Document:

Exhibit 10.52

 Exhibit 10.52 

AMENDMENT NO. 1 TO AMENDED AND RESTATED AGREEMENT 

THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED AGREEMENT (this “Amendment”) is entered into this 25th day of November, 2015, by and between IPT BTC I GP LLC, a Delaware limited liability company (the “General Partner”) and Industrial Property Advisors LLC, a Delaware limited
liability company (the “Advisor”). The General Partner is an indirect subsidiary of Industrial Property Trust Inc., a Maryland corporation (“IPT”).  

RECITALS: 
 A. The
General Partner and the Advisor are parties to that certain Amended and Restated Agreement, effective as of February 12, 2015 (the “Agreement”). Any term with its initial letter capitalized and not otherwise defined herein
shall have the meaning set forth in the Agreement. 
 B. Pursuant to the Third Amended and Restated Advisory Agreement, dated
as of August 14, 2015 (the “Advisory Agreement”), by and among IPT, the Operating Partnership and the Advisor, the Advisor provides acquisition and asset management services and, to the extent applicable with respect to certain
of IPT’s investments, development and construction management, property management, leasing and disposition services to IPT and IPT’s subsidiaries; provided, that, the Advisor does not provide any investment advisory services with respect
to securities (the “Investment Advisory Services”). The Advisory Agreement provides that any Investment Advisory Services shall not be provided by the Advisor, but rather shall be provided by a registered investment adviser. The
General Partner does not and will not have any employees and the General Partner does not provide Investment Advisory Services. The General Partner and the Advisor desire to amend the Agreement to clarify that the Services to be provided pursuant to
the Agreement by the Advisor exclude Investment Advisory Services and that the General Partner and the Partnership may appoint any of their affiliates or any third parties to provide Investment Advisory Services to the Partnership. 

NOW THEREFORE, the General Partner and the Advisor hereby agree to amend the Agreement as follows: 

1. The definition of “Services” in the Agreement is hereby amended to mean the services that are specifically
enumerated in Section 6.3(a) of the Partnership Agreement, other than Investment Advisory Services. 
 2. Section 1 of the
Agreement is hereby replaced in its entirety with: 
 1. Appointment. The General Partner hereby appoints the Advisor as the provider
of the Services and assigns to the Advisor the obligation to provide and perform all of the Services. The Advisor hereby accepts such appointment and such assignment, and agrees to provide and perform the Services. The General Partner and the
Advisor expressly acknowledge and agree that (a) none of the General Partner, IPT or any of their affiliates (other than the Advisor) shall, either directly or indirectly, provide or perform any of the Services and (b) the General Partner
and the Partnership may appoint any person or entity other than the Advisor, including without limitation any of their respective affiliates, to 

 
provide Investment Advisory Services to the Partnership. The Advisor shall not provide Investment Advisory Services to the Partnership and shall not receive any fees or other compensation for the
provision of Investment Advisory Services to the Partnership. 
 The General Partner and the Advisor acknowledge and agree that except as
set forth herein, all other terms of the Agreement are reaffirmed and remain in full force and effect. 
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left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

									
		 	IPT BTC I GP LLC
			
		 		 	By: IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
				
		 		 		 	By: Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
					
		 		 		 		 	By: Industrial Property Trust Inc., a Maryland corporation, its general partner
			
		 	By:	 	 /s/ DWIGHT L. MERRIMAN

		 		 	Dwight L. Merriman
		 		 	Chief Executive Officer
	
	Industrial Property Advisors LLC
			
		 		 	By: Industrial Property Advisors Group LLC, a Delaware limited liability company, its sole member
				
		 		 	By:	 	 /s/ EVAN H. ZUCKER

		 		 		 	Evan H. Zucker
		 		 		 	Manager

  
 3Exhibit 10.53

 Exhibit 10.53 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (the “Agreement”) is made as of November 27, 2015 (the “Effective
Date”), by and between the Sellers and IPT ACQUISITIONS LLC, a Delaware limited liability company (“Purchaser”). Capitalized terms used herein shall have the meaning given to such terms in APPENDIX A
attached hereto. 
 W I T N E S S E T H: 

Each Seller Entity is the owner of its Respective Property. On the terms set forth herein, each Seller Entity desires to sell its Respective
Property to Purchaser and Purchaser desires to purchase each Respective Property from the applicable Seller Entity. 
 NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Sellers and Purchaser hereby agree as follows: 

ARTICLE I 
 PURCHASE AND SALE 

1.1 Agreement of Purchase and Sale. Subject to the terms and conditions hereinafter set forth, each Seller Entity agrees to sell and
convey its Respective Property to Purchaser and Purchaser agrees to purchase each Respective Property from the applicable Seller Entity. 

1.2 Excluded Property. Notwithstanding anything to the contrary contained above: (a) Sellers reserve the right to retain
copies of all digital information and paper copies of all information related to, or associated with the Properties; and (b) the Conveyed Assets shall not include any: (i) bank accounts of any Seller Entity; (ii) any Seller
Entity’s rights to payments of Delinquent Rent pursuant to Section 4.4.6 below; or (iii) any Excluded Information. 

1.3 Permitted Exceptions. Each Property shall be conveyed subject to the matters which are, or are deemed to be, Permitted Exceptions
pursuant to ARTICLE II hereof (herein collectively referred to as the “Permitted Exceptions”). 
 1.4 Purchase
Price. Sellers are to sell and Purchaser is to purchase the Properties for an aggregate total of ONE HUNDRED FOURTEEN MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($114,500,000.00) (the “Purchase Price”), which Purchase
Price is allocated among the Properties in accordance with the Allocated Purchase Price for each Property. 
 1.5 Payment of Purchase
Price. The Purchase Price, as increased or decreased by prorations and adjustments as herein provided, shall be payable in full at Closing in cash by wire transfer of immediately available federal funds to an escrow bank account of the Escrow
Agent (as defined in Section 1.6 below). 

 1.6 Earnest Money. 

(a) Within two (2) business days after the Effective Date, Purchaser shall deposit with First Nationwide Title, 220 East 42nd Street,
Suite 3105, New York, NY 10017 (the “Escrow Agent”), the Initial Deposit in good funds, by federal wire transfer. Provided this Agreement shall not have been terminated before the end of the Inspection Period, then within two
(2) business days after the expiration of the Inspection Period, Purchaser shall deposit with Escrow Agent the Additional Deposit in good funds, by federal wire transfer. The Escrow Agent shall hold the Initial Deposit and (when made) the
Additional Deposit in an interest-bearing account in accordance with the terms and conditions of an escrow agreement entered into among Sellers, Purchaser and Escrow Agent simultaneously with the execution of this Agreement. The Initial Deposit, the
Additional Deposit and all interest earned thereon shall be collectively referred to as the “Earnest Money”. All interest accruing on such sums shall become a part of the Earnest Money and shall be distributed as Earnest Money in
accordance with the terms of this Agreement. Purchaser’s failure to make the Initial Deposit when required shall result in a termination of this Agreement. Purchaser’s failure to make the Additional Deposit when required shall be a default
by Purchaser hereunder. 
 (b) The “Initial Deposit” shall mean the sum of Two Million and No/100 Dollars ($2,000,000.00).
The “Additional Deposit” shall mean the sum of Four Million and No/100 Dollars ($4,000,000.00) (the “Additional Deposit”). 

1.7 Independent Consideration. Notwithstanding anything to the contrary in this Agreement, in the event any provision hereof allows for
the return of the Earnest Money to Purchaser, such amount shall be returned to Purchaser less One Thousand and No/100 Dollars ($1,000.00), which shall be paid to and allocated among the Sellers as independent consideration for entering into this
Agreement and shall not be refundable in all events. 
 ARTICLE II 

TITLE AND SURVEY 
 2.1
Commitment for Title Insurance. Prior to the Effective Date, Sellers have delivered to Purchaser the Title Commitments prepared by First Nationwide Title, 220 East 42nd Street, Suite 3105,
New York, NY 10017, as policy issuing agent for Stewart Title Insurance Company (the “Title Company”). 
 2.2
Survey. Prior to the Effective Date, Sellers has delivered the Surveys to Purchaser, each certified as directed by Purchaser. The actual cost of the Surveys incurred by Sellers shall be reimbursed by Purchaser at Closing should Closing occur;
provided, however, that Purchaser shall not be responsible for any survey costs in excess of $21,940.00 (the “Survey Cap Amount”). Any modifications or additions to the Surveys requested or required by Purchaser shall be performed
at Purchaser’s sole cost and expense. 
 2.3 Title Objections; Cure of Title Objections. 

2.3.1 Purchaser shall have until 5:00 PM (Eastern Time) on December 10, 2015 (the “Title Objection
Deadline”) to examine title to the Properties and to provide Seller 

  
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Contract Agent with a written notice (a “Title Objection Notice”) of any objections Purchaser may have to any exceptions to title disclosed in the Title Commitments or matters
disclosed by the Surveys (each a “Title Objection”). A separate Title Objection Notice shall be given for each Property (if one is to be sent by Purchaser). Purchaser need not submit a Title Objection with respect to Monetary Liens
(defined in Section 2.3.5 below). Any exception to title disclosed in the Title Commitments or the Surveys to which Purchaser does not make a Title Objection in a timely Title Objection Notice shall be deemed a Permitted Exception for
the applicable Property. 
 2.3.2 In the event Purchaser timely gives a Title Objection Notice for a Property, each Seller
Entity shall have the right, but not the obligation, to attempt to remove, satisfy or otherwise cure any Title Objections as such relate to its Respective Property. On or before 5:00 PM (Eastern Time) on date that is three (3) business days
after receipt of each Title Objection Notice, Seller Contract Agent may give written notice (a “Title Response”) to Purchaser on behalf of any Seller Entity informing Purchaser of each Seller Entity’s election with respect to
the Title Objections relating to its Respective Property. If Seller Contract Agent fails to give a Title Response on or before such date and time with respect to any Title Objections, the applicable Seller Entity shall be deemed to have elected not
to attempt to cure such Title Objections. If a Seller Entity elects to attempt to cure any Title Objection, Sellers shall be entitled to one or more reasonable adjournments of the Closing of up to, but not beyond, the tenth (10th) day following
the date for Closing set forth in Section 4.1 hereof to attempt such cure, but Sellers shall not be obligated to expend any sums (other than with respect to Monetary Liens), commence any suits or take any other action in order to effect
the same except to the extent a Seller Entity affirmatively elects to cure a Title Objection in its Title Response. 
 2.3.3
If: (x) a Seller Entity elects not to cure (or is deemed to have elected not to cure) any Title Objection or if, after electing to attempt to cure, such Seller Entity determines that it is unwilling or unable to remove, satisfy or otherwise
cure any Title Objection and (y) Seller Contract Agent notifies Purchaser of such, then Purchaser’s sole remedy hereunder in such event shall be either: (i) to accept title to the applicable Property subject to such uncured Title
Objections as if Purchaser had not objected thereto and without reduction of the Purchase Price and such uncured Title Objections shall be deemed Permitted Exceptions hereunder, or (ii) to terminate this Agreement as to all Properties,
whereupon the Earnest Money shall be returned to Purchaser and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives
termination of this Agreement. 
 2.3.4 To terminate this Agreement pursuant to this Section 2.3.3, Purchaser
must give written notice to Seller Contract Agent of its election to terminate this Agreement not later than: (i) the expiration of the Inspection Period with respect to Title Objections that Seller Contract Agent notifies Purchaser prior to
the end of the Inspection Period that a Seller Entity elects not to cure or is deemed to have elected not to cure, (ii) five (5) business days after receipt of written notice from Seller Contract Agent that,

