Realized Investments

Case Studies.

A selection of exited investments demonstrating Strata's disciplined acquisition basis, hands-on operating model, and consistent value creation across multi-tenant light industrial assets.

6Exits Completed

~40%Avg. Leveraged Returns

1.7xAvg. Equity Multiple

~26 Mo.Avg. Deal Horizon

Case Study 01

131 W 33rd Street

National City, CA — San Diego MSA

Exited

Property Details

Square Footage

78,699 SF

Avg. Suite Size

4,263 SF

Acreage

3.23 Acres

Deal Source

Off-Market

Acquired

September 2020

Exited

July 2023

Investment Highlights

97% occupied multi-tenant industrial property with 18 tenants and no single tenant exceeding 37% of the property
Completed a new lease or renewal on every suite while outperforming prior rents on each transaction, averaging 38% rental increases from expiring rent
Increased the three largest suite rents by 67%, 43%, and 49% respectively
Increased NOI by approximately 82% over the 3-year hold period
Averaged 9.10% annual cash-on-cash yield over the life of the investment

Investment Economics

Purchase Price

$13.50M

Exit Price

$20.33M

Gross Equity Multiple

2.0x

Gross IRR

32.32%

Case Study 02

501 Parkson Avenue

Henderson, NV — Las Vegas MSA

Exited

Property Details

Square Footage

105,593 SF

Acreage

17.8 Acres

Deal Source

Off-Market Relationship

Hold Period

~13 Months

Acquired

August 2021

Exited

September 2022

Investment Highlights

100% occupied by a credit tenant, Ferguson Enterprises, on a 17.78-acre site
Opportunistically sourced off-market through a direct relationship — acquired at a purchase price significantly below market value
Seller received an unsolicited offer approximately 10% above the purchase price during the contract period, validating the acquisition basis
Averaged a 7.2% annual cash-on-cash yield over the hold period

Investment Economics

Purchase Price

$24.00M

Exit Price

$35.00M

Gross Equity Multiple

2.1x

Gross IRR

105.21%

Case Study 03

975 American Pacific Drive

Henderson, NV — Las Vegas MSA

Exited

Property Details

Square Footage

55,974 SF

Acreage

2.82 Acres

Occupancy at Acq.

62%

Deal Source

Off-Market Relationship

Acquired

December 2021

Exited

October 2023

Investment Highlights

Multi-tenant industrial property acquired at 62% occupancy — presenting immediate lease-up upside
Leased up to 85% occupancy within 10 months of acquisition
Increased NOI by 56% within 10 months of closing
Opportunistically sourced off-market through a direct broker relationship

Investment Economics

Purchase Price

$7.25M

Exit Price

$9.58M

Gross Equity Multiple

1.5x

Gross IRR

26.03%

Case Study 04

770 Edgewood Avenue

Wood Dale, IL — Chicago MSA

Exited

Property Details

Square Footage

11,750 SF

Acreage

0.84 Acres

Hold Period

13 Months

Deal Source

Off-Market Relationship

Acquired

June 2023

Exited

July 2024

Investment Highlights

Unlevered acquisition of a 2-tenant building with the seller vacating 66% of the property at closing
Leased the vacancy at projected rental rate within 6 months of closing
Renewed the existing tenant at a 60% rent increase
Distributed at an 8.77% annual cash-on-cash yield upon stabilization
Sold to an owner-user at a profit after a 13-month hold period

Investment Economics

Purchase Price

$0.875M

Exit Price

$1.60M

Gross Equity Multiple

1.4x

Gross IRR

36.9%

Case Study 05

Woodridge Commerce Center

Woodridge, IL — Chicago MSA — I-55 Corridor

Exited

Property Details

Square Footage

148,012 SF

Buildings

3 Buildings

Avg. Suite Size

6,167 SF

Deal Source

Marketed (Colliers)

Acquired

October 2021

Exited

July 2024

Investment Highlights

97% occupied, 3-building multi-tenant industrial portfolio with 22 tenants — no single tenant exceeding 10% of the property
Completed 15 leases averaging 38% rental increases from the prior expiring rent
Increased NOI by approximately 46% over the 3-year hold period
Averaged 7.42% annual cash-on-cash yield over the life of the investment

Investment Economics

Purchase Price

$21.10M

Exit Price

$26.10M

Gross Equity Multiple

1.6x

Gross IRR

19.34%

Case Study 06

Chicago Shallow Bay Portfolio

Chicago MSA — Downers Grove / Northbrook / Burr Ridge, IL

Exited

Property Details

Square Footage

435,598 SF

Buildings

10 Buildings

Acreage

34.83 Acres

Deal Source

Off-Market / Marketed

Acquired

Dec 2021 & Feb 2022

Exited

Aug 2023 / Jan 2025

Investment Highlights

Portfolio aggregated via 3 separate acquisitions: Shallow Bay (260,691 SF across 7 buildings), Anthony Trail (84,058 SF), and Heathrow Court (90,849 SF across 2 buildings)
36 tenants with an average unit size of 10,000 SF — no single tenant exceeding 8% of the portfolio
Completed 29 leases in less than 3 years, averaging a 22% increase from the prior expiring rent
Increased NOI by approximately 40% over the 3-year hold period
Delivered combined average 7% annual cash-on-cash yield, supplemented by return of capital from a one-off building sale and a portfolio cash-out refinance

Investment Economics

Purchase Price

$45.78M

Exit Price

$58.24M

Gross Equity Multiple

1.6x

Gross IRR

18.9%

Past performance is not indicative of future results. All investment returns shown are historical and reflect realized transactions only. Gross figures are before management fees, carried interest, and other fund expenses. This page is for informational purposes only and does not constitute an offer or solicitation of any investment product.