Todd Barclay Joins Calare Properties as Vice President, Acquisitions and Portfolio Management

February 7, 2017

Barclay brings more than 10 years of private equity real estate experience to his role on the company’s senior management team

Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, announced today that Todd Barclay has joined the senior
management team as Vice President of Acquisitions and Portfolio Management. In his new role, Barclay will focus his expertise on analyzing new investment
opportunities for the firm, as well as working closely with the team to manage the day-to-day operations of the firm’s extensive commercial real estate
portfolio.

“We welcome Todd to the Calare team and are confident his extensive industry expertise will further propel our firm’s strategic vision for ongoing success,”
said Bill Manley, CEO and CIO of Calare. “The team remains focused on executing our well-defined investment approach to source well- positioned investment
opportunities, while adding value for our investors through the effective management of our current assets.”

Barclay brings more than 10 years of private equity real estate investment experience to his role at Calare. Most recently, he served as Vice President
of Acquisitions and Asset Management at KS Partners, based in Woburn, MA, where he was responsible for sourcing commercial real estate investments
throughout New England, as well as executing and overseeing the asset management process. Prior to this role, he was a Portfolio Manager at New Boston
Fund, a real estate investment manager based in Boston, where he was focused on portfolio strategy and asset management. “I’m thrilled to join Calare
and collaborate with a team known as the region’s leading industrial/flex real estate investment firm,” said Barclay. “I look forward to applying my
expertise in acquisitions and asset management for the benefit of our investors and the company as a whole.”

Barclay has a BS in finance from the University of Richmond, an MBA from Pepperdine University and a Masters in finance from Boston College. He is also
actively involved within the industry with NAIOP, REFA, and ULI.

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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 our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over
17.5 million square feet of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio. Further information
is available at www.calare.com.