industrial property. 57 and 59 Daniel Webster Highway is in the Manchester/Nashua
Industrial Market, a subset of the Greater Boston Industrial Market, which contains 40 million SF of industrial assets and boasts a new tenant which
was signed on the same day as the closing bringing the property to virtually 100% occupied.

“The over thirty-foot ceiling heights that make up most of the leasable warehouse space meet the increased tenant demand for distribution centers with
high ceilings,” commented Todd Barclay, Calare Vice President of Acquisitions and Portfolio Management. “This, combined with the strength of the market,
outstanding demographics, and convenient proximity to major Northeast cities make this first-rate industrial facility a low-risk investment opportunity
for Calare.”

Calare has budgeted significant capital for property improvements and upgrades including roof replacements, additional loading docks, lighting updates
and general building maintenance to meet the growing needs of the property and current and future tenants. Calare will retain the current property
manager, PMRG, who has managed the property since 2007 and has a thorough understanding of the property and local market as well as close relationships
with the tenants.

About Calare Properties

Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of their investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 18.5 million square feet of properties representing $850 million in transactions through funds, direct deals and a multi-asset portfolio. Further information is available at