PPAF & PPAF II have made a JV equity investment in a 1,000,000 sf industrial portfolio anchored by Toyota Motor Manufacturing, Indiana, Inc. ("TMMI"), located in Princeton, Indiana. The industrial portfolio is a supporting complex for one of Toyota North America's eight US locations which has over 7,000 employees and has been in production since 1996. Our operating partner is Cardinal Industrial and Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 40% ownership stake in the investing entity which represents a 14% average cash on cash return and a significant discount to market comparables and replacement cost.