  
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having previously elected to attempt to cure any Title Objections, that it is unable or unwilling to do so, or (iii) at Closing if a Seller Entity fails to cure any Title Objections which it
has elected to cure. If Purchaser fails to give timely notice (on or before the applicable date as provided above) of its election to terminate this Agreement for any reason whatsoever, such Title Objections shall be deemed to be a Permitted
Exception. 
 2.3.5 Notwithstanding the foregoing, at or prior to Closing, each Seller Entity shall cause to be removed any
mortgages or other similar security instruments that were recorded against their Respective Property or any other monetary liens that resulted from act or omission of each Seller Entity as to their Respective Property (collectively,
“Monetary Liens”); provided, however, that with respect to Monetary Liens that are not mortgages or similar security instruments, Seller may cause the same to be insured over with the prior approval of Purchaser as to the form of
such title insurance endorsement, such approval not to be unreasonably withheld. 
 2.4 Conveyance of Title. At Closing, each Seller
Entity shall convey and transfer to Purchaser such title to its Respective Property as will enable the Title Company to issue to Purchaser a Title Insurance Policy covering such Respective Property. It shall not be a condition to Closing that any
Title Insurance Policy contain any endorsements (unless any Seller Entity affirmatively commits to cause the issuance of any endorsement in its Title Response). Purchaser shall determine the availability of any endorsements for each Respective
Property prior to the end of the Inspection Period. Notwithstanding anything contained herein to the contrary, each Respective Property shall be conveyed subject to (and the applicable Title Insurance Policy may be subject to or contain exceptions
for) the following matters, all of which shall be deemed to be Permitted Exceptions: 
 2.4.1 the rights of Tenant(s) of such
Respective Property under the Assigned Leases, as tenants only, with no right or option to purchase the Respective Property; 

2.4.2 the lien of all ad valorem real estate taxes and assessments for the year in which Closing occurs, not yet due and
payable as of the Closing Date; 
 2.4.3 local, state and federal laws, ordinances or governmental regulations, including but
not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Respective Property; 

2.4.4 items which are or become Permitted Exceptions pursuant to Section 2.3 or Section 2.5 hereof; and

 2.4.5 acts done or caused by or through Purchaser or matters arising by virtue of the identity or status of Purchaser.

 2.5 Amendments to Title Commitment. All exceptions to title other than Material Exceptions (as hereinafter defined) first raised
by the Title Company in any amendments to any Title Commitment issued after the expiration of the Inspection Period shall be Permitted Exceptions. Purchaser shall have the right to object to any Material Exceptions first raised by

  
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the Title Company in any amendments to any Title Commitment issued after the expiration of the Inspection Period by giving written notice to Seller Contract Agent of the Material Exceptions to
which Purchaser is objecting within five (5) business days after the issuance of any such amendment (or the Closing Date, whichever is earlier). If Purchaser does not object to any Material Exceptions first raised in an amendment to any Title
Commitment issued after the expiration of the Inspection Period by giving timely written notice as herein provided, such Material Exception shall be a Permitted Exception. In the event Purchaser gives timely written notice of objection to any
Material Exception as herein provided, the Seller Contract Agent shall have five (5) business days to respond to such on behalf of the applicable Seller Entity and Purchaser’s rights and the Seller Entity’s obligations with respect
thereto shall be the same as provided with respect to a Title Objection pursuant to the provisions of Sections 2.3.3, 2.3.4 and 2.3.5 (and the Closing Date shall be extended as necessary to allow for Seller Contract Agent to
respond to Purchaser’s notice, if at all). As used herein, a “Material Exception” shall be: (a) any right or claim of a third party to fee title to a Property, (b) any lien against the Property not otherwise permitted
hereunder, (c) any Monetary Lien, (d) any litigation matter encumbering a Property, (e) any liens or encumbrances caused by a Seller Entity and not otherwise expressly permitted hereunder, (f) any condition with respect to a
Property which constitutes a violation of applicable law, or (g) any other matter not otherwise permitted under this Agreement which, in Purchaser’s reasonable determination, would materially and adversely interfere with the continued use
and operation of the Property as the same is currently used and operated. Notwithstanding anything to the contrary herein, each Seller Entity shall be permitted in its sole discretion and without any notification to Purchaser, to modify any Monetary
Liens at any time prior to the Closing, provided that such Monetary Liens, as modified, shall be removed or insured over as provided in Section 2.3.5. 

ARTICLE III 
 INSPECTION PERIOD

 3.1 Terms of Inspection. 

3.1.1 During the period beginning upon the Effective Date and ending at 5:00 p.m. (Eastern Time) on December 18, 2015
(hereinafter referred to as the “Inspection Period”), Purchaser shall have the right to make a physical inspection of the Properties (but Purchaser may not do any invasive testing, such as core sampling or drilling wells, without
Seller Contract Agent’s prior written approval) and to examine at such place or places designated by Seller Contract Agent any operating files maintained by Sellers or its Property Manager in connection with the leasing, maintenance and/or
management of the Properties, including, without limitation, the Leases, lease files, Contracts, insurance policies, bills, invoices, receipts and other general records relating to the income and expenses of the Properties, correspondence, surveys,
plans and specifications, warranties for services and materials provided to the Properties, but excluding the Excluded Information. Purchaser understands and agrees that any on-site inspections or testing of the Properties shall be conducted upon at
least twenty-four (24) hours’ prior notice to Seller Contract Agent and Property Manager and (if required by Seller Contract Agent) in the presence of Seller Contract Agent, Property Manager or another representative of the applicable
Seller Entity. Any such inspections and testing shall be performed by companies selected by Purchaser and approved by Seller Contract Agent, which approval shall not be unreasonably withheld. 

  
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 3.1.2 Purchaser agrees to keep the Properties free and clear of any and all liens
that may arise as a result of Purchaser’s inspections. Purchaser shall and shall cause Purchaser’s agents or invitees to comply with all applicable laws, regulations, codes, ordinances and other governmental requirements or court orders
pertaining to the access and use rights granted hereunder with respect to the Properties. Purchaser agrees to restore the Properties to substantially the same condition existing immediately prior to Purchaser’s inspection thereof in the event
of any physical damage caused by Purchaser or its agents or invitees. 
 3.1.3 Purchaser shall indemnify against and hold
each Seller Entity, Property Manager and Seller Contract Agent harmless from any claim for liabilities, costs, expenses (including reasonable attorneys’ fees actually incurred), damages or injuries arising out of or resulting from
(i) Purchaser’s or its agents’ or Representatives entry onto, inspection or testing of, or use of the Properties, (ii) any act or omission by Purchaser, its agents or Representatives in connection with this Agreement, or
(iii) Purchaser’s breach of any of the terms of this Agreement. The obligation to indemnify, defend and hold harmless each Seller Entity, Property Manager and Seller Contract Agent shall survive Closing or any termination of this
Agreement. Notwithstanding anything to the contrary in this Agreement, the obligation to indemnify, defend and hold harmless contained in this Section 3.1.3 shall not include (w) punitive or speculative damages, (x) any damage
caused by the gross negligence or willful misconduct of any Seller Entity, Property Manager or Seller Contract Agent, (y) any diminution in value of any of the Properties arising from the mere discovery of any matter by Purchaser or any of
Purchaser’s agents or Representatives during their inspection(s); provided such matter is not exacerbated by Purchaser or any of Purchaser’s agents or Representatives, or (z) any latent defects or hazardous materials discovered by
Purchaser or any of Purchaser’s agents or Representatives so long as Purchaser or any of Purchaser’s agents or Representatives do not exacerbate any such defect or condition. 

3.1.4 Purchaser shall maintain and shall ensure that Purchaser’s consultants maintain commercial general liability and
property damage insurance in an amount equal to or greater than $2,000,000 for personal injury, including bodily injury and death, and property damage, and in form and substance adequate to insure against all liability of Purchaser and its
consultants, respectively, and each of its agents, employees or contractors, arising out of the inspections or testing. Evidence of such insurance coverage shall be produced upon request from Seller Contract Agent and (if required by Seller Contract
Agent) each Seller Entity, Property Manager, and Seller Contract Agent shall be named as an additional named insured thereunder prior to Purchaser’s (or its agent’s) entry upon the Properties. 

