Calare Properties Finalizes Sale of 94,000 SF Warehouse Distribution Facility in Watertown, Mass.

September 19, 2017

Calare announced today that it has sold 20 Seyon Street in Watertown, Mass. for $15,000,000, with 100 percent of the 94,268 SF property leased through
January 2024. Calare purchased the warehouse distribution facility, located on 5-acres of land, in 2015 with a strategic plan to increase asset value
through capital improvements and lease extensions. The property is located in immediate proximity to Interstates 90 and 95 within a thriving mixed-use
corridor home to national retailers and several Class A apartment and condominium communities.

“20 Seyon Street’s position in a high-demand warehouse
and flex market, coupled with the attractive features of the site, established this property as a prime investment for Calare’s industrial focused
investment strategy in the market,” said Todd Barclay VP of Acquisitions. “With this sale, we are thrilled to have successfully enhanced value in this
property for the benefit of our investors.”

In addition to improvements made by Calare, the well-maintained property had also previously received significant capital investments including a new roof,
HVAC units and security/alarm systems. Long-term tenants have also both invested substantial capital within their spaces.

“Industrial real estate
continues to see significant value increases as a growing buyer pool drives up exit pricing” said Bill Manley, CEO and CIO of Calare. “Our team has been
actively selling assets to harvest oversized returns while, at the same time, leveraging our knowledge and reputation as an industrial specialist to acquire
and develop creative new investment opportunities for our investors.”

Greater Boston’s industrial market continues to post notable gains. According to recent market analysis, asking rents in this market continue to climb in response to vacancies remaining below 7 percent. Industry reports have found that
lease rates have increased by 6.3 percent year-over-year to $6.61 per square foot during 2Q 2017.

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 our 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 www.calare.com.