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This is Dornin’s fourth value-add light industrial acquisition in the last 18 months. The majority of buildings were constructed between 1977 and 1991, with retail assets built in 2005-2006. The portfolio collectively has over 180 total tenants with a median unit size of 1,640 square feet. The office buildout of the warehouse units is 21.7%. The average tenancy has been in place since 2019, with some tenants in place since 1994. At acquisition, rents were, on average, 30.5% below market rates.