Exhibit 10.1 


 


THIRD AMENDED AND RESTATED 


 


ADVISORY AGREEMENT (2021)


 


among 


 


BLACK CREEK INDUSTRIAL REIT IV INC., 


 


BCI IV OPERATING PARTNERSHIP LP 


 


and 


 


ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC


 






     


     


    

 


Table of Contents


 


	1.	DEFINITIONS	1
	2.	APPOINTMENT	10
	3.	DUTIES OF THE ADVISOR	11
	4.	AUTHORITY OF ADVISOR	14
	5.	BANK ACCOUNTS	15
	6.	RECORDS; ACCESS	15
	7.	LIMITATIONS ON ACTIVITIES	15
	8.	RELATIONSHIP WITH DIRECTORS	15
	9.	FEES	16
	10.	EXPENSES	20
	11.	OTHER SERVICES	21
	12.	REIMBURSEMENT TO THE ADVISOR	22
	13.	OTHER ACTIVITIES OF THE ADVISOR	22
	14.	TERM; TERMINATION OF AGREEMENT	23
	15.	TERMINATION BY THE PARTIES	23
	16.	ASSIGNMENT	23
	17.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	24
	18.	INDEMNIFICATION BY THE CORPORATION AND THE OPERATING PARTNERSHIP	24
	19.	INDEMNIFICATION BY ADVISOR	24
	20.	NOTICES	24
	21.	THIRD PARTY BENEFICIARY	25
	22.	MODIFICATION	25
	23.	SEVERABILITY	25
	24.	CONSTRUCTION	25
	25.	ENTIRE AGREEMENT	25
	26.	INDULGENCES, NOT WAIVERS	26
	27.	GENDER	26
	28.	TITLES NOT TO AFFECT INTERPRETATION	26
	29.	EXECUTION IN COUNTERPARTS	26
	30.	INITIAL INVESTMENT	26



 






     


     


    

 


THIS THIRD AMENDED AND RESTATED ADVISORY AGREEMENT
(2021) (the “Agreement”), dated as of July 1, 2021, is among Black Creek Industrial REIT IV Inc., a Maryland corporation (the
 “Corporation”), BCI IV Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”),
and Ares Commercial Real Estate Management LLC, a Delaware limited liability company (the “Advisor”).


 


W I T N E S S E T H 


 


WHEREAS, the Corporation intends to qualify as
a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined
below);


 


WHEREAS, the Corporation is the general partner
of the Operating Partnership and intends to conduct its business and make investments in Assets primarily through the Operating Partnership;


 


WHEREAS, the Corporation, the Operating Partnership
and BCI IV Advisors LLC, a Delaware limited liability company (the “Former Advisor”), are parties to that certain Second Amended
and Restated Advisory Agreement (2021) dated as of May 1, 2021 (the “Prior Agreement”), which is amended and restated in its
entirety hereby;


 


WHEREAS, the Advisor and the Former Advisor entered
into that certain Assignment and Assumption Agreement dated as of the date hereof, pursuant to which, among other things, the Former Advisor
assigned its rights and obligations under the Prior Agreement to the Advisor and the Advisor assumed those rights and obligations (the
 “Assignment”);


 


WHEREAS, the Corporation, the Operating Partnership
and the Advisor desire to amend and restate the Prior Agreement in order to reflect the Assignment and certain other amendments;


 


WHEREAS, the Corporation and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to
have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the
Board of Directors of the Corporation, all as provided herein;


 


WHEREAS, the Advisor is willing to undertake to
render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth.


 


NOW, THEREFORE, in consideration of the foregoing
and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:


 


1. DEFINITIONS. As used in this Agreement, the
following terms have the definitions hereinafter indicated:


 


Acquisition Expenses. Any and all expenses,
exclusive of Acquisition Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection
with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation, legal
fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting
fees and expenses, title insurance, and the costs of performing due diligence. For purposes of this definition, “Asset” means
any asset that is related to or which represents a direct or indirect interest in Real Property, Mortgages or other Real Property-related
debt, whether owned directly, indirectly or through a Joint Venture or other co-ownership relationship.


 






    1


     


    

 


Acquisition Fees. Any and all fees and
commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to
any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction
of a Property, (ii) the acquisition of interests in a real estate related entity or (iii) making or investing, directly or indirectly,
in Mortgages or the origination or acquisition of other Real Property-related debt or other investments, related to or which represent
a direct or indirect interest in Real Property Mortgages or other Real Property-related debt whether owned directly, indirectly or through
a Joint Venture or other co-ownership relationship, including real estate commissions, selection fees, development fees, construction
fees, if any, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be development fees
and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of
a project.


 


Advisor. Ares Commercial Real Estate Management
LLC, a Delaware limited liability company, any successor advisor to the Corporation, the Operating Partnership or any person or entity
to which Ares Commercial Real Estate Management LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding
the forgoing, a Person hired or retained by Ares Commercial Real Estate Management LLC to perform property and securities management and
related services for the Corporation or the Operating Partnership that is not hired or retained to perform substantially all of the functions
of Ares Commercial Real Estate Management LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed
to be an Advisor.


 


Advisory Fee. The fee payable to the Advisor
pursuant to Paragraph 9(a).


 


Affiliate or Affiliated. With respect to
any Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or
more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person
directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner.


 


Annual Total Return Amount. The overall
investment return, expressed as a dollar amount per OP Unit, which shall be equal to the sum of (1) the Weighted-Average Distributions
per OP Unit over the applicable period, and (2) the Ending VPU, adjusted to remove the negative impact on the overall investment return
from the payment or obligation to pay, or distribute, as applicable, the Performance Component and Class-Specific Fees, less the Beginning
VPU.


 






    2


     


    

 


Asset. Any Property, Mortgage, other debt
or other investment (other than investments in bank accounts, money market funds or other current assets) owned by the Corporation, directly
or indirectly through one or more of its Affiliates.


 


Average Invested Assets. For a specified
period, the average of the aggregate book value of the Assets invested, directly or indirectly, in equity interests in and loans secured
by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities,
mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash reserves, computed
by taking the average of such values at the end of each month during such period.


 


Beginning VPU. The VPU determined as of
the end of the most recent month prior to the commencement of the applicable period.


 


Board of Directors or Board. The persons
holding such office, as of any particular time, under the Charter of the Corporation, whether they be the Directors named therein or additional
or successor Directors.


 


Bylaws. The bylaws of the Corporation,
as the same are in effect from time to time.


 


Cause. With respect to the termination
of this Agreement, fraud, criminal conduct or willful misconduct by the Advisor, or a material breach of this Agreement by the Advisor,
which has not been cured within 30 days of such breach.


 


Charter. The amended and restated articles
of incorporation of the Corporation, as amended from time to time.


 


Class-Specific Fees. Any Distribution Fee
expenses accrued or allocated directly or indirectly to a particular class of OP Units or Shares.


 


Code. Internal Revenue Code of 1986, as
amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect
from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in
effect from time to time.