3.1.5 All inspections and testing shall occur at reasonable times agreed upon by Seller Contract Agent and Purchaser and shall
be conducted so as not to interfere unreasonably with use of any Property by any Seller Entity or its Tenants. Purchaser 

  
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shall not contact any Tenant (whether at the subject Property or through other means) or conduct any Tenant interviews without the prior consent of the Seller Contract Agent, which shall not be
unreasonably withheld. If Purchaser desires to contact or interview any Tenants, Purchaser shall notify Seller Contract Agent. If requested by Purchaser, Seller Contract Agent or Property Manager shall arrange for a Tenant interview/meeting with any
such Tenant at a mutually convenient time for Purchaser, Seller Contract Agent (and/or Property Manager) and the Tenant. Sellers shall have the right to have a representative (including Property Manager) present, at all times, during any Tenant
interviews/meetings. Purchaser agrees that its contact and discussions with and interviews of Tenants shall only be conducted in accordance with the provisions outlined above. Each Seller Entity shall cause the Seller Contract Agent and Property
Manager to facilitate the timely scheduling of all Tenant interviews/meetings, provided, however, that no Seller Entity shall be in default under this Agreement in the event that any Tenant shall refuse or fail to meet with Purchaser. Purchaser
shall not contact any governmental authority without first obtaining the prior written consent of Seller Contract Agent; provided that Purchaser may order a zoning report, Phase I environmental site assessment, and/or property condition assessment
to determine if the Properties are in compliance with all applicable governmental code, zoning laws, and regulations. The terms and provisions of this Section 3.1 shall also apply to any inspections or investigations conducted by
Purchaser prior to the Effective Date. 
 3.2 Right of Termination. Sellers agree that in the event Purchaser determines (such
determination to be made in Purchaser’s sole discretion) that the Properties (or any of them) are not suitable for its purposes, Purchaser shall have the right to terminate this Agreement as to all Properties only by giving written notice
thereof to Seller Contract Agent prior to the expiration of the Inspection Period. If Purchaser gives such notice of termination prior to the expiration of the Inspection Period, this Agreement shall terminate as to all Properties and the Earnest
Money shall be returned to Purchaser and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this
Agreement. If Purchaser fails to give Seller Contract Agent a notice of termination prior to the expiration of the Inspection Period, Purchaser shall no longer have any right to terminate this Agreement under this Section 3.2 and shall
be bound to proceed to Closing and consummate the transaction contemplated hereby pursuant to the terms of this Agreement (subject to any other express conditions precedent provided herein). If Purchaser terminates this Agreement for any reason
permitted in this Agreement prior to Closing, upon request from Seller Contract Agent, Purchaser shall (at its expense and without compensation from Sellers): (a) re-deliver to Seller Contract Agent all of the Due Diligence Information and
other materials delivered to Purchaser by Sellers in connection with the Properties and its review thereof; provided that such requirement shall not apply with respect to any information which is a matter of public record or which was made available
by web portal; and (b) upon Seller Contract Agent’s request, deliver to Seller Contract Agent copies of any and all reports, assessments and surveys which Purchaser may have obtained with respect to the Properties including all third-party
environmental site assessments, property condition reports, engineering studies of any kind and appraisals (such third-party prepared environmental site assessments, property condition reports, engineering studies of any kind and appraisals are
referred to as “Third Party Reports”). The Third Party Reports shall be delivered by Purchaser to Seller without any representation or warranty on the part of Purchaser with respect thereto. 

  
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 3.3 Due Diligence Information. To the extent in Sellers’ possession or control,
Sellers will deliver or cause to be delivered to Purchaser (or made available through a document portal on the Internet which Purchaser has free access to or at the Property Manager’s office), copies of the following documents, schedules and
other information described below (collectively, the “Due Diligence Information”): 
 3.3.1 A copy of each
Seller Entity’s rent roll for its Respective Property along with copies of all Existing Leases. 
 3.3.2 A complete list
and description of any and all monetary delinquencies or defaults under any of the Existing Leases. 
 3.3.3 Copies of all
Existing Contracts. 
 3.3.4 A list of all Tangible Personal Property (if any). 

3.3.5 A list or copies of all current licenses or permits issued to the Seller Entity with respect to each Property
(collectively “Permits”). 
 3.3.6 Copies of the tax bills for the two most recent tax years for the
Properties. 
 3.3.7 A list and description of all material third party warranties for the Improvements, if any, which are in
effect with respect to or which benefit any portion of the Properties. 
 3.3.8 Copies of all operating statements for the
Properties for the most recent 24 calendar months. 
 3.3.9 Copies of the most recent third party Phase I or other
environmental reports for each Property. 
 3.3.10 Copies of plans or specifications for the Improvements, if any. 

3.3.11 Copies of Tenant’s certificates of insurance for the Properties. 

3.3.12 Copies of the existing zoning report for each Property prepared by B&C Zoning. 

3.3.13 To the extent not duplicative of the above items those additional items set forth on EXHIBIT B
hereto. 

  
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 To the extent not enumerated above, Seller agrees to deliver to Purchaser all additional information as may be in
the possession or control of the Sellers with respect to the Properties which is reasonably requested by Purchaser, except for any Excluded Information, and upon delivery of any such additional information such shall become Due Diligence Information
for purposes of this Agreement. Except for each Seller Representations (defined below), Sellers make no representations or warranties as to the truth, accuracy or completeness of any of the Due Diligence Information. It is the parties’ express
understanding and agreement that subject to Seller Representations, any Due Diligence Information is provided only for Purchaser’s convenience in making its own examination and determination prior to the end of the Inspection Period as to
whether it wishes to purchase the Properties, and, in doing so, Purchaser shall rely exclusively on its own independent investigation and evaluation of every aspect of the Properties and Seller Representations and not on any Due Diligence
Information or other materials supplied by Sellers, Seller Contract Agent, Property Manager or Broker (as defined in Section 8.1 below). 

ARTICLE IV 
 CLOSING 

4.1 Time and Place. 
 (a)
Subject to Section 4.1(b) below, the consummation of the transaction contemplated hereby (“Closing”) shall be held through an escrow at the offices of Title Company, at 10:00 AM (Eastern Time) on the Closing Date. 

(b) The Closing shall occur on a so-called “New York style” basis with the disbursement of closing funds prior to the recordation of
the Deeds, but only upon satisfaction of the conditions precedent to Closing set forth herein. At Closing, Sellers and Purchaser shall perform the obligations set forth in, respectively, Section 4.2 and Section 4.3, the
performance of which obligations shall be concurrent conditions 
 4.2 Seller’s Obligations at Closing. At Closing, each Seller
Entity, with respect to its Respective Property only, shall: 
 4.2.1 deliver to Purchaser a duly executed and notarized
special or limited warranty deed (the “Deed”), in applicable form attached hereto as EXHIBITS I1 through I4, for the state where the Respective Property is located, conveying the Land and
Improvements which are a part of the Respective Property, subject only to the Permitted Exceptions applicable to each Respective Property; 

4.2.2 deliver to Purchaser a duly executed bill of sale conveying the Tangible Personal Property which is a part of the
Respective Property in the form attached hereto as EXHIBIT C;  
 4.2.3 deliver to Purchaser
a duly executed assignment and assumption of leases assigning the landlord/lessor interest in and to the Assigned Leases which are a part of the Respective Property in the form attached hereto as EXHIBIT D; 

  
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 4.2.4 deliver to Purchaser a duly executed assignment and assumption of contracts
and intangible property assigning the Assigned Contracts and the other Intangible Property which are a part of the Respective Property in the form attached hereto as EXHIBIT E; 

4.2.5 deliver to Purchaser executed originals of the Required Tenant Estoppels as are in such Seller Entity’s possession
or control and which were not previously delivered to Purchaser; 
 4.2.6 join with Purchaser to execute a notice (the
“Tenant Notices”) in the form attached hereto as EXHIBIT F as to each Assigned Lease; 

4.2.7 deliver to Purchaser a certificate, dated as of the Closing Date and executed on behalf of such Seller Entity, in the
form attached hereto as EXHIBIT G (the “Bring-Down Certificate”) stating that the representations and warranties of such Seller Entity contained in this Agreement are true and correct in all material respects as
of the Closing Date (with modifications of those representations and warranties made in Section 5.1 hereof to reflect any changes therein including without limitation any changes resulting from actions under Section 5.4
hereof) or identifying any representation or warranty which is not, or no longer is, true and correct and explaining the state of facts giving rise to the change (such certificate shall expressly state that it is made subject to the limitations of
survival and rights with respect thereof set forth in Section 5.3); 
 4.2.8 deliver to the Title Company such
evidence as the Title Company may reasonably require as to the authority of the person or persons executing documents on behalf of such Seller Entity; 

4.2.9 deliver to Purchaser an affidavit duly executed by such Seller Entity (to the extent such Seller Entity is not a
disregarded entity) or the non-disregarded direct or indirect parent of such Seller Entity if such Seller entity is a disregarded entity, stating that such Seller Entity is not a “foreign person” as defined in the Federal Foreign
Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act; 
 4.2.10 join with Purchaser to execute a notice
(the “Vendor Notices”) in the form attached hereto as EXHIBIT H as to each Assigned Contract; 

4.2.11 deliver to the Title Company an acceptable form of owner’s affidavit sufficient to cause the Title Insurance Policy
to be issued in accordance with this Agreement, along with a gap indemnity (if required by the Title Company); 
 4.2.12
deliver to the Title Company a settlement statement/closing statement setting forth the Allocated Purchase Price and all additions and subtractions thereto made in accordance with the terms and conditions of this Agreement; 

4.2.13 deliver to the Title Company any required transfer declarations, sales disclosure forms, change of ownership reports,
natural hazard disclosure statements 

  
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(California), or other declarations as are required under applicable law in connection with a transfer of the Respective Property, each executed by such Seller Entity, reflecting the Allocated
Purchase Price for such Property (if required); and 
 4.2.14 deliver to Purchaser the Parent Guaranty executed by the Parent
(as such terms are defined in Section 6.5). 
 4.3 Purchaser’s Obligations at Closing. At Closing, Purchaser shall:

 4.3.1 pay to Sellers the Purchase Price by paying to each Seller Entity the full amount of its Allocated Purchase Price,
as increased or decreased by prorations and adjustments as herein provided, in immediately available wire transferred funds pursuant to Section 1.5 above, it being agreed that at Closing the Earnest Money shall be delivered to Sellers
(as allocated by Seller Contract Agent) and applied towards payment of the Purchase Price; 
 4.3.2 join each Seller Entity
in the execution of the instruments described in Sections 4.2.3, 4.2.4, 4.2.6, 4.2.10 and 4.2.12 above; 

4.3.3 join each Seller Entity (if required) in the execution of any instruments described in Section 4.2.13; 

4.3.4 deliver to all of the Sellers (collectively) a letter duly executed by Purchaser, confirming that, based on the
publicly-offered exception under applicable plan asset regulations, Purchaser is not acquiring the Properties in whole or part with the assets of any employee benefit plan (an “Employee Benefit Plan”) as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); 
 4.3.5 deliver to all
Sellers (collectively) a certificate, dated as of the Closing Date and executed on behalf of Purchaser by a duly authorized manager thereof, stating that the representations and warranties of Purchaser contained in this Agreement are true and
correct in all material respects as of the Closing Date; 
 4.3.6 deliver to the Title Company evidence as the Title Company
may reasonably require as to the authority of the person or persons executing documents on behalf of Purchaser. 
 4.4 Credits and
Prorations. 
 4.4.1 Pursuant to the other terms and provisions of this Section 4.4, the following shall be
apportioned with respect to the Properties as of 12:01 a.m., on the day of Closing, as if Purchaser were vested with title to the Properties during the entire day upon which Closing occurs: (i) rents, if any, as and when collected (the term
“rents” as used in this Agreement includes all payments due and payable by Tenants under the Assigned Leases), (ii) taxes and assessments levied against the Properties (such to be done on a “cash basis”), (iii) payments
under the Assigned Contracts, (iv) gas, electricity 

  
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and other utility charges for which any Seller Entity is liable, if any, such charges to be apportioned at Closing on the basis of the most recent meter reading occurring prior to Closing, and
(v) any other operating expenses or other items pertaining to any Respective Property which are customarily prorated between a purchaser and a seller in the area in which the Respective Property is located. 

