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Sunrise Winter Haven Industrial LLC

If you are interested in investing in this opportunity, please indicate your interest amount below. Your indication of interest is only intended to be informational and will not become binding until formal documents, including a private placement memorandum and other required documents, have been provided to you and you have signed and delivered a subscription agreement. There is no guarantee that you will ultimately be permitted to contribute your expected amount.

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Overview

<h4>Investment Highlights</h4>
• The project was placed under contract by our partner and operating sponsor, 1788 Holdings, LLC (“Sponsor”) on February 21, 2025. Sunrise JVRE Partners has had a 20-year relationship with 1788 Holdings. Formed in 2010 by a former Goldman Sachs executive, 1788 Holdings is a boutique commercial real estate company with a proven track record investing and developing projects in the Mid-Atlantic and Florida markets.

• The investment is an off-market acquisition of a 740,000 square-foot (“sf”), 100% leased industrial park comprised of seven industrial buildings, one obsolete small office building and 17 acres of industrial outdoor storage (IOS).

• Given the opportunity to reposition the asset, the $50.75 million acquisition price ($68.56 per sf) is highly attractive.
<h4>Property &amp; Location Highlights</h4>
• The property is currently fully leased to four high-quality tenants, two of which have leases expiring in 2029 and two expiring 10 to 15 years from now. The property includes 17 acres of IOS land, 14 acres of which the seller leased to the four tenants at the property at no cost to them.

• The property is located adjacent to a rail line with an active spur. This unique and highly valued attribute provides tenants the additional capability to receive and and distribute products and materials.

• Winter Haven resides equally between central Florida’s two major industrial markets, Orlando and Tampa. The property’s central location provides distribution and logistics businesses with a regional hub to efficiently serve clients located in both markets. These two metropolitan areas are converging and growing closer to the Winterhaven property, which we expect to be accretive to the investment.

• The Winter Haven industrial market is adjacent to the Tampa market’s East Hillsborough County a small submarket.  This submarket extends from the Tampa CBD East submarket and is the closest submarket to Winter Haven. Its market size is 85.2 million sf and it is currently 94% occupied. The submarkets average building rental rates are $10.04 psf and its industrial outdoor storage (“IOS”) rental rates average $5,450/acre/month.

• The Tampa industrial market totals 165.1 million sf and it averages 94% occupancy. Average asking rates have ticked up, reaching $10.48 psf, a 1.5% year over year increase. The market is considered stable, although there is a slight increase in vacancy rates due to new supply outpacing demand. The demand and absorption continues to be strong, supported by growth in manufacturing and logistics industries. Demand for IOS remains strong with rates averaging between $5,000 and $7,000/acre/month. IOS is customarily utilized for storing goods, equipment, or vehicles outdoors, often with no building structures.

• The Orlando industrial market totals approximately 151.3 million sf and averages 91% occupancy. Average asking rates have increased to $8.92 psf, a 1.5% increase year over year. This market is also considered stable with strong demand based on industrial and logistics businesses. Similar to the Tampa and Winter Haven markets, demand for IOS remains consistent with rental rates, averaging $5,000 to $7,000/acre/month.
<h4>The business plan is highly achievable and includes the following:</h4>
• Renew or release buildings occupied by two tenants comprising 483,000 sf of the property’s 740,000 sf. at substantially higher rental rates. The current in-place rents for these buildings average $3.71 psf and are substantially below market rents which average $10.04 psf in comparable properties located in the East Hillsborough County submarket.

• Lease approximately 11.4 acres (68% of the IOS acreage) to new tenants or existing tenants upon their lease expirations at market rates. Demand is strong in the Central Florida markets and it is customary in the market to charge for outdoor storage.  The current leases provide existing tenants utilization of the outdoor storage at no charge. This provides the opportunity to substantially increase the property’s rental income as we will have the opportunity to lease 6.7 acres of available outdoor storage early in our hold period and and 4.7 acres of outdoor storage land when one of the leases expires at the end of 2029

• We have underwritten approximately $2.5 million in capital expenditures during our hold period in order to improve property aesthetics and address any deferred maintenance

• Upon renewing or releasing the 2029 expiring 483,000 sf and leasing the IOS acreage, the Net Operating Income(NOI) is expected to increase from $3.68 million to $5.38 million, a 46% increase by the end of our projected five year holding period

• The property will be well positioned for sale in 2029.  Upon execution of the plan, approximately two-thirds of the leasable area will have been renewed or released at much appreciated 2029 market rents. This leaves the new buyer with approximately 256,000 SF of leasable area and 5.6 acres of IOS to drive further upside during its hold period.  The ownership team has found that assets with strong cash flow and meaningful embedded future upside in their rent rolls attract a broader pool of qualified buyers. This in turn creates a more intense bidding environment and better sale price execution for the seller.

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