 


Contract Purchase Price. The term “Contract
Purchase Price” shall mean (i) the amount actually paid or allocated in respect of the acquisition of a Property, (ii) the
Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate
related entity in which the Corporation acquires a majority economic interest or which the Corporation consolidates for financial reporting
purposes in accordance with generally accepted accounting principles, (iii) the amount actually paid or allocated in respect of an
investment in any other real estate related entity or (iv) the amount actually paid or allocated in respect of the origination or
acquisition of Mortgages, other debt investments or other investments; in each case including any third party expenses, debt, whether
borrowed or assumed, and exclusive of Acquisition Fees and Acquisition Expenses.


 


Contract Sales Price. The total consideration
paid in connection with a Disposition, other than a Listing, including without limitation, any debt or other liabilities incurred, assumed
or taken subject to by an acquirer. Without limiting the generality of the foregoing, in any transaction involving the acquisition of
any equity of the Corporation, the Operating Partnership or other selling entity, the Contract Sales Price will be deemed to include (whether
or not expressed in the net per share price), the value assigned by the applicable buyer to all assets (or the value of such assets implied
by such buyer’s offer) before subtracting liabilities to derive the net per share purchase price.


 






    3


     


    

 


Corporation. Corporation shall have the
meaning set forth in the preamble of this Agreement.


 


Dealer Manager. Black Creek Capital Markets,
LLC or such other Person or entity selected by the Board of Directors to act as the dealer manager for the Offering. Black Creek Capital
Markets, LLC is a member of FINRA.


 


Dealer Manager Fee. The dealer manager
fee payable to the Dealer Manager for serving as the dealer manager for the Offering and reallowable to Soliciting Dealers with respect
to Shares sold by them, as described in the Corporation’s Prospectus.


 


Development Fee. The fee payable to the
Advisor pursuant to Paragraph 9(b).


 


Director. A member of the Board of Directors
of the Corporation.


 


Disposition. The term “Disposition”
shall include (i) a sale of any substantial portion of the Assets, whether effectuated either directly or indirectly through the sale
of any entity owning such Assets, including, without limitation, the Corporation or the Operating Partnership, (ii) any sale, merger or
other transaction resulting in a special distribution to our stockholders, including, without limitation, any transaction in which the
Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded
company, or (iv) a Listing.


 


Disposition Expenses. Any and all expenses
incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the disposition of
any Asset, whether or not finally sold, including, without limitation, legal fees and expenses, travel and communications expenses and
accounting fees and expenses.


 


Distribution Fee. The distribution fee
or any similar ongoing fee (as distinguished from upfront or one-time selling commissions and fees) payable to the Dealer Manager pursuant
to the then-current dealer manager agreement between the Corporation and the Dealer Manager.


 


Distributions. Any distributions of money
or other property by the Corporation to owners of Shares, including distributions that may constitute a return of capital for federal
income tax purposes.


 


DST Properties. Real properties that meet
the following criteria: (i) tenancy-in-common or Delaware statutory trust beneficial interests in such properties have been sold by the
Corporation or any Affiliate to third party investors and (ii) such properties are being leased by the Corporation or any Affiliate from
the tenancy-in-common or Delaware statutory trust third party investors.


 






    4


     


    

 


DST Property Consideration. The consideration
received by the Corporation or any Affiliate for selling tenancy-in-common or Delaware statutory trust beneficial interests in DST Properties
to third party investors, net of DST Up Front Fees.


 


DST Up Front Fees. Up front fees and expense
reimbursements payable out of gross sale proceeds from the sale of tenancy-in-common or Delaware statutory trust beneficial interests
in DST Properties, including but not limited to sales commissions, dealer manager fees and non-accountable expense allowances.


 


Ending VPU. The VPU as of the end of the
last month in the applicable period.


 


Equity Shares. Transferable shares of beneficial
interest of the Corporation of any class or series, including common shares or preferred shares.


 


Excess Amount. Excess Amount shall have
the meaning set forth in Paragraph 12.


 


Fixed Component. The non-variable component
of the Advisory Fee as described in Paragraph 9.


 


FINRA. Financial Industry Regulatory Authority,
Inc.


 


Fund Interests. The total outstanding Shares
and outstanding OP Units that are held by parties other than the Corporation.


 


GAAP. Generally accepted accounting principles
as in effect in the United States of America from time to time.


 


Good Reason. With respect to the termination
of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating
Partnership to assume and agree to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement;
or (ii) any uncured material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership
that remains uncured for 30 days after written notice of such material breach has been provided to the Corporation and the Operating Partnership
by the Advisor.


 


Gross Market Capitalization. The sum of
(i) the total outstanding principal balance of all indebtedness of the Corporation, the Operating Partnership, and its subsidiaries, and
(ii) the Gross Share Value. It is the intent that Gross Market Capitalization reflect the total gross value of all Assets which are the
subject of the Listing. In the event of a partial Listing, Gross Market Capitalization shall be calculated to reflect the applicable portion
of the Corporation’s total gross asset value associated with the Fund Interests that are a part of such Listing.


 


Gross Proceeds. The aggregate purchase
price of all Shares sold for the account of the Corporation through all Offerings, without deduction for Sales Commissions, Dealer Manager
Fees, Distribution Fees, volume discounts, any marketing support and due diligence expense reimbursement or other Organization and Offering
Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales Commissions or Dealer Manager
Fees are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to
be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without reduction.


 






    5


     


    

 


Gross Share Value. The product of
(i) Fund Interests and (ii) the Value Per Share.


 


Hurdle Amount. For the applicable period,
an amount equal to 5.0% of the Beginning VPU.


 


Independent Director. Independent Director
shall have the meaning set forth in the Charter.


 


Independent Expert. A person or entity
with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial
extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation.


 


Independent Valuation Advisor. A firm that
is (i) engaged to a substantial degree in the business of conducting valuations on commercial real estate properties, (ii) not affiliated
with the Advisor and (iii) engaged by the Corporation with the approval of the Board to appraise the Real Properties or other assets or
liabilities pursuant to the Valuation Procedures.


 


Joint Ventures. The joint venture, co-investment,
co-ownership or partnership arrangements (other than arrangements between the Corporation and the Operating Partnership) in which the
Corporation or any of its subsidiaries is a co-venturer, co-owner or general partner which are established to acquire or hold Assets.


 


Liquidity Event. The term “Liquidity
Event” shall include, but shall not be limited to, (i) a Listing, (ii) a sale, merger or other transaction in which the
Stockholders either receive, or have the option to receive, cash, securities redeemable for cash, and/or securities of a publicly traded
company, and (iii) the sale of all or substantially all of the Corporation’s Assets where Stockholders either receive, or have
the option to receive, cash or other consideration.


 


Listing. The listing or partial listing
of the Shares on a national securities exchange.


 


Loss Carryforward. An amount that equaled
zero as of July 1, 2017 and shall cumulatively increase by the absolute value of any negative Annual Total Return Amount and decrease
by any positive Annual Total Return Amount, provided that the Loss Carryforward shall at no time be less than zero. The effect of the
Loss Carryforward is that the recoupment of past Annual Total Return Amount losses will offset the positive Annual Total Return Amount
for purposes of the calculation of the Performance Component.