4.4.2. At Closing, each Seller Entity shall, at its option, either deliver to Purchaser any security deposits actually held by
such Seller Entity pursuant to Assigned Leases or credit to the account of Purchaser the amount of such security deposits (to the extent such security deposits have not been applied in accordance with the applicable Assigned Lease). If any Assigned
Lease security deposit is not in the form of cash, such as a letter of credit or certificate of deposit, the applicable Seller Entity shall deliver at Closing such non-cash security deposits and any other documents or instruments duly executed by
the Seller Entity as necessary to conform to the procedures established by the issuer or depository institution to assign to Purchaser the benefits of such security deposits (such transfer to be effectuated only after Closing). Any costs associated
therewith to be paid by Purchaser (or the applicable Tenant), but not any Seller Entity. 
 4.4.3 Real estate and personal
property taxes actually paid with respect to any Property in the year in which the Closing occurs (regardless of when such taxes accrue), together with any costs incurred by any Seller Entity in protesting such taxes or the assessments on the
Property if such protest shall apply to tax periods after the Closing, shall be prorated on a cash basis based on the portion of the year which has elapsed prior to the Closing Date. If the amount of any such taxes has not been determined as of
Closing, such credit shall be based on the most recent ascertainable full-year taxes and shall be reprorated upon issuance of the final tax bill. If the taxes can be paid on a discounted basis, the proration shall be done on the basis of the
discounted amount payable at the earlier of the Closing Date or the date on which such taxes were paid. Any installments of special assessments due in the year in which Closing occurs shall be prorated on a similar basis. Furthermore, with respect
to any Property located in Tennessee, prior to Closing, Sellers shall pay the real estate or personal property taxes for the calendar year 2015, and Purchaser shall receive a credit for such amount to the extent such taxes have not been paid as of
the Closing Date. If, after the Closing, Purchaser or any Seller Entity receives (in the form of a refund, credit, or otherwise) any amounts as a result of a real property tax contest, appeal, or protest (a “Protest”) initiated by a
Seller Entity, such amounts will be apportioned as follows: (i) first, to reimburse Purchaser or the Seller Entity, as applicable, for all costs incurred in connection with the Protest; and (ii) second to Purchaser (to the extent that such
refund applies to the period from and after the Closing Date) and to the applicable Seller Entity (to the extent that such refund applies to the period prior to the Closing Date). Following the Effective Date, no Seller Entity shall commence, or
settle any new or existing tax appeal without the prior consent of Purchaser (such consent not to be unreasonably withheld, conditioned or delayed); provided, that no consent will be required if any Protest is commenced by any Tenant pursuant to
rights given to such Tenant under any Lease. Notwithstanding anything to the contrary contained herein, any real estate taxes or personal property taxes paid directly by a Tenant shall not be prorated hereunder. Further, if a Seller Entity collects

  
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funds directly from any Tenant for payment of taxes prorated hereunder, Seller Entity shall be entitled to retain all such payments received from such Tenants to the extent that Purchaser
receives a credit for such amounts. 
 4.4.4 Utilities payable by each Seller Entity, including, without limitation, steam,
water, electricity and natural gas (but not including propane or other fuel which may be stored at the Properties), which are not directly paid by tenants, shall be prorated as of the Closing. Each Seller Entity shall use reasonable efforts to cause
the meters, if any, for utilities to be read the day on which the Closing Date occurs and to pay the bills rendered on the basis of such readings. If any such meter reading for any utility is not available, then adjustment therefor shall be made on
the basis of the most recently issued bills therefor which are based on meter readings no earlier than thirty (30) days prior to the Closing Date; and such adjustment shall be reprorated when the next utility bills are received. Purchaser shall
give the applicable Seller Entity a credit at Closing for all assignable deposits with utility companies serving the Properties in which case such Seller Entity shall assign its rights to such deposits to Purchaser at the Closing; or, at such Seller
Entity’s option, the Seller Entity shall be entitled to receive a refund of such deposits from the utility companies, and Purchaser shall post its own deposits. 

4.4.5 Sellers shall be responsible for all Tenant Inducement Costs for the current term of all Existing Leases entered into by
Sellers or occurring prior to the Effective Date. Purchaser shall receive a credit at Closing for all unpaid Tenant Inducement Costs existing as of the Closing Date which are due as of the Closing with respect to any Assigned Leases and which are
disclosed on any Property Exhibits. Seller shall retain responsibility for same to the extent not so credited at Closing. With respect to Tenant Inducement Costs under New Leases, Purchaser shall be responsible for such Tenant Inducement Costs
(“New Lease Inducement Costs”), and the applicable Seller Entity shall receive a credit at Closing for New Lease Inducement Costs paid by any Seller Entity prior to Closing. Additionally, Sellers shall be responsible for any Tenant
Inducement Costs associated with the amendment of the Existing Lease between AP MIAC Cove LLC and Krone NA, Inc., including, without limitation, any and all leasing commissions (tenant and landlord brokers), tenant improvements and tenant
improvement allowances, rent concessions and abatements, and all other costs, commissions, fees or expenses. 
 4.4.6 All
collected rent (excluding collections for Reimbursable Expenses prorated pursuant to Section 4.4.8) and other collected income under Assigned Leases in effect on the Closing Date for the month in which Closing occurs shall be prorated as
of the Closing. Any prepaid rents received by a Seller Entity for the period following the Closing Date shall be paid over by the Seller Entity to Purchaser. Uncollected rent due to any Seller Entity for periods prior to Closing (“Delinquent
Rents”) shall not be prorated at Closing. Non-delinquent rent for the period after Closing collected by any Seller Entity shall be promptly remitted to Purchaser. Delinquent Rent collected after the Closing Date shall be delivered as
follows: (i) if a Seller Entity collects Delinquent Rent for the Property, the Seller Entity shall, within fifteen (15) days after the receipt thereof, deliver to Purchaser any such Delinquent Rent which Purchaser is entitled to hereunder

  
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relating to the Closing Date and any period thereafter, and (ii) if Purchaser collects any Delinquent Rent from the Property, Purchaser shall, within fifteen (15) days after the receipt
thereof, deliver to the applicable Seller Entity any such Delinquent Rent which the Seller Entity is entitled to hereunder relating to the period prior to the Closing Date. Anything herein to the contrary notwithstanding, Sellers and Purchaser agree
that all rents received by any Seller Entity or Purchaser after the Closing Date shall be applied to current rentals and then to Delinquent Rent (each as such relate to the Respective Property only), if any, in inverse order of maturity. Purchaser
will make a good faith effort for ninety (90) days after Closing (or ninety (90) days after billing therefor in connection with reconciliations under Section 4.4.7) to collect all rents (including Delinquent Rent) in the usual
course of Purchaser’s operation of the Property, but Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect Delinquent Rent, but if Purchaser fails to institute a lawsuit or other collection
procedures to collect Delinquent Rent within thirty (30) days after the applicable Seller Entity’s written request, the Seller Entity shall have the right to do the same regarding Delinquent Rent due prior to Closing, but without the right
to seek termination of the Assigned Lease or eviction of the Tenant. 
 4.4.7 If a Seller Entity, as landlord under an
Assigned Lease, is currently collecting from Tenants additional rent to cover certain insurance, utilities, maintenance and other operating costs and expenses incurred by such Seller Entity in connection with the ownership, operation, maintenance
and management of its Respective Property (such expenses, to the extent Tenants are obligated to reimburse the Seller Entity regarding same, collectively “Reimbursable Expenses” and such collections, collectively
“Collections”), then such shall be prorated as set forth in this Section 4.4.7. 
 (a) At
Closing such Seller Entity and Purchaser shall reasonably estimate the amount of Reimbursable Expenses for the period of January 1, 2015 through the earlier to occur of the Closing Date or December 31, 2015 (the “2015 Period”). If Collections for the 2015 Period are less than the estimated Reimbursable Expenses for such period, then such shall be treated as Delinquent Rent under
Section 4.4.6. If Collections for the 2015 Period are more than the estimated Reimbursable Expenses for such period, then the Seller Entity shall credit the amount of such overage to Purchaser at Closing and Purchaser shall be
responsible for paying (or crediting) such to the applicable Tenant. Sellers shall be responsible for the final reconciliation of the 2015 Period with Tenants, and shall complete such reconciliation with the Tenants and the final reconciliation
shall be prepared, reviewed and billed to Tenants no later than April 1, 2016. The final reconciliation shall be delivered to Purchaser for approval and Purchaser shall either approve the reconciliation, or provide comments to specific items
therein, within five business days of receiving a draft (otherwise such is deemed approved). In all events, when Collections and Reimbursable Expenses for 2015 are finally reconciled by Seller in 2016: (i) all amounts due to each Seller Entity
on account thereof shall be treated as Delinquent Rent under Section 4.4.6; and (ii) any amount due to any Tenant shall be paid over to Purchaser (unless already credited to Seller at the Closing). 

  
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 (b) With respect to Collections for Reimbursable Expenses for 2016, at Closing
each Seller Entity and Purchaser shall reasonably estimate the amount of Reimbursable Expenses for the period of January 1, 2016 through the Closing Date (the “2016 Stub Period”). If the Collections for the 2016 Stub Period is
less than the estimated Reimbursable Expenses for such period, then such shall be treated as Delinquent Rent under Section 4.4.6. If the Collections for the 2016 Stub Period are more than the estimated Reimbursable Expenses for such
period, then the Seller Entity shall credit the amount of such overage to Purchaser at Closing and Purchaser shall be responsible for paying (or crediting) such to the applicable Tenant. In all events, when 2016 Reimbursable Expenses are reconciled
by the Purchaser in 2017, each Seller Entity and Purchaser agree to ratably reprorate and reconcile the Reimbursable Expenses and Collections allocated to the 2016 Stub Period. 

4.4.8 In the event that there shall be any rents or other charges under any Assigned Leases which, although relating to a
period prior to Closing, do not become due and payable until after Closing or are paid prior to Closing but are subject to adjustment after Closing (such as operating expense and real estate tax reimbursements and the like), then any rents or
charges of such type received by Purchaser or its agents or the Seller Entity or its agents subsequent to Closing, including payments received from Tenants as a result of true-ups or the obligation to reimburse Tenants for overpayments shall, to the
extent applicable to a period extending through the Closing, be prorated between the Seller Entity and Purchaser as of Closing and Seller’s portion thereof shall be remitted promptly to the Seller Entity by Purchaser or to Purchaser by the
Seller Entity, as the case may be. 
 4.4.9 If final prorations cannot be made at Closing for any item being prorated under
this Section 4.4, then Purchaser and Sellers agree to allocate such items on a fair and equitable basis as soon as invoices or bills are available and applicable reconciliation with Tenants have been completed, with final adjustment to
be made as soon as reasonably possible after the Closing but no later than (i) with respect to real estate taxes, 30 days after receipt of the final tax bill for the applicable period, (ii) with respect to Reimbursable Expenses, 180 days
after the end of the applicable calendar year, and (iii) in all other cases, 180 days after the Closing. Payments in connection with the final adjustment shall be due within 10 days of written notice. Purchaser or the applicable Seller Entity
shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment provided written notice thereof is given to the other party within one hundred eighty (180) days after Closing, or in the case of any matter subject to
reproration as provided in this Section 4.4, within one hundred eighty (180) days after final settlement of such reproration. Charges referred to in Section 4.4.1 above which are payable by any Tenant directly to a third
party shall not be apportioned hereunder, and Purchaser shall accept title subject to any of such charges unpaid and Purchaser shall look solely to the Tenant responsible therefor for the payment of the same. Any discounts for the prepayment by any
Seller Entity of any taxes, water rates or sewer rents shall be prorated over the applicable period to which such discounts apply. 

  
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 4.4.10 The provisions of this Section 4.4 shall survive Closing for
the periods identified in Section 4.4.9 above. 
 4.5 Closing Costs. 

4.5.1 Sellers shall pay: (i) the fees of any counsel representing it in connection with this transaction;
(ii) one-half (1/2) of any escrow fee which may be charged by the Escrow Agent or Title Company; (iii) the fees for recording the deeds conveying the Properties to Purchaser (exclusive of transfer taxes); (iv) that portion of the
cost of the Title Commitments and premiums for the Title Insurance Policies apportioned to Seller as set forth in the Property Exhibits; and (v) any deed or transfer tax apportioned to Seller as set forth in the Property Exhibits. 

4.5.2 Purchaser shall pay: (i) the fees of any counsel representing Purchaser in connection with this transaction;
(ii) the actual out-of-pocket cost incurred by Sellers for the Surveys (subject to the Survey Cap Amount), as well as any costs of updates or modifications to the Surveys; (iii) all costs of Purchaser’s due diligence and any costs
related to any mortgage financing to be obtained by Purchaser (including mortgagee’s title insurance policies); (iv) one-half (1/2) of any escrow fees charged by the Escrow Agent or Title Company; (v) that portion of the cost of
the Title Commitments and premiums for the Title Insurance Policies apportioned to Seller as set forth in the Property Exhibits; and (vi) any deed or transfer tax apportioned to Seller as set forth in the Property Exhibits. 

4.5.3 All other costs and expenses incident to this transaction and the closing thereof shall be paid by the party incurring
same. 
 4.6 Conditions Precedent to Obligation of Purchaser. The obligation of Purchaser to consummate the transaction hereunder
shall be subject to the fulfillment on or before the Closing Date of all of the following conditions, any or all of which may be waived by Purchaser in its sole discretion: 

4.6.1 Each Seller Entity shall have delivered to Purchaser all of the items required to be delivered to Purchaser pursuant to
the terms of this Agreement, including but not limited to, those provided for in Section 4.2. 
 4.6.2 All of the
representations and warranties of each Seller Entity contained in this Agreement shall be true and correct in all material respects as of the Closing Date (with modifications permitted under this Agreement). 

  
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 4.6.3 Each Seller Entity shall have performed and observed, in all material
respects, all covenants and agreements of this Agreement to be performed and observed by each Seller Entity as of the Closing Date. 

4.6.4 Purchaser shall have received and delivered to Purchaser at least two (2) business days prior to the Closing Date
all of the Required Tenant Estoppels. 
 4.6.5 The Title Company shall issue (or be prepared and irrevocably and
unconditionally committed to issue) the Title Insurance Policies in the form required under Section 2.4 hereof. 
 In the event any of the
foregoing conditions are not fulfilled by Sellers or waived by Purchaser by Closing, Purchaser may terminate this Agreement as to all Properties by giving written notice to Seller Contract Agent on the Closing Date and the Earnest Money shall be
returned to Purchaser and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability set forth herein expressly survives termination of this Agreement.
Notwithstanding the foregoing, to the extent that the failure of any of the foregoing conditions is the result of any Seller Entity’s default under its obligations hereunder, and Purchaser elects to terminate the Agreement, then, in addition to
any other rights hereunder, Purchaser may exercise its rights pursuant to Section 6.2 hereof. If Closing shall occur, all of the foregoing conditions precedent shall be deemed to have been satisfied. Notwithstanding anything to the
contrary contained herein, no Seller Entity shall be in default of this Agreement by virtue of its failure to obtain a Required Tenant Estoppel required pursuant to Section 4.6.4, above, and Purchaser’s sole right in such case shall
be to terminate this Agreement as to all Properties and receive a return of the Earnest Money and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent that any right, obligation or liability
set forth herein expressly survives termination of this Agreement. Further, notwithstanding anything to the contrary, in the event any condition described in Section 4.6.4 remains unsatisfied, then either Sellers or Purchaser shall have
the election, each in its sole and absolute discretion (but without any obligation to do so) of extending the Closing Date for up to ten (10) business days in order to satisfy such condition. 

4.7 Conditions Precedent to Obligation of Sellers. The obligation of Sellers to consummate the transaction hereunder shall be subject
to the fulfillment on or before the Closing Date of all of the following conditions, any or all of which may be waived by Seller Contract Agent in its sole discretion: 

4.7.1 Sellers shall have received the Purchase Price as adjusted pursuant to and payable in the manner provided for in this
Agreement. 
 4.7.2 Purchaser shall have delivered to Sellers all of the items required to be delivered to Sellers pursuant
to the terms of this Agreement, including but not limited to, those provided for in Section 4.3. 
 4.7.3 All of
the representations and warranties of Purchaser contained in this Agreement shall be true and correct in all material respects as of the Closing Date. 

  
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 4.7.4 Purchaser shall have performed and observed, in all material respects, all
covenants and agreements of this Agreement to be performed and observed by Purchaser as of the Closing Date. 
 4.8 Possession and
Post-Closing Deliveries. Possession of each Respective Property (subject to the applicable Permitted Exceptions) shall be delivered by each Seller Entity to Purchaser at Closing. Additionally, within ten (10) business days after Closing,
Sellers shall deliver to Purchaser, the Assigned Leases, Assigned Contracts, Permits, if any, in the possession of Sellers or Property Manager, together with such leasing and property files and records. Purchaser shall cooperate reasonably with any
Seller Entity for a period of three (3) years after Closing in case of such Seller Entity’s need in response to any legal requirement, a tax audit, tax return preparation or litigation threatened or brought against any Seller Entity, by
allowing such Seller Entity and its agents or representatives access, upon reasonable advance notice (which notice shall identify the nature of the information sought by such Seller Entity), during normal business hours to examine and make copies of
any and all instruments, files and records for which such Seller Entity did not retain copies, which right shall survive the Closing. 
 4.9
Closing; Title Company’s Instructions at Closing. The transaction contemplated hereby shall be closed by means of a so-called “New York Style” closing with the concurrent delivery of the Deeds and payment of the Purchase Price
through an escrow with the Title Company. At Closing, Sellers and Purchaser agree to execute such additional escrow instructions as Title Company may reasonably require and which are not inconsistent with the provisions hereof in order to consummate
the transactions contemplated hereunder; provided, however, that in the event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 

4.10 Tenant Purchase Rights. AP Quality Drive LLC, a Delaware limited liability company (“AP Quality Drive”) is the
Seller Entity with respect to the Property described on PROPERTY EXHIBIT 4 attached hereto (the “Quality Drive Property”). Cummins Inc. (“Cummins”) is a Tenant of the Quality Drive Property
pursuant to the terms of an Existing Lease between AP Quality Drive and Cummins (the “Cummins Lease”). Pursuant to Section 41 of the Cummins Lease, Cummins holds a right of first refusal to purchase the Quality Drive Property
on the terms set forth in the Cummins Lease (the “Cummins ROFR”). AP Quality Drive has provided the notice to Cummins provided for under the Cummins ROFR. Purchaser’s obligation to purchase the Quality Drive Property pursuant
to the terms of this Agreement is conditioned on Cummins electing not to purchase the Quality Drive Property pursuant to the Cummins ROFR. In the event that Cummins elects to purchase the Quality Drive Property pursuant to the Cummins ROFR, then AP
Quality Drive may terminate this Agreement as to the Quality Drive Property by giving written notice of such event to Purchaser, in which event the Purchase Price shall be reduced by the Allocated Purchase Price for the Quality Drive Property and
the Quality Drive Property shall for all purposes be deemed to have been removed from this Agreement. 
 4.11 Amcor Leasing Matters.
AP Commerce Parkway LLC, a Delaware limited liability company (“AP Commerce”) is the Seller Entity with respect to the Property described 

  
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on PROPERTY EXHIBIT 2 attached hereto (the “Commerce Property”). Amcor Rigid Plastics USA, LLC (“Amcor”) is a Tenant of the Commerce Property
pursuant to the terms of an Existing Lease between AP Commerce and Amcor (the “Amcor Lease”). Purchaser shall have the right to require Seller to terminate the Amcor Lease pursuant to its terms by giving Seller written notice of its
election to require such (an “Amcor Termination Notice”) prior to the end of the Inspection Period. If Purchaser delivers an Amcor Termination Notice, Seller shall give the notice of termination required under the Amcor Lease
promptly after the end of the Inspection Period so as to cause the Amcor Lease to terminate on and as of the earliest possible termination date provided for under the Amcor Lease. If the last day of the term of the Amcor Lease shall be after the
Closing Date, then the Amcor Lease shall be assigned to Purchaser by AP Commerce in accordance with this Agreement. If Purchaser fails to deliver an Amcor Termination Notice prior to the end of the Inspection Period, then Seller shall have no
obligation to terminate the Amcor Lease and the Amcor Lease shall be assigned to Purchaser by AP Commerce in accordance with this Agreement. 

ARTICLE V 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 5.1 Representations and Warranties of Seller. Except to the extent disclosed on any of the Property
Exhibits, each Seller Entity hereby makes the following representations and warranties to Purchaser as of the Effective Date with respect to itself and its Respective Property only (and not as to any other Seller Entity or other Property): 

5.1.1 Seller Entity has been duly organized and is validly existing and in good standing under the laws of Delaware and is
qualified to transact business in in the jurisdiction where its Respective Property is located. Seller Entity has the full right and authority to enter into this Agreement and to transfer all of its Respective Property pursuant hereto and to
consummate or cause to be consummated the transactions contemplated herein to be made by Seller Entity. The person signing this Agreement on behalf of Seller Entity is authorized to do so. 

5.1.2 There is no agreement to which Seller Entity is a party or, to Sellers’ Knowledge, binding on such Seller Entity
which is in conflict with this Agreement, or which limits or impairs Seller Entity’s ability to execute or perform its obligations under this Agreement. Except as disclosed in writing to Purchaser, there is no action, suit, arbitration,
unsatisfied order or judgment, governmental investigation or proceeding pending or, to Sellers’ Knowledge, threatened, against Seller Entity or its Respective Property. 

5.1.3 No approval or consent is required from any person (including any partner, shareholder, member, creditor, investor or
governmental body) for Seller Entity to execute, deliver or perform this Agreement or the other instruments contemplated hereby or for Seller Entity to consummate the transaction contemplated hereby. This Agreement and all documents required hereby
to be executed by Seller Entity are and shall be valid, legally binding obligations of and enforceable against Seller Entity in accordance with their terms. 

  
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 5.1.4 No petition in bankruptcy (voluntary or otherwise), attachment, execution
proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is pending against or contemplated (or, to Sellers’
Knowledge, threatened) by or against Seller Entity or any general partner or managing member of Seller Entity. 
 5.1.5 Set
forth on its respective Property Exhibit is a true and correct list of all of the Existing Leases for each Property as of the Effective Date. Other than the Existing Leases and rights under Contracts, Seller Entity has not granted any other lease,
license or right to occupy its respective Property. The rents and other sums due or to become due under each Existing Lease have not been assigned, encumbered or subjected to any lien (other than pursuant to existing Monetary Liens to be fully
satisfied at Closing). Seller Entity has neither given nor received any written notice of default with respect to any of the Existing Leases which remains outstanding and uncured as of the Effective Date. 

5.1.6 There are no lease brokerage agreements, leasing commission agreements or other agreements providing for payments of any
amounts for leasing activities with respect to the Existing Leases, other than as disclosed on the Property Exhibit for such Respective Property (“Legacy Commission Agreements”). 

5.1.7 Seller Entity has not received prior to the Effective Date any written notification from any governmental or public
authority that its Respective Property is in violation of any applicable environmental, fire, health, building, use, occupancy or zoning laws and which violation remains outstanding as of the Effective Date. Except as set forth in any environmental
report delivered by Seller Entity to Purchaser (or obtained by Purchaser) in connection herewith, Seller Entity has not received written notice that any other person or tenant has, used, generated, processed, stored, released, discharged,
transported or disposed hazardous materials on its Property in violation of any applicable environmental laws. 
 5.1.8
Except as disclosed by any of the Title Commitments, no condemnation proceedings are pending or, to Sellers’ Knowledge, threatened in writing relating to its Respective Property. 

5.1.9 Except as disclosed on each Property Exhibit, there are no Contracts relating to its Respective Property in effect as of
the Effective Date. 
 5.1.10 To the Sellers’ Knowledge, such Seller Entity has all Permits for the use and operation of
its Respective Property. 
 5.1.11 Seller Entity is not a person or entity with whom U.S. persons are restricted from doing
business under the regulations of the Office of Foreign Assets Control (“OFAC”) of the Department of Treasury (e.g. OFAC’s Specially Designated and Blocked Persons list), Executive Order Number 13224 on Terrorism Financing,

  
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effective September 24, 2001 (“Executive Order 13224”), or the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, H.R. 3162, Public Law 107-56 (“USA Patriot Act”). 
 5.1.12 Seller Entity is not a foreign
person, foreign corporation, foreign partnership, foreign trust or foreign estate, as those terms are defined in (a) the Code and the corresponding income tax regulations, and (b) similar provisions of state law. Purchaser has no duty to
collect withholding taxes for Seller Entity pursuant to the Foreign Investors Real Property Tax Act of 1980, as amended, or any applicable foreign, state, or local law. 

5.2 Knowledge Defined. “Sellers’ Knowledge” shall mean and refer only to the actual knowledge of the Designated
Individuals (as hereinafter defined) who are affiliated with the Sellers, and shall not be construed, by imputation or otherwise, to refer to the knowledge of any affiliate of any Seller Entity, Seller Contract Agent, Property Manager, or to any
other officer, agent, manager, representative or employee of any Seller Entity or any affiliate thereof. There shall be no obligation or duty upon such Designated Individuals to investigate the matter to which such actual knowledge, or the absence
thereof, pertains. Purchaser acknowledges that the Designated Individuals named above is named solely for the purpose of defining and narrowing the scope of each Seller Entity’s knowledge and not for the purpose of imposing any liability on or
creating any duties running from the Designated Individuals to Purchaser. As used herein, the term “Designated Individuals” shall mean Kary Nordholz and Daniel Wald. 

5.3 Limitations Regarding Sellers’ Representations and Warranties. 

5.3.1 The representations and warranties of each Seller Entity in this Agreement (including Section 5.1) or in any
document delivered in connection with this Agreement (collectively, the “Seller Representations”) shall survive Closing for a period of one hundred eighty (180) days (the “Survival Period”). Seller Entity will
not take any action that would cause any of the Seller Representations to be untrue as of the Closing Date, except as expressly permitted hereunder. Additionally, in no event shall any Seller Entity ever be liable to Purchaser for, or be deemed to
be in default hereunder by reason of, any breach of any Seller Representations which results from any change that: (i) occurs between the Effective Date and the Closing Date (other than a change resulting from an action taken by a Seller
Entity’s default of an express obligation set forth in this Agreement), (ii) is disclosed to Purchaser in writing prior to Closing (unless resulting from a Seller Entity’s default of an express obligation set forth in this Agreement),
(iii) is expressly permitted under the terms of this Agreement (including by virtue of each Seller Entity’s rights under Sections 5.4.3, 5.4.4 and 5.4.5) or (iv) is beyond the reasonable control of a Seller Entity
to prevent; provided, however, that the occurrence of any such change which is beyond the reasonable control of a Seller Entity to prevent shall constitute the non-fulfillment of the condition set forth in Section 4.6.2 (but not a
default by Seller hereunder). Each Seller Entity shall promptly notify Purchaser, in writing, of any event or condition known to Seller Entity which occurs prior to the Closing Date which causes any of the Seller Representations to be rendered
untrue or incorrect in any material respect; provided, however, that, except with respect to changes resulting from 

  
 21 

 
actions that are expressly permitted to be taken by Seller Entity hereunder, upon such notification, Purchaser shall have the option to terminate this Agreement by delivering written notice
thereof to Sellers within five days of receiving such written notice, in which case Escrow Agent shall return the Earnest Money to Purchaser, the parties shall share equally the cancellation charges, if any, of Escrow Agent and Title Company, and
this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which expressly survives the termination of this Agreement). If and to the
extent that any of the Seller Representations are rendered untrue or incorrect as a result of a breach by a Seller Entity of this Agreement, Purchaser shall be entitled to all of the rights and remedies set forth in Section 6.2. If,
despite changes or other matters described in the Bring-Down Certificate, the Closing occurs, the Seller Representations shall be deemed to have been modified by all statements made in such certificate. Notwithstanding anything to the contrary
contained in this Agreement, Seller may update the Seller Representations (including by way of the Bring-Down Certificate) for actions permitted by, and taken expressly in accordance with, Sections 5.4.3, 5.4.4 and 5.4.5 and
such updated Seller Representations shall not: (x) constitute the non-fulfillment of the condition set forth in Section 4.6.2; or (y) otherwise give rise to a right in favor of Purchaser to terminate this Agreement under
Section 4.6.2, this Section 5.3.1, or otherwise under this Agreement. 
 5.3.2 No claim for a breach
of any Seller Representation shall be actionable or payable: (i) if the breach in question results from or is based on a condition, state of facts or other matter which was known to Purchaser prior to Closing, (ii) unless the valid claims
for all such breaches collectively aggregate more than Twenty Five Thousand and No/100 Dollars ($25,000.00) (the “Basket”), in which event the full amount of such claims shall be actionable, (iii) as to a breach with respect to
any one Seller Entity or any one Property to the extent such claims shall exceed in the aggregate the greater of (the “Property Level Cap”): (A) one and one-half percent (1.5%) of the Allocated Purchase Price for the
Property in question; or (B) Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00); (iv) to the extent such breach (when aggregated with any and all other breaches) exceed in aggregate One Million Seven Hundred Thousand and No/100
Dollars ($1,700,000.00) as to all Seller Entities and all Properties (the “Aggregate Cap”); and (v) unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser to
Seller Contract Agent prior to the expiration of the Survival Period and an action shall have been commenced by Purchaser against Seller within thirty days after the end of the Survival Period. For purposes of clarity, any breach shall be subject to
both the Property Level Cap and the Aggregate Cap. 
 5.3.3 In the event that any Tenant Estoppel delivered to Purchaser with
respect to any Assigned Lease shall contain any statement of fact, information or other matter which is materially inconsistent with the Due Diligence Information provided to Purchaser or matters stated in Seller Representations, the Tenant Estoppel
shall control and no Seller Entity shall have any liability for any claim based upon a breach of representation regarding such statement of fact, information or other matter contained in 

  
 22 

 
the Tenant Estoppel. Notwithstanding anything to the contrary contained in this Agreement, no Seller Entity agrees, represents or warrants, nor is there any condition to closing, that:
(i) any particular Existing Lease or any New Lease shall be in force or effect at Closing, (ii) any Tenant will have performed their obligations thereunder or (iii) any Tenant will not be the subject of bankruptcy proceedings. 

5.3.4 For purposes hereof, references to any facts being “known to Purchaser” shall mean that such facts are actually
known to David Fazekas or Andrea Karp. 
 5.4 Covenants of Sellers. Each Seller Entity hereby covenants with Purchaser as to itself
and its Respective Property only as follows (and not as to any other Seller Entity or other Property): 
 5.4.1 From the
Effective Date until the Closing or earlier termination of this Agreement, Seller Entity shall operate and insure its Respective Property in a manner generally consistent with the manner in which Seller Entity has operated the Respective Property
prior to the date hereof. Seller Entity shall comply with, and perform all of its obligations under, any Existing Leases affecting its Respective Property. 

5.4.2 Seller Entity shall use reasonable efforts (but without obligation to incur any cost or expense) to obtain and deliver to
Purchaser prior to Closing, the Required Tenant Estoppels. Seller Entity shall prepare the form of all Tenant Estoppels for each Tenant using the form attached hereto as EXHIBIT A and such shall be delivered to Purchaser for
approval prior to delivery to Tenant. Purchaser shall review the drafts Tenant Estoppels and shall provide corrections to or approval of the forms within three (3) business days of receipt from Seller. Purchaser’s failure to provide
corrections to or approval of the forms within said three (3) business day period shall be deemed approval by Purchaser of the form of the Tenant Estoppels. 

5.4.3 After the Effective Date and prior to the expiration of the Inspection Period, Seller shall deliver to Purchaser written
copies of all new Leases, all cancellations, amendments, modifications, renewals or extensions of any Leases, and any written consents or waivers granted to any Tenant in connection with any of the Leases, in each case, promptly after execution and
delivery or receipt, as applicable, and, in any event, prior to the date that is three (3) business days prior to the expiration of the Inspection Period. From and after the end of the Inspection Period, no Seller Entity may enter into, cancel,
amend, modify, renew or extend any Lease, or grant any consent or waiver thereunder, without Purchaser’s written consent, which consent shall not be unreasonably withheld and which shall be deemed to have been given if the Purchaser fails to
respond to such request for approval within three (3) business days after receiving a written request therefor from Seller Contract Agent. Notwithstanding the foregoing, Seller may cancel, amend, modify, renew or extend any Lease at any time
without Purchaser’s consent if: (A) the terms of the existing Lease expressly require Landlord to do so, provided that Seller delivers to Purchaser copies of the same; (B) such is permitted (without the Seller’s Entity’s
consent) under the Lease; or (C) such is a termination of the Amcor Lease pursuant to Section 4.11. Further, the exercise by any Tenant of a right 

  
 23 

 
under a Lease to extend the term thereof by giving notice of such extension (or failing to exercise a right to terminate, as the case may be) shall not require the consent or approval of the
Purchaser. 
 5.4.4 Seller Entity shall have the right to continue to enter into New Contracts (provided such are terminable
without penalty upon 30 days notice or less) for its Respective Property pursuant to its normal course of business, and, shall notify Purchaser as to the existence of any New Contracts, and provide copies of such New Contracts to Purchaser promptly
following the execution thereof. Notwithstanding the foregoing, after the Inspection Period, Seller Entity shall not enter into any New Contract without the prior consent of Purchaser, which consent may be withheld in Purchaser’s reasonable
discretion; provided, however, no such consent is required for: (i) any New Contract required in connection with an emergency; (ii) any New Contract that will be fully performed or cancelled by Seller Entity prior to Closing; or
(iii) any New Contract required to fulfill a Seller Entity’s obligation under a Lease, Monetary Lien or Permitted Exception. In the event Purchaser disapproves of any such New Contract, Purchaser shall, with its disapproval notice, provide
Seller Contract Agent with the detailed reason for such disapproval (identifying the objection thereof), together with a reasonable alternative therefor, which such Seller Entity may then execute upon. 

5.4.5 Prior to expiration of the Inspection Period, Purchaser may in a written notice to Seller Contract Agent designate those
Contracts which Purchaser desires to have any Seller Entity terminate effective as of the Closing (“Terminated Contracts”). Seller Entity agrees to so terminate the Terminated Contracts prior to or effective as of the Closing, and
to pay any and all costs, fees or penalties associated with terminating the Terminated Contracts; provided that Purchaser hereby acknowledges and agrees that Purchaser shall be required to assume, and shall assume at Closing, those Contracts
identified on any Property Exhibit as a “Must Take Contract”. Any income, credits, expenses, or other amounts due under any Assigned Contracts shall be prorated by the parties at Closing pursuant to Section 4.4 hereinabove. In
all events, Seller Entity is required to terminate its management agreement with Property Manager (the “Management Agreement”) effective as of the Closing. If a Contract is terminable, but not terminable effective at or prior to
Closing, Seller Entity shall nonetheless terminate such Contract at Purchaser’s written request, but such shall become an Assigned Contract for any period of time after the Closing that the Contract remains in effect. 

5.4.6 The leasing agent disclosed on any Property Exhibit (a “Leasing Agent”) acts as leasing agent for that
Respective Property pursuant to a written leasing agreement (the “Leasing Agreement”). Seller Entity agrees that it shall terminate any Leasing Agreement as of the Closing Date. Seller Entity shall demand from Leasing Agent its
protection list of potential tenants with respect to the Respective Property which Leasing Agent is entitled to submit pursuant to the terms of the Leasing Agreement (the “Protection List”) and the applicable Seller Entity shall
provide the same to Purchaser promptly upon receipt. In the event a Protection List is delivered to Purchaser by a Leasing Agent, Purchaser shall be liable to pay a commission to Leasing Agent on the terms set forth in the Leasing Agreement in the
event Purchaser executes a Lease with a 

  
 24 

 
potential tenant identified on the Protection List after the Closing within the period specified in the applicable Leasing Agreement, and the applicable Seller Entity shall have no liability for
such commissions. 
 5.4.7 To the extent specifically requested by Purchaser in any Title Objection Notice, Seller agrees to
use commercially reasonable efforts to obtain a Declaration Estoppel with respect to any Declaration; provided, however, that the delivery of any such Declaration Estoppel shall not be a condition precedent to Closing and Seller’s inability to
obtain any Declaration Estoppel shall not be a default by Seller under this Agreement. 
 5.4.8 Prior to the termination of
this Agreement, no Seller Entity shall: (a) enter into any letter of intent or purchase and sales agreement concerning its Respective Property; or (b) grant any mortgage, deed of trust, lien, assessment, or encumbrance of record against
its Respective Property (other than the Permitted Exceptions). Nothing contained herein, however, shall require any Seller Entity, Parent or any other affiliate of Parent to (x) withdraw or demand the return of any previously delivered offering
memoranda or sale materials relating to the Properties, or (y) to cease publication or distribution of (or recall any previously distributed) offering memoranda or sale materials. 

5.4.9 Except as expressly permitted pursuant to this Section 5.4, without Purchaser’s prior written approval,
which may be withheld in Purchaser’s sole and absolute discretion, Seller Entity shall not directly or indirectly (i) sell, contribute, assign or create any right, title or interest whatsoever in or to its Respective Property,
(ii) cause or permit any mortgage, deed of trust, lien, assessment, obligation, interest, encroachment or liability whatsoever to be placed of record against its Respective Property (other than the Permitted Exceptions), or (iii) enter
into any agreement to do any of the foregoing. 
 5.5 Representations and Warranties of Purchaser. Purchaser hereby represents and
warrants to Sellers: 
 5.5.1 Purchaser is not acquiring the Properties with the assets of an employee benefit plan as
defined in Section 3(3) of ERISA. 
 5.5.2 Purchaser has the full right, power and authority to purchase the Properties
as provided in this Agreement and to carry out Purchaser’s obligations hereunder, and all requisite action necessary to authorize Purchaser to enter into this Agreement and to carry out its obligations hereunder have been, or by the Closing
will have been, taken; provided, however, that Purchaser will require approval of its board of directors in order to consummate the acquisition of the Conveyed Assets, which approval shall be obtained prior to the end of the Inspection Period unless
Purchaser otherwise terminates this Agreement at or prior to the end of the Inspection Period. The person signing this Agreement on behalf of Purchaser is authorized to do so. 

  
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 5.5.3 There is no action, suit, arbitration, unsatisfied order or judgment,
government investigation or proceeding pending against Purchaser which, if adversely determined, could individually or in the aggregate materially interfere with the consummation of the transaction contemplated by this Agreement. 

5.5.4 Purchaser’s source of funds for the acquisition of the Properties will not involve any amounts that violate or would
be subject to seizure under 18 U.S.C. §§1956-1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 21 U.S.C. § 881 (Drug Property Seizure), Executive Order 13224, or the USA Patriot Act. To
Purchaser’s knowledge, except for third-party persons who hold direct or indirect ownership interests of less than ten percent (10%) of the ownership interests in Purchaser or its parent entities or affiliates, neither Purchaser nor any of
its affiliates or parent entities is a person or entity with whom U.S. persons are restricted from doing business under OFAC, Executive Order 13224 or the USA Patriot Act. 

5.6 Survival of Purchaser’s Representations and Warranties. The representation and warranties of Purchaser set forth in
Sections 5.5.1 and 5.5.2 shall survive Closing and shall be a continuing representation and warranty without limitation. All other representations and warranties of Purchaser shall survive Closing for the Survival Period. 

ARTICLE VI 
 DEFAULT 

6.1 Default by Purchaser. 

6.1.1 Failure to Close or Make Additional Deposit. If: (i) Purchaser fails to close the transaction
contemplated under this Agreement for any reason other than as a result of a default by any Seller Entity hereunder or the permitted termination of this Agreement by either Sellers or Purchaser as herein expressly provided; or (ii) Purchaser
fails to terminate this Agreement prior to the end of the Inspection Period and then fails to deposit the Additional Deposit when required hereunder, then in either such events Sellers shall be entitled, as their sole remedy, to terminate this
Agreement as to all Properties and receive the Earnest Money as liquidated damages for the Purchaser’s breach of this Agreement and neither party hereto shall have any further rights, obligations or liabilities hereunder except to the extent
that any right, obligation or liability set forth herein expressly survives termination of this Agreement. The parties hereto agree that the actual damages to Sellers in the event of such breach are impractical to ascertain and the amount of the
Earnest Money is a reasonable estimate thereof. The parties acknowledge that the payment of such liquidated damages is not intended a forfeiture or penalty within the meaning of California Civil Code Sections 3275 or 3369, but is intended to
constitute liquidated damages to Seller pursuant to California Civil Code Section 1671. 
 6.1.2 If for any
reason (other than a default by any Seller Entity hereunder or the permitted termination of this Agreement by either Sellers or Purchaser as 

  
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herein expressly provided) Purchaser shall default in the performance of any of its obligations (other than its obligations described in Section 6.1.1 above) to be performed prior
to the Closing Date and (i) such default is susceptible to being cured and Sellers have provided ten (10) days prior written notice to Purchaser upon which, if necessary, the Closing Date shall be extended to provide Purchaser such cure
period (unless such default is waived by Seller), or (ii) such default is not susceptible to being cured and Sellers have provided prior written notice to Purchaser, then Sellers shall be entitled, as their sole and exclusive remedy, to
terminate this Agreement and receive their actual damages incurred as a result of such default; provided, however, that such damages shall not include any special, consequential, exemplary or punitive damages, or damages under any theory of tort or
other action other than for breach of contract, and in no event shall such actual damages exceed $1,700,000. 
  

									
	PURCHASER:	 	 /s/ AK
	 		 	SELLER:	 	 /s/ HH

 6.2 Default by Seller. In the event that any Seller Entity fails to perform any of its obligations
under this Agreement other than as a result of a default by Purchaser hereunder or the permitted termination of this Agreement by Sellers or Purchaser as herein expressly provided, Purchaser shall be entitled, as its sole remedy, either: (a) to
terminate this Agreement as to all Properties, in which case (i) Sellers shall reimburse Purchaser for its actual out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation
of this Agreement and the transaction contemplated hereby and Purchaser’s due diligence, up to a maximum of $200,000.00, (ii) Purchaser shall receive the return of the Earnest Money (less the independent contract consideration, which
Escrow Agent shall deliver to Sellers), (iii) Seller shall pay any cancellation charges to Escrow Agent and Title Company, and (iv) Purchaser and Sellers shall be discharged from all duties and performance hereunder, except those
obligations which, by their terms, specifically survive the termination hereof; or (b) to enforce specific performance of all of the Seller Entities’ obligation to execute the documents required to convey the Properties to Purchaser, it
being understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of any Seller Entity hereunder. Purchaser expressly waives its rights to seek damages in the event of any default by the
Seller Entities hereunder. Purchaser shall be deemed to have elected the option in Section 6.2(a) above if Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction in the county and state in
which each Property is located, on or before thirty (30) days following the date upon which Closing was to have occurred. 
 6.3
Post-Closing. After the Closing, in the event of any breach of any of the covenants, representations or warranties hereunder or under any other agreement, document, certificate or instrument delivered by the parties which survive the Closing
(a “Post-Closing Default”), Purchaser and each Seller Entity shall have all remedies existing under applicable law with respect to such Post-Closing Default; provided, however, in no event shall Purchaser ever be entitled to:
(a) rescind this Agreement or (b) recover from any Seller Entity: (i) damages or any judgment in excess of the Property Level Cap as to a breach involving a single Property or Seller Entity; (ii) damages or any judgment in excess
of the Aggregate Cap as to all breaches 

  
 27 

 
whatsoever; (iii) damages under any theory of tort or other action other than breach of contract based on the express provisions of this Agreement; or (iv) any consequential, exemplary
or punitive damages. Further, if a Post-Closing Default is curable, prior to a party’s exercise of any right or remedy as a result thereof, the other party shall first deliver written notice to the other and give the other ten (10) days
thereafter in which to cure said Post-Closing Default. Notwithstanding anything herein to the contrary, the Aggregate Cap shall not apply to any Post-Closing Default by any Seller Entity arising under Sections 6.4, or 8.1. 

6.4 Attorneys’ Fees. Should any party hereto employ an attorney for the purpose of enforcing this Agreement, or any judgment based
on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief or other litigation, the prevailing party shall be entitled to receive from the other party or parties thereto reimbursement for
all reasonable attorneys’ fees and all costs, whether incurred at the trial or appellate level, including but not limited to service of process, filing fees, court and court reporter costs, investigative costs, expert witness fees and the cost
of any bonds, whether taxable or not, and such reimbursement shall be included in any judgment, decree or final order issued in that proceeding. The “prevailing party” means the party in whose favor a judgment, decree, or final order is
rendered. A party’s rights and remedies under this Section 6.4 shall not limit and shall, in any event, be in addition to its rights and remedies under any other provision of this Agreement. 

6.5 Parent Guaranty. In order to secure the performance of Seller’s obligations under Section 6.3 of this Agreement,
AP Industrial Portfolio III LLC, a Delaware limited liability company (the “Parent”), shall execute and deliver to Purchaser a guaranty in the form attached as EXHIBIT J (the “Parent Guaranty”). 

ARTICLE VII 
 RISK OF LOSS 

7.1 Minor Damage. In the event of casualty or condemnation to any Property or any portion thereof (in this context a “Damaged
Property”) and such is not a Major Loss (as hereinafter defined), this Agreement shall remain in full force and effect provided that the applicable Seller Entity whose Respective Property is the Damaged Property (the “Affected
Seller”), at its option, either (i) performs any necessary repairs to the Damaged Property to place the Damaged Property in substantially the same condition as existed prior to the casualty or condemnation, or (ii) assigns to
Purchaser all of its right, title and interest to any claims and proceeds which the Affected Seller may have with respect to any casualty insurance policies or condemnation awards relating to the Damaged Property (other than proceeds of business
interruption or rent loss insurance payable with respect to periods prior to Closing). In the event that an Affected Seller elects to proceed under subsection (i) above, the Affected Seller shall use reasonable efforts to complete such repairs
promptly and the Closing Date for all Properties (or if mutually agreed to by the Sellers and Purchaser, just the Damaged Property) shall be extended a reasonable time in order to allow for the completion of such repairs but no extension shall be
for more than 60 days. If the Affected Seller elects to proceed under subsection (ii) above, the Allocated Purchase Price for the Damaged Property shall be reduced by an amount equal to the deductible amount under the Affected Seller’s
insurance policy. Upon Closing, full risk of loss with respect to the Properties shall pass to Purchaser. 

  
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 7.2 Major Damage. In the event of a Major Loss to a Property, either (a) the Affected
Seller or Purchaser may terminate this Agreement as to the Damaged Property only by written notice to the other party within the time periods provided in this Section 7.2, in which event the Purchase Price shall be reduced by the
Allocated Purchase Price for the Damaged Property and the Damaged Property shall for all purposes be deemed to have been removed from this Agreement, or (b) Purchaser may terminate this Agreement as to all Properties. In such an event, neither
party hereto shall have any further rights, obligations or liabilities hereunder with respect to the Damaged Property (in the case of subclause (a) above) or all of the Properties (in the case of subclause (b) above) except to the extent
that any right, obligation or liability set forth herein expressly survives termination of this Agreement. If neither the Affected Seller nor Purchaser elects to terminate this Agreement as to the Damaged Property, or if Purchaser does not elect to
terminate this Agreement in its entirety, within ten (10) days after Seller Contract Agent sends Purchaser written notice of the occurrence of the Major Loss, then the Affected Seller and Purchaser shall be deemed to have elected to proceed
with Closing, in which event the Affected Seller shall, at its option, either (i) perform any necessary repairs to the Damaged Property to place the Damaged Property in substantially the same condition as existed prior to the Major Loss, or
(ii) assign to Purchaser all of its right, title and interest to any claims and proceeds the Affected Seller may have with respect to any casualty insurance policies or condemnation awards relating to the Damaged Property (other than proceeds
of business interruption or rent loss insurance payable with respect to periods prior to Closing). In the event that the Affected Seller elects to proceed under subsection (i) above, the Affected Seller shall use reasonable efforts to complete
such repairs promptly and the Closing Date shall be extended a reasonable time in order to allow for the completion of such repairs but no extension shall be for more than 60 days. If Seller elects to proceed under subsection (ii) above, the
Allocated Purchase Price for the Damaged Property shall be reduced by an amount equal to the deductible amount under the Affected Seller’s insurance policy. 

7.3 Definition of “Major Loss”. For purposes of Section 7.1 and Section 7.2, “Major
Loss” shall mean: (i) casualty to the Damaged Property for which the cost of repairing the Damaged Property to a condition substantially the same as that which existed prior to the casualty or condemnation is, in the opinion of an
architect selected by the Affected Seller (and reasonably approved by Purchaser), equal to or greater than $1,500,000.00, (ii) any loss due to a condemnation which permanently and materially impairs the current use of or access to the Damaged
Property or (iii) a casualty or condemnation which gives rise to a tenant termination right under a Lease in effect with respect to all or a portion of the Damaged Property (other than the Leases with Commercial Filter, LLC and Amcor Rigid
Plastics USA, LLC). 
 ARTICLE VIII 

COMMISSIONS 
 8.1 Brokerage
Commissions. In the event the transaction contemplated by this Agreement is consummated, but not otherwise, Sellers agree to pay to CBRE (the “Broker”) at Closing a brokerage commission pursuant to a separate written agreement
between Sellers and 

  
 29 

 
Broker. Each party agrees that: (i) neither party has engaged any broker or finder other than the Broker in connection with the transactions contemplated by this Agreement, and
(ii) should any claim be made for brokerage commissions or finder’s fees by any broker or finder other than the Broker by, through or on account of any acts of said party or its representatives, said party will indemnify, defend and hold
the other parties free and harmless from and against any and all loss, liability, cost, damage and expense in connection therewith. The provisions of this paragraph shall survive Closing and any termination of this Agreement. 

ARTICLE IX 
 DISCLAIMERS AND
WAIVERS 
 9.1 No Reliance on Documents. Except as expressly stated in Section 5.1, Sellers makes no representation or
warranty as to the truth, accuracy or completeness of any materials, data or information delivered by Sellers, Property Manager, Broker or any other person to Purchaser in connection with the transaction contemplated hereby. Purchaser acknowledges
and agrees that all materials, data and information delivered by Sellers, Property Manager, Broker or any other person to Purchaser in connection with the transaction contemplated hereby are provided to Purchaser as a convenience only and that any
reliance on or use of such materials, data or information by Purchaser shall be at the sole risk of Purchaser, except as otherwise expressly stated in Section 5.1. Without limiting the generality of the foregoing provisions, Purchaser
acknowledges and agrees that (i) any environmental or other report with respect to the Properties which is delivered to Purchaser shall be for general informational purposes only, (ii) Purchaser shall not have any right to rely on any such
report, but rather will rely on its own inspections and investigations of the Properties and any reports commissioned by Purchaser with respect thereto, and (iii) neither Seller, any affiliate of Seller, Property Manager, Broker or any other
person which prepared any such report shall have any liability to Purchaser for any inaccuracy in or omission from any such report. 
 9.2
DISCLAIMERS. ACCORDINGLY, EXCEPT FOR THE SELLER REPRESENTATIONS, IT IS UNDERSTOOD AND AGREED THAT NO SELLER ENTITY IS MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESSED OR IMPLIED, WITH
RESPECT TO THE PROPERTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION,
UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF ANY OF THE PROPERTIES WITH GOVERNMENTAL LAWS, THE TRUTH, ACCURACY OR COMPLETENESS OF THE DUE DILIGENCE INFORMATION OR ANY OTHER INFORMATION PROVