Announcing Our Acquisition of Four Industrial Facilities in North Carolina, South Carolina, Tennessee, and Iowa

We are pleased to share that we have recently expanded our portfolio to include four industrial facilities located in Statesville, North Carolina; Anderson, South Carolina; Portland, Tennessee; and Dubuque, Iowa.

Drew Foam Companies — Anderson, South Carolina and Portland, Tennessee

We recently acquired two buildings that are being leased long-term to Drew Foam Companies, a leader in foam products for the food, building, and automotive industries. The 148,000-square-foot location at 107 Service Road in Anderson, South Carolina and the 58,000-square-foot location at 3050 Barry Road in Portland, Tennessee is another exciting addition to our portfolio and the first of many in both the Anderson and Portland markets.

Fully leased, quality industrial properties with strong tenants are rare opportunities, which is why the Drew Foam building acquisition is an important part of our strategic plan to acquire distribution, manufacturing, and industrial facilities in strong markets and locations. In addition, these properties fit into our aggressive capital redeployment strategy following the sale of our flex/light industrial portfolio in late 2020 and early 2021.

We look forward to building a long-term relationship with Drew Foam Companies, and I am pleased to welcome them to our portfolio.

Statesville Distribution Services, Inc. — Statesville, North Carolina

We are also happy to be adding the 102,000-square-foot industrial building located at 2088 Salisbury Road in Statesville, North Carolina to our already well-developed North Carolina market. The location is fully leased on a long-term basis to Statesville Distribution Services Inc., which began serving the Statesville, North Carolina area in 1907 and can trace its history back over 100 years to the Holland Transfer Company.

The building is located in a prime location, sitting just 40 miles north of Charlotte, with easy access to Interstates 40, 77, and 85. We will continue to explore further opportunities in the Statesville and Charlotte areas due to the significant growth and established success we’ve seen, as well as the consistently strong market in North Carolina.

Crown Holdings — Dubuque, Iowa

Further to our acquisitions in the Carolinas and Tennessee is our purchase in December 2021 of a 330,000-square-foot packaging facility at 7500 Chavanelle Road in Dubuque, Iowa that is already leased on a long-term basis to Crown Holdings, Inc.

The lessee, which has been in business since 1982 and has 192 facilities in 39 countries, is a leading global supplier of rigid, transit, and protective packaging products, equipment, and services to a wide range of end markets and consumer marketing companies. It runs a mission-critical packaging operation that directly services both an adjacent Hormel Foods manufacturing facility and Simmons Pet Foods, which recently opened a $40-million manufacturing plant in the area.

The facility therefore fulfills an important food security mission and fits well with other properties of ours that are dedicated to feeding our country, thus furthering our objective of playing a crucial role in the food supply chain. This facility also helps us further our sustainability and social goals, as our subsidiary, Sky Power, LLC, will be providing solar energy for the building.

Our Growing Portfolio

SkyREM is a privately held, commercial real estate investment, development, and management company with offices located in both Philadelphia and New York City. We aim for a large and diversified portfolio of properties located around the United States, with an established presence in the Virginia, North and South Carolina, and Pennsylvania markets, including both industrial facilities and commercial properties. We are so pleased to have expanded even further in 2021, thus demonstrating not only the strength of each property but also our continued growth across the United States.