 


Mortgages. In connection with mortgage
financing provided, invested in, participated in or purchased by the Corporation, all of the notes, deeds of trust, security interests
or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such
notes, deeds of trust, security interests or other evidences of indebtedness or obligations.


 


NASAA REIT Guidelines. The Statement of
Policy Regarding Real Estate Investment Trusts as adopted by the members of the North American Securities Administrators Association,
Inc. on May 7, 2007, as may be amended from time to time.


 






    6


     


    

 


NAV. Net asset value, calculated pursuant
to the Valuation Procedures.


 


NAV Calculations. The calculations used
to determine the NAV of the Corporation, the Shares, the Operating Partnership and the OP Units, all as provided in the Valuation Procedures.


 


Net Income. For any period, the Corporation’s
total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation,
bad debts or other similar non-cash reserves and excluding any gain from the sale of the Corporation’s Assets.


 


Offering. The public offering of Shares
pursuant to a Prospectus.


 


Operating Partnership. Operating Partnership
shall have the meaning set forth in the preamble of this Agreement.


 


Operating Partnership Agreement. The Operating
Partnership’s limited partnership agreement among the Corporation as general partner, and the limited partners thereto.


 


OP Unit. Units of limited partnership interest
in the Operating Partnership, other than the Special OP Units.


 


Organization and Offering Expenses. Any
and all cumulative costs and expenses incurred by and to be paid from the assets of the Corporation, including amounts reimbursable to
the Advisor and its Affiliates pursuant to Paragraph 10(a)(i) hereof, in connection with the formation of the Corporation and the qualification
and registration of all of the Corporation’s Offerings, and the marketing and distribution of Shares, including, without limitation,
total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing
and amending registration statements or supplementing prospectuses, mailing and distributing costs, salaries of employees while engaged
in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to
investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and experts
and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws,
including accountants’ and attorneys’ fees.


 


Performance Component. The variable component
of the Advisory Fee as described in Paragraph 9.


 


Person. An individual, corporation, partnership,
trust, joint venture, limited liability company or other entity.


 


Private Organization and Offering Expenses.
Any and all cumulative costs and expenses incurred by and to be paid from the assets of the Corporation or any of its subsidiaries, including
amounts reimbursable to the Advisor and its Affiliates pursuant and subject to Paragraph 10(a)(ii) hereof, in connection with the formation
of any subsidiaries of the Corporation and the qualification of any private offerings of securities conducted by the Corporation or any
of such subsidiaries and the subsequent marketing and distribution of such securities, including, without limitation, total underwriting
and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing and amending or supplementing
private placement memoranda, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other
telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings),
charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees, expenses and taxes related to the
qualification of the sale of the Securities under federal and state laws, including accountants’ and attorneys’ fees.


 






    7


     


    

 


Property or Properties. All or a portion
of the Real Property or Real Properties acquired by the Corporation, directly or indirectly through joint venture or co-ownership arrangements
or other partnership or investment entities.


 


Property Accounting Fee. The fee payable
to the Advisor pursuant to Paragraph 9(c).


 


Property Accounting Services. Services
related to accounting for Real Property operations and considered “property accounting” in the real estate industry. Such
services generally include the maintenance of the Real Property’s books and records in accordance with GAAP and the Corporation’s
policies, procedures, and internal controls, in a timely manner, and the processing of Real Property-related cash receipts and disbursements.
Examples include, but are not limited to, lease administration, monthly tenant billing and collections, rental revenue accounting, accounting
for doubtful accounts, preparing rental expense recovery estimates and reconciliations, recording rental expenses, processing rental expense
invoices and tenant reimbursement payments, accounting and budgeting for capital improvement projects, preparing and reviewing operating
budgets, assisting in reporting and cash management for loan compliance purposes, and preparing account reconciliations and operating
reports. Property accounting services do not include corporate-level accounting services such as, for example, consolidation, accounting
and reporting analysis, and quality control reviews of accounting and reporting of third-party property accountants to ensure the accuracy,
timeliness, and consistency of property accounting results.


 


Prospectus. Prospectus shall have the meaning
set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary
Prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act or, in the case
of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public.


 


Real Property. Land, rights in land (including
leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection
with land and rights or interests in land. Properties sold by the Corporation or any Affiliate to investors in tenancy-in-common interests
(or pursuant to a Delaware statutory trust), beneficial interests in Delaware statutory trusts, and or similar interests shall be deemed
Real Property for the purposes of this definition so long as (i) such properties are being leased by the Corporation or any Affiliate
from the tenancy-in-common (or Delaware statutory trust) investors, and (ii) such properties are reflected as Assets of the Corporation
in accordance with GAAP. DST Properties shall also be deemed Real Property for the purposes of this definition.


 






    8


     


    

 


REIT. A “real estate investment trust”
under Sections 856 through 860 of the Code or as may be amended.


 


Sales Commission. A percentage of Gross
Proceeds from the sale of primary Shares in the Offering (not including Shares sold pursuant to the Corporation’s distribution reinvestment
plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them.


 


Securities. The term “Securities”
shall mean any of the following, as the text requires: Equity Shares, any other stock, shares or other evidences of equity or beneficial
or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible,
subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares
or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe
to, purchase or acquire, any of the foregoing.


 


Share Redemption Program. The Corporation’s
share redemption program, as amended from time to time.


 


Shares. The shares of the common stock
of the Corporation sold in the Offering.


 


Soliciting Dealers. Broker-dealers who
are members of FINRA, or that are exempt from broker-dealer registration, and who, in either case, have executed selected dealer or other
agreements with the Dealer Manager to sell Shares.


 


Special OP Units. The separate series of
limited partnership interests designated as Special Partnership Units in the Operating Partnership Agreement.


 


Sponsor. Any Person which (i) is directly
or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management
of the Corporation, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing
the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation
in connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services
and property, (v) has a substantial number of relationships and contacts with the Corporation, (vi) possesses significant rights
to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary
in the industry, or (viii) provides goods or services to the Corporation on a basis which was not negotiated at arm’s-length
with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent
property manager and whose only compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters
whose only compensation is for professional services.


 


Stockholders. The registered holders of
the Corporation’s Shares.


 


Termination Date. The date of termination
of this Agreement.


 


Total Operating Expenses. All costs and
expenses paid or incurred by the Corporation, as determined under generally accepted accounting principles, that are in any way related
to the operation of the Corporation or to corporate business, including the Advisory Fee and other operating fees paid to the Advisor,
but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees, (vi) Acquisition
Fees and Acquisition Expenses, (vii) real estate commissions on the sale of Property, (viii) distributions made with respect
to interests in the Operating Partnership, and (ix) other fees and expenses connected with the acquisition, Disposition, management
and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure, insurance premiums, legal
services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation
which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses
for purposes hereof.


 






    9


     


    

 


Total Project Cost. With regard to any
Real Property acquired prior to or during the development, construction or improvement stages, all hard and soft costs and expenses paid
or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization
(including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and
construction costs.


 


Unitholders. The holders of OP Units.


 


Valuation Procedures. The valuation procedures
adopted by the Board, as amended from time to time.


 


Value Per Share. The term “Value
Per Share” shall mean (i) in the event of a Listing pursuant to which incremental equity capital is expected to be raised through
the issuance of shares of the Corporation, the final price at which such shares are actually issued, or an estimate thereof reasonably
determined by mutual agreement of the Corporation and the Advisor, and (ii) in the event of a Listing pursuant to which no incremental
equity capital is expected to be raised through the issuance of shares of the Corporation, the closing price at the end of the first day
of trading of the Corporation’s shares upon Listing, or an estimate thereof reasonably determined by mutual agreement of the Corporation
and the Advisor.


 


VPU. Average value per OP Unit, which on
any given date shall be equal to (i) the Operating Partnership NAV on such date, divided by (ii) the aggregate number of OP Units of all
classes outstanding on such date.


 


Weighted-Average Distributions per OP Unit.
For a particular period of time, an amount equal to the ratio of (i) the aggregate distributions accrued in respect of all OP Units during
the applicable period, divided by (ii) the weighted-average number of OP Units of all classes outstanding during the applicable period,
calculated in accordance with GAAP applied on a consistent basis.


 


2%/25% Guidelines. For any year in which
the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating
Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s
Net Income over the same 12 month period.


 






    10


     


    

 


2. APPOINTMENT. The Corporation and the Operating
Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor
hereby accepts such appointment.


 


3. DUTIES OF THE ADVISOR. The Advisor undertakes
to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide
a continuing and suitable investment program consistent with the investment objectives and policies of the Corporation as determined and
adopted from time to time by the Board of Directors. The Advisor is registered as an investment adviser under the Advisers Act of 1940
(the “Advisers Act”) and undertakes to perform its duties consistent with applicable law. In performance of these undertakings,
subject to the supervision of the Board of Directors and consistent with the provisions of the Charter, the Bylaws and the Operating Partnership
Agreement, the Advisor shall, either directly or by engaging an Affiliated or non-Affiliated Person:


 


(a) serve as the Corporation’s and the
Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with
the Corporation’s assets and investment policies;


 


(b) manage and supervise the Offering of Shares
and any private placements of securities, including but not limited to OP Units, tenancy-in-common or Delaware statutory trust beneficial
interests in DST Properties, including, without limitation: (i) develop the product offering, including the determination of the
specific terms of the Securities to be offered, prepare all offering and related documents, and obtain all required regulatory approvals;
(ii) along with the Dealer Manager, approve the participating broker dealers and negotiate the related selling agreements; (iii) coordinate
the due diligence process for participating broker dealers and their review of any Prospectus, private placement memoranda and other Offering,
private placement and Corporation documents; (iv) assist in the preparation and approval of all marketing materials contemplated
to be used by the Dealer Manager or others in the Offering or private placement; (v) along with the Dealer Manager, negotiate and
coordinate with the transfer agent for the receipt, collection, processing and acceptance of subscription agreements and other administrative
support functions; and (vi) manage and supervise all other services related to the organization of the Corporation, the Operating
Partnership, an Offering or a private placement;


 


(c) implement and coordinate the processes with
respect to the NAV Calculations, and in connection therewith, obtain appraisals performed by an Independent Valuation Advisor concerning
the value of the Real Properties;


 


(d) supervise
one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement;


 






    11


     


    

 


(e) provide the daily
management for the Corporation and the Operating Partnership and perform and supervise the various administrative functions
reasonably necessary for the management of the Corporation and the Operating Partnership, including, without limitation:
(i) provide or arrange for administrative services and items, legal and other services, office space, office furnishings,
personnel and other items necessary and incidental to the Corporation’s business and operations; (ii) maintain accounting
data and any other information requested concerning the activities of the Corporation and the Operating Partnership as shall be
required to prepare and to file all periodic financial reports with the Securities and Exchange Commission and any other regulatory
agency, including annual financial statements; (iii) oversee tax and compliance services and risk management services and
coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters;
(iv) manage and coordinate with the transfer agent the quarterly dividend process and payments to Stockholders;
(v) consult with and assist the Board of Directors in evaluating and obtaining adequate insurance coverage based upon risk
management determinations; (vi) provide the Board of Directors with updates related to the overall regulatory environment
affecting the Corporation and the Operating Partnership, as well as managing compliance with such matters; (vii) consult with
the Board of Directors with respect to the corporate governance structure and appropriate policies and procedures related thereto;
(viii) oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Corporation and
the Operating Partnership to comply with applicable law, including the Sarbanes-Oxley Act; (ix) manage communications with
Stockholders and OP Unitholders, including answering phone calls, preparing and sending written and electronic reports and other
communications; and (x) establish technology infrastructure to assist in providing Stockholder and OP Unitholder support and
service;


 


(f) investigate, select, and, on behalf of the
Corporation and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper
performance of its obligations hereunder, including but not limited to consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance
agents, banks, builders, developers, property owners, real estate management companies, real estate operating companies, securities investment
advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any
other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited
to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing;


 


(g) consult with the officers and Board of Directors
of the Corporation and assist the Board of Directors in the formulation and implementation of the Corporation’s financial policies,
and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent
with the investment objectives and policies of the Corporation and in connection with any borrowings proposed to be undertaken by the
Corporation and/or the Operating Partnership;


 


(h) subject to the provisions of Paragraphs 3(j),(q),(r),(s)
and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of
transactions pursuant to which investments will be made; (iii) make investments on behalf of the Corporation and the Operating Partnership
in compliance with the investment objectives and policies of the Corporation; (iv) oversee the due diligence process; (v) arrange
for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from
the sale of, or otherwise deal with, investments; and (vi) enter into leases and service contracts for Properties and, to the extent
necessary, perform all other operational functions for the maintenance and administration of such Properties;


 






    12


     


    

 


(i) upon request, provide the Board of Directors
with periodic reports regarding prospective investments;


 


(j) make investments in and Dispositions of Assets
within the discretionary limits and authority as granted by the Board;


 


(k) negotiate on behalf of the Corporation and
the Operating Partnership with banks or lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on
behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of
Shares and the Corporation’s Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such
a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third
parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership;


 


(l) obtain reports (which may but are not required
to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of
the Corporation and/or the Operating Partnership in Assets;


 


(m) from time to time, or at any time reasonably
requested by the Board of Directors, make reports to the Board of Directors of its performance of services to the Corporation and the
Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or
any of its affiliates;


 


(n) provide the Corporation and the Operating
Partnership with all necessary cash management services;


 


(o) do all things necessary to assure its ability
to render the services described in this Agreement;


 


(p) deliver to or maintain on behalf of the Corporation
copies of all appraisals obtained in connection with the investments in Real Properties and all valuations of other Assets as may be required
to be obtained by the Board;


 


(q) notify and obtain the prior approval of the
Board of Directors, any particular Directors specified by the Board or, if specified in a resolution or policy adopted by the Board, any
committee of the Board or the Advisor, for any investments in Real Properties;


 


(r) notify and obtain the approval of a majority
of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions
are completed;


 


(s) effect any private placement of OP Units,
tenancy-in-common, Delaware statutory trust, or other interests in Real Properties as may be approved by the Board;


 






    13


     


    

 



 


(t) oversee the development, construction and
improvement, including tenant improvements, of Real Properties (including DST Properties) by third parties on behalf of the Corporation;


 


(u) provide Property Accounting Services with
respect to each Real Property; and


 


(v) oversee and monitor third-party engineers,
facility managers and property managers with regard to the effective building operations and maintenance of our Real Properties (including
DST Properties).


 


Notwithstanding the foregoing, the Advisor may
delegate any or all of the foregoing duties to any Person so long as the Advisor or any Affiliate remains responsible for the performance
of the duties set forth in this Paragraph 3, subject to the prior consent of the Corporation if all or substantially all of such duties
are delegated to a Person that is not an Affiliate. Further, the Advisor or any Affiliate may provide internal legal services, either
directly to the Corporation or as oversight of the Corporation’s outside counsel, which internal legal services shall be deemed
separate and not included in the services set forth above.


 


4. AUTHORITY OF ADVISOR.


 


(a) Pursuant to the terms of this Agreement (including
the restrictions included in Paragraph 3, this Paragraph 4 and in Paragraph 7), and subject to the continuing and exclusive authority
of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority
to take, or cause to be taken, any and all actions and to execute and deliver any and all agreements, certificates, assignments, instruments
or other documents and to do any and all things that, in the judgment of the Advisor, may be necessary or advisable in connection with
the Advisor’s duties described in Paragraph 3.


 


(b) Notwithstanding the foregoing, any investment
in Real Properties, including any acquisition of Real Property by the Corporation or the Operating Partnership (including any financing
of such acquisition), will require the prior approval of the Board, any particular Directors specified by the Board or, if specified in
a resolution or policy adopted by the Board, any committee of the Board or the Advisor, as the case may be.


 


(c) In connection with a proposed transaction
that requires the approval of the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other
information required by them to properly evaluate the proposed transaction.


 


The prior approval of a majority of the Board
of Directors (including a majority of the Independent Directors) will be required for each transaction to which the Advisor or its Affiliates
is a party. The Board of Directors may, at any time upon the giving of written notice to the Advisor, modify or revoke the authority set
forth in this Paragraph 4. If and to the extent the Board so modifies or revokes the authority contained herein, the Advisor shall henceforth
submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval,
provided however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment
transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such notification.


 






     14


     


    

 


5. BANK ACCOUNTS. The Advisor may establish and
maintain one or more bank accounts in the name of the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries
and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of
the Corporation, the Operating Partnership or the Operating Partnership’s subsidiaries, under such terms and conditions as the Board
of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to
time render appropriate accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation.


 


6. RECORDS; ACCESS. The Advisor shall maintain
appropriate records of all its activities hereunder and make such records available for inspection by the Board of Directors and by counsel,
auditors and authorized agents of the Corporation, at any time or from time to time during normal business hours. The Advisor shall at
all reasonable times have access to the books and records of the Corporation and the Operating Partnership.


 


7. LIMITATIONS ON ACTIVITIES. Anything else in
this Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good
faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to regulation under the
Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental
body or agency having jurisdiction over the Corporation, its Shares or its Securities, or otherwise not be permitted by the Charter or
Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly
the Board of Directors of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action
until it receives further clarification or instructions from the Board of Directors. In such event the Advisor shall have no liability
for acting in accordance with the specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor,
its members, managers, directors, officers, employees and stockholders, and members, managers, stockholders, directors and officers of
the Advisor’s Affiliates, shall not be liable to the Corporation or to the Board of Directors or stockholders for any act or omission
by the Advisor, its members, managers, directors, officers or employees, or stockholders, members, managers, directors or officers of
the Advisor’s Affiliates taken or omitted to be taken in the performance of their duties under this Agreement except as provided
in Paragraph 19 of this Agreement.


 


8. RELATIONSHIP WITH DIRECTORS. Subject to Paragraph
7 of this Agreement and to restrictions advisable with respect to the qualification of the Corporation as a REIT, members, managers, directors,
officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate, may serve as a Director
and as officers of the Corporation, except that no member, manager, director, officer or employee of the Advisor or its Affiliates who
also is a Director or officer of the Corporation shall receive any compensation from the Corporation for serving as a Director or officer
of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of
Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement
set forth in the Charter.


 






     15


     


    

 


9. FEES.


 


(a)       Advisory
Fee. As compensation for asset management services rendered pursuant to Paragraph 3 hereof, the Corporation shall pay to the Advisor
the Fixed Component of the Advisory Fee as set forth in this Paragraph 9(a) and the Performance Component of the Advisory Fee described
in this Paragraph 9(a). Provided that this Agreement has not been terminated, the Performance Component shall be paid to the Advisor as
a performance participation interest with respect to the Special OP Units in the form of an allocation and distribution from the Operating
Partnership pursuant to the Operating Partnership Agreement. At the election of the Advisor, all or a portion of the Performance Component
shall be paid instead to the Advisor as a fee as set forth in this Paragraph 9(a). If the Advisor does not elect on or before the first
day of a calendar year to have all or a portion of the Performance Component paid as a fee in cash to the Advisor, then the Performance
Component shall be paid as a distribution on the performance participation interest to the Advisor, as the holder of the Special OP Units.


 


(i)       
The Corporation shall pay to the Advisor the Fixed Component of the Advisory Fee, in an amount equal to 1/12th of 1.25% of (a) the applicable
monthly NAV per Fund Interest times the weighted-average number of Fund Interests for such month and (b) the aggregate DST Property Consideration
for all DST Properties. In calculating the Fixed Component of the Advisory Fee, the Corporation uses its NAV before giving effect to monthly
accruals for the Fixed and Performance Components of the Advisory Fee, Distribution Fees payable to the Dealer Manager, or distributions
payable on the Corporation’s outstanding Shares or OP Units held by third parties. In connection with a Disposition, the Corporation
shall pay the Advisor the Fixed Component of the Advisory Fee in an amount equal to 1.0% of the (a) Gross Market Capitalization of the
Corporation upon the occurrence of a Listing or (b) Contract Sales Price upon the occurrence of any other Disposition.


 


(ii)       The
Advisor shall earn a Performance Component with respect to each calendar year (or partial calendar year) in which this Agreement is in
effect in an amount equal to:


 


(A)       the
lesser of (1) the amount equal to 12.5% of (a) the Annual Total Return Amount less (b) the Loss Carryforward, and (2) the amount equal
to (x) the Annual Total Return Amount, less (y) the Loss Carryforward, less (z) the Hurdle Amount;


 


multiplied by:


 


(B)       the
weighted-average number of OP Units outstanding during the applicable year, calculated in accordance with GAAP as applied on a consistent
basis;


 


(C)       provided,
that the Performance Component shall at no time be less than zero.


 






     16


     


    

 


Except as described in the definition of Loss
Carryforward in this Agreement, any amount by which the Annual Total Return Amount falls below the Hurdle Amount will not be carried forward
to subsequent periods. If the Performance Component is payable pursuant to this Paragraph 9(a)(ii), the Advisor shall be entitled to such
payment or distribution, as applicable, even in the event that the total percentage return to Unitholders over any longer or shorter period,
or the total percentage return to any particular Unitholder over the same, longer or shorter period, has been less than the Annual Total
Return Amount used to calculate the Hurdle Amount. The Advisor shall not be obligated to return any portion of any Advisory Fee paid based
on the Corporation’s or the Operating Partnership’s subsequent performance.


 


If the Performance Component is being calculated
with respect to a year in which the Corporation completes a Liquidity Event, for purposes of determining the Annual Total Return Amount,
the change in VPU shall be deemed to equal the difference between the Ending VPU as of the end of the prior calendar year and the value
per OP Unit determined in connection with such Liquidity Event. In connection with a Listing, for purposes of determining the Annual Total
Return Amount, the change in VPU shall be deemed to equal the difference between the Ending VPU as of the end of the prior calendar year
and an amount equal to the market value of the listed shares based upon the average closing price or, if the average closing price is
not available, the average of the bid and asked prices, for the 30-day period beginning 90 days after such Listing. Upon a Liquidity Event
other than a Listing, for purposes of determining the Annual Total Return Amount, the change in VPU shall be deemed to equal the difference
between the Ending VPU as of the end of the prior calendar year and an amount equal to the consideration per Fund Interest received by
holders of Fund Interests in connection with such Liquidity Event.


 


(iii)       The
Advisory Fee will accrue monthly. The Fixed Component is payable monthly in arrears; provided that, with respect to a Disposition, the
Fixed Component is payable upon the occurrence of a Listing or other Disposition, as described in Paragraph 9(a)(i) above. The Performance
Component with respect to any calendar year is payable after the completion of the NAV Calculations for December of such year. The Fixed
Component shall be payable for each month in which this Agreement is in effect, even if the Agreement is in effect for a partial month.
The Performance Component shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in effect
for a partial calendar year. If the Advisory Fee is payable with respect to any partial calendar month or calendar year, then the Fixed
Component shall be prorated based on the number of days elapsed during any partial calendar month and the Performance Component shall
be calculated based on the annualized total return amount determined using the total return achieved for the period of such partial calendar
year. In the event this Agreement is terminated or its term expires without renewal, the partial period Fixed Component and Performance
Component of the Advisory Fee shall be calculated and due and payable upon the Termination Date. In such event, for purposes of determining
the Annual Total Return Amount, the change in VPU shall be determined based on a good faith estimate of what the NAV Calculations would
be as of the Termination Date; provided, that, if this Agreement is terminated with respect to a Liquidity Event, the Performance Component
will be due and payable in connection with such Liquidity Event and the Annual Total Return Amount shall be calculated as set forth in
Paragraph 9(a)(ii) above.


 






     17


     


    

 


(iv)       In
the event the Operating Partnership commences a liquidation of its Assets during any calendar year, the Advisor shall be paid the Advisory
Fee from the proceeds of the liquidation and the Performance Component shall be calculated at the end of the liquidation period prior
to the distribution of the liquidation proceeds to the Unitholders. The calculation of the Performance Component for any partial year
shall be calculated consistent with the applicable provisions of Paragraphs 9(a)(ii) and 9(a)(iii) above.


 


(v)       The
measurement of the change in VPU for the purpose of calculating the Annual Total Return Amount is subject to adjustment by the Board to
account for any dividend, split, recapitalization or any other similar change in the Operating Partnership’s capital structure or
any distributions that the Board deems to be a return of capital if such changes are not already reflected in the Operating Partnership’s
net assets.


 


(vi) Notwithstanding anything to the contrary
in this Paragraph 9(a), upon the triggering of a Pro-Rata Period as defined in the Share Redemption Program, payment or distribution of
the Performance Component shall be deferred until all share redemption requests under the Share Redemption Program are satisfied.


 


(b) Development Fee. The Advisor shall
receive a Development Fee (defined below) with respect to each Real Property for which the Advisor provides Development Services (defined
below) or Development Oversight Services (defined below), either in connection with the acquisition of such Real Property (including,
without limitation, forward commitment acquisitions), the stabilization of such Real Property (including, without limitation, development
or value add transactions), or both (any of the foregoing being “Development Real Properties”). In connection with
providing services related to the development, construction, improvement or stabilization, including tenant improvements, of Development
Real Properties (collectively, “Development Services”) or overseeing the provision of these services by third parties
on behalf of the Corporation (“Development Oversight Services”), the fee (the “Development Fee”)
will be an amount that will equal up to 4.0% of Total Project Cost of such Development Real Property (or the Corporation’s proportional
interest therein with respect to Real Property held in Joint Ventures or other entities that are co-owned). If the Advisor engages a third
party to provide Development Services directly to the Corporation, the third party shall be compensated directly by the Corporation, and
the Advisor shall receive the Development Fee if it provides the Development Oversight Services. The total of all Development Fees and
Acquisition Expenses paid by the Corporation with respect to any Real Property shall not exceed 6% of the Contract Purchase Price or the
Total Project Cost (as applicable) of such Real Property unless Development Fees in excess of such amount are approved by a majority of
the Board of Directors, including a majority of the Independent Directors.


 


(c) Property Accounting Fee. Each Real
Property owned by the Company will receive Property Accounting Services from the Advisor. In exchange for the Property Accounting Services,
the Corporation shall pay the Advisor the difference between: (i) the property management fee charged with respect to each Real Property
(the “Property Management Fee”), which reflects the market rate for all Real Property management services, including Property
Accounting Services, based on rates charged for similar properties within the region or market in which the Real Property is located,
and (ii) the amount paid to third-party property management firms for property management services, which fee is based on an arms-length
negotiation with a third-party property management service provider (the difference between (i) and (ii), the “Property Accounting
Fee”). The tenant or tenants at each Real Property may reimburse the Corporation for all or a portion of the Property Management
Fee, including the Property Accounting Fee.






     18


     


    

 


(d)       Third-Party
Costs. The Advisor or its Affiliates may incur third-party costs in connection with the performance of applicable services pursuant
to this Agreement, which third-party costs shall be separately reimbursed pursuant to Paragraph 10 hereof.


 


(e)       Fees
for other Services. The Corporation may retain certain of the Advisor’s Affiliates from time to time, for services relating
to its investments or its operations, which may include property management services, leasing services, corporate services, statutory
services, transaction support services (including but not limited to coordinating with brokers, lawyers, accountants and other advisors,
assembling relevant information, conducting financial and market analyses, and coordinating closing procedures), construction and development
management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment
administration, accounting, technology, tax preparation, finance (including but not limited to budget preparation and preparation and
maintenance of corporate models), treasury, operational coordination, risk management, insurance placement, human resources, legal and
compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare,
consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other
similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the Advisory Fees.
Any such arrangements will be at market rates or reimbursement of costs.


 


(f)       Loans
from Affiliates. The Advisor or any Affiliate thereof may not make any loan to the Corporation or the Operating Partnership unless
a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive,
and commercially reasonable and no less favorable to the Corporation or the Operating Partnership than comparable loans between unaffiliated
parties.


 


(g)       Exclusion
of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction with
the Sponsor, the Advisor, a Director or any Affiliate thereof, then such transaction shall be approved by a majority of the Board of Directors
(including a majority of the Independent Directors) as fair and reasonable to the Corporation.


 


(h)       Payment
in Shares or OP Units. The fees due under this Paragraph 9 shall be paid in cash; provided, however, that in lieu of cash, the Advisor
may elect to receive the payment of the fees due under this Paragraph 9 in any class of Shares or OP Units. Any such Shares or OP Units
shall be valued at the NAV per share applicable to such Shares or OP Units on the issue date. Such shares shall not be subject to any
early redemption deduction under the Corporation’s share redemption programs.


 






     19


     


    

 


(i) Equity Compensation. The Corporation
has adopted equity incentive plans, which are administered by the Board of Directors, including the Independent Directors, pursuant to
which the Corporation makes certain equity awards to the Independent Directors as well as to advisors, consultants, and employees of the
Advisor and its Affiliates. Awards are granted at the discretion of the Board of Directors.


 


10. EXPENSES.


 


(a) In addition to the compensation paid to the
Advisor pursuant to Paragraph 9 hereof and subject to the limitations set forth in this Paragraph 10 and in Paragraph 12 and contained
in the Charter, the Corporation or the Operating Partnership shall pay directly or reimburse the Advisor or its Affiliates for all of
the expenses paid or incurred by the Advisor or its Affiliates in connection with the services they provide to the Corporation and the
Operating Partnership pursuant to this Agreement, including, but not limited to:


 


(i) Organization and Offering Expenses paid or
incurred by the Advisor or any of its Affiliates; provided that after an Offering terminates, the Advisor shall reimburse the Corporation
to the extent the sum of the Organization and Offering Expenses and the Sales Commissions, Dealer Manager Fees and Distribution Fees with
respect to such Offering that are borne by the Corporation exceed 15.0% of the Gross Proceeds raised in the completed Offering; the Advisor
shall be responsible for the payment of all the Corporation's Organization and Offering Expenses in excess of the maximum amount permitted;


 


(ii) Private Organization and Offering Expenses
paid or incurred by the Advisor or any of its Affiliates, except to the extent the Advisor or its Affiliates have agreed to receive a
fee in lieu of reimbursement of such expenses therewith;


 


(iii) Acquisition Expenses paid or incurred by
the Advisor or any of its Affiliates; subject to Paragraph 10(d) below;


 


(iv) Disposition Expenses incurred in connection
with the disposition of Assets;


 


(v) the actual cost of goods and services used
by the Corporation and obtained from Persons not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees
paid in connection with the purchase and sale of any securities;


 


(vi) interest and other costs for borrowed money,
including discounts, points and other similar fees;


 


(vii) taxes and assessments on income of the
Corporation or Assets and any other taxes otherwise imposed on the Corporation;


 


(viii) costs associated with insurance required
in connection with the business of the Corporation or by the officers and Directors;


 


(ix) expenses of managing and operating Assets
owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person;


 


(x) all expenses in connection with payments
to the Directors and meetings of the Directors and Stockholders;


 






     20


     


    

 


(xi) expenses associated with a Listing, if applicable;


 


(xii) expenses connected with payments of Distributions
in cash or otherwise made or caused to be made by the Corporation to the Stockholders;


 


(xiii) expenses of organizing, revising, amending,
converting, modifying, or terminating the Corporation or the Charter;


 


(xiv) expenses of maintaining communications
with Stockholders, including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements
and other reports required by governmental entities;


 


(xv) personnel (and related employment) costs
and overhead (including, but not limited to, allocated rent paid to both third parties and an affiliate of the Advisor, equipment, utilities,
insurance, travel and entertainment, and other costs) costs incurred by the Advisor or its Affiliates in performing the services described
in Paragraph 3 hereof, including, but not limited to, total compensation, benefits and other overhead of all employees involved in
the performance of such services; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such
personnel perform services in transactions for which the Advisor receives a separate fee;


 


(xvi) audit, accounting and legal fees and other
fees for professional services relating to the operations of the Corporation and all such fees incurred at the request, or on behalf of,
the Independent Directors or any committee of the Board of Directors;


 


(xvii) out-of-pocket costs for the Corporation
to comply with all applicable laws, regulations and ordinances; and


 


(xviii) all other costs incurred by the Advisor
in performing its duties hereunder.


 


(b) Expenses incurred by the Advisor or its Affiliates
on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation and the Operating Partnership
and the calculation of the fees and commissions due under this Agreement during each month, and shall deliver such statement to the Corporation
and the Operating Partnership within 45 days after the end of each month.


 


11. OTHER SERVICES. Should the Board of Directors
request that the Advisor or any director, officer or employee thereof render services for the Corporation and the Operating Partnership
other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by
the Advisor and the Independent Directors of the Corporation, subject to the limitations contained in the Charter, and shall not be deemed
to be services pursuant to the terms of this Agreement.


 






     21


     


    

 


12. REIMBURSEMENT TO THE ADVISOR. For any
year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total
Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess
Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year.
Any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Corporation or, at the option of the Corporation,
subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors
determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount
may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such
fact, together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified.
Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation will not reimburse the
Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate
fee. All figures used in the foregoing computation shall be determined in accordance with generally accepted accounting principles applied
on a consistent basis.


 


13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein
contained shall prevent the Advisor or any of its Affiliates from engaging in or earning fees from other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or
organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of any member, manager, director, officer,
employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any
kind to any other partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor
may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every other
participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint
ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such joint ventures
or arrangements, the Advisor may be engaged (directly or indirectly) to provide advice and service to such Persons, in which case the
Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge that the Advisor may provide
advice and render services to Persons that will compete with the Corporation for investments.


 


The Advisor shall report to the Board the existence
of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest
between the Advisor’s obligations to the Corporation and its obligations to or its interest in any other partnership, corporation,
limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board
knowledge of such condition or circumstance. If the Advisor, its members, managers, directors, employees or Affiliates thereof have sponsored
other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation,
it shall be the duty of the Independent Directors to ensure that the Advisor and its Affiliates follow the method approved by the Independent
Directors, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure
that such method is applied fairly to the Corporation.


 






     22


     


    

 


The Advisor shall be required to use commercially
reasonable efforts to present a continuing and suitable investment program to the Corporation which is consistent with the investment
policies and objectives of the Corporation, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present
any particular investment opportunity to the Corporation even if the opportunity is of character which, if presented to the Corporation,
could be taken by the Corporation. In the event an investment opportunity is located, the allocation procedure set forth under the caption
 “Conflicts of Interest—Conflict Resolution Procedures” in any Prospectus (as such procedures may be amended from time
to time by a majority of the Board, including the Independent Directors) shall govern the allocation of the opportunity among the Corporation
and Affiliates of the Advisor.


 


14. TERM; TERMINATION OF AGREEMENT. This Agreement
shall continue in force to and including the date that is one year from the date hereof, subject to an unlimited number of successive
one-year renewals upon mutual consent of the parties. It is the duty of the Independent Directors to evaluate the performance of the Advisor
annually before renewing the Agreement, and each such renewal shall be for a term of no more than one year.


 


15. TERMINATION BY THE PARTIES. This Agreement
may be terminated (i) immediately by the Corporation and/or the Operating Partnership for Cause (subject to any applicable cure period),
(ii) upon 60 days’ written notice without Cause and without penalty by a majority of the Independent Directors of the Corporation
or by the Advisor, (iii) upon 60 days’ written notice with Good Reason by the Advisor or (iv) immediately by the Corporation
and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which
a majority of the Directors then in office are replaced or removed.


 


16. ASSIGNMENT . This Agreement may be assigned
by the Advisor to an Affiliate or Affiliates with the approval of a majority of the Board of Directors (including a majority of the Independent
Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without obtaining the
approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent
of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership to a corporation, limited partnership
or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership,
in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation
and the Operating Partnership are bound by this Agreement. For the avoidance of doubt, this Agreement may not be assigned (as such term
is defined in Section 205(a)(2) of the Advisers Act) or novated by the Advisor by operation of law or otherwise without consent as required
under the Advisers Act; provided, that the Advisor may assign, subcontract, delegate or otherwise transfer any of its rights and obligations
hereunder to any of its Affiliates.








     23


     


    

 


17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.


 


(a) After the Termination Date, the Advisor shall
not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Corporation or the Operating
Partnership within 30 days after the effective date of such termination: (i) subject to the limitations set forth in Paragraph 12 hereof
and in the Charter, all unpaid reimbursements of expenses, including without limitation, subject to the limitation described in Paragraph
10(a)(i) hereof, any Organization and Offering Expenses that have not been reimbursed to the Advisor as of the Termination Date; and (ii)
all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.


 


(b) In addition, in accordance with the provisions
of Paragraph 12, the Advisor shall be entitled to receive any Excess Amount (as defined in Paragraph 12) for which the Independent Directors
determined (before or after the Termination Date) that there was justification based on unusual and nonrecurring factors.


 


(c) The Advisor shall promptly upon termination:


 


(i) pay over to the Corporation and the Operating
Partnership all money collected and held for the account of the Corporation and the Operating Partnership pursuant to this Agreement,
after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;


 


(ii) deliver to the Board of Directors a full
accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following
the date of the last accounting furnished to the Board of Directors;


 


(iii) deliver to the Board of Directors all Assets
and documents of the Corporation and the Operating Partnership then in the custody of the Advisor; and


 


(iv) cooperate with the Corporation and the Operating
Partnership to provide an orderly management transition.


 


18. INDEMNIFICATION BY THE CORPORATION AND THE
OPERATING PARTNERSHIP. The Corporation and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates,
including their respective members, managers, officers, directors, partners and employees, from all liability, claims, damages or losses
arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, subject to any
limitations imposed by the laws of the State of Maryland or the Charter. Notwithstanding the foregoing, the Corporation and the Operating
Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective members, managers, officers, directors,
partners or employees in any manner that would be inconsistent with the provisions of Section II.G of the NASAA REIT Guidelines.


 


19. INDEMNIFICATION BY ADVISOR. The Advisor shall
indemnify and hold harmless the Corporation and the Operating Partnership from contract or other liability, claims, damages, taxes or
losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related
expenses are incurred by reason of the Advisor’s bad faith, fraud, willful misfeasance, gross misconduct, gross negligence or reckless
disregard of its duties, but the Advisor shall not be held responsible for any action of the Board of Directors in following or declining
to follow any advice or recommendation given by the Advisor.


 






     24


     


    

 


20. NOTICES. Any notice, report or other communication
required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication
is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or
by overnight mail or other overnight delivery service to the addresses set forth herein:


 


	To the Directors and to 

the Corporation:	 	
    Black Creek Industrial REIT IV Inc.

    518 17th Street

    17th Floor

    Denver, CO 80202

    

	 	 
	To the Operating

 Partnership:	 	
    BCI IV Operating Partnership LP

    518 17th Street

    17th Floor

    Denver, CO 80202

    

	 	 
	To the Advisor:	 	
    Ares Commercial Real Estate Management LLC

    2000 Avenue of the Stars, 12th Floor

    Los Angeles, CA 90067

    Attention: Naseem Sagati Aghili

    Email: nsagati@aresmgmt.com

    



 


Any party may at any time give notice in writing
to the other parties of a change in its address for the purposes of this Paragraph 20.


 


21. THIRD PARTY BENEFICIARY. The terms and provisions
of this Agreement are intended solely for the benefit of each party hereto, their Affiliates and their respective successors and permitted
assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other Person.


 


22. MODIFICATION. This Agreement shall not be
changed, modified, terminated, or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or
their respective successors or assignees.


 


23. SEVERABILITY. The provisions of this Agreement
are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of
the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.


 


24. CONSTRUCTION. The provisions of this Agreement
shall be construed and interpreted in accordance with the laws of the State of Colorado.


 


25. ENTIRE AGREEMENT. This Agreement contains
the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever
with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the
trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.


 






     25


     


    

 


26. INDULGENCES, NOT WAIVERS. Neither the failure
nor any delay on the part of a party or any third party beneficiary to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other
occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.


 


27. GENDER. Words used herein regardless of the
number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine or neuter, as the context requires.


 


28. TITLES NOT TO AFFECT INTERPRETATION. The titles
of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor
are they to be used in the construction or interpretation hereof.


 


29. EXECUTION IN COUNTERPARTS. This Agreement
may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.


 


30. INITIAL INVESTMENT. The Advisor has made a
capital contribution of $200,000 to the Corporation in exchange for 20,000 Shares. The Advisor may not sell any of such Shares while the
Advisor acts in such advisory capacity to the Corporation, provided, that such Shares may be transferred to Affiliates of the Advisor.
The restrictions included above shall not apply to any other Securities of the Corporation or the Operating Partnership acquired by the
Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors,
the removal of the Advisor, or any vote regarding the approval or termination of any contract with the Advisor or any of its Affiliates.


 


[Signature page follows.]


 






     26


     


    

 





IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date and year first above written.


 


	 	
    BLACK CREEK INDUSTRIAL REIT IV INC.,

    a Maryland corporation

	 	 	 
	 	By:	
    /s/ Scott
    A. Seager

    

	 	Name:	Scott A. Seager
	 	Title:	Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	
    BCI IV OPERATING PARTNERSHIP LP,

    a Delaware limited partnership

	 	 
	 	
    By:  Black Creek Industrial REIT IV Inc., 

    

    its Sole General Partner

    

	 	 	 
	 	By:	
    /s/ Scott
    A. Seager

    

	 	Name:	Scott A. Seager
	 	Title:	Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	
    ARES COMMERCIAL REAL ESTATE MANAGEMENT LLC,

    a Delaware limited liability company

	 	 
	 	By:	
    /s/ Naseem
    Sagati Aghili

    

	 	Name:	Naseem Sagati Aghili
	 	Title:	General Counsel and Secretary