Ferguson | Tallahassee, FL

INVESTMENT GRADE CREDIT TENANT WITH NATIONAL SCALE

• Ferguson (NYSE: FERG) – BBB+ rated industry leader generating approximately $29B in annual revenue and serving as a critical distributor across plumbing, HVAC, waterworks, and infrastructure sectors.

• Essential, Non-Discretionary Business Model – Demand driven by repair, maintenance, and infrastructure spending across residential, commercial, and municipal markets.

• Embedded National Platform – 1,750+ locations supported by an integrated distribution network, positioning each branch as essential supply chain infrastructure.

MISSION-CRITICAL LOCATION SERVING FLORIDA STATE UNIVERSITY

• Direct Institutional Demand Driver – Supports ongoing maintenance, renovation, and capital projects for a major Power Five university.

• Strategic Campus Proximity – Enables same-day fulfillment and rapid-response contractor support directly tied to university operations.

• High Barriers to Relocation – Institutional relationships, specialized build-out, and logistical advantages create strong tenant retention.

DEMONSTRATED TENANT COMMITMENT & DEFENSIVE CASH FLOW

• Significant Tenant Capital Investment – Ferguson has invested roughly seven figures into the facility, demonstrating long-term operational commitment and strategic importance within its regional distribution network. Tenant-funded improvements materially increase switching costs and relocation barriers, reinforcing tenancy durability and reducing leasing risk for ownership.

• Functionality-Focused Renovations – Improvements were completed to enhance operational efficiency and customer service rather than cosmetic upgrades. Enhancements include showroom and sales counter build-out, optimized warehouse layout and product flow, upgraded electrical infrastructure and high-bay lighting, ADA-compliant restroom improvements, and modern office and conference space. These upgrades align the property with Ferguson’s long-term branch standards and reduce near-term capital expenditure exposure for future ownership.

• Education-Anchored Stability – The property benefits from demand tied to Florida State University’s ongoing facilities maintenance, infrastructure upgrades, and capital improvement projects, supporting consistent product demand, stable tenant operations, and defensive, bond-like income characteristics within Tallahassee’s education-driven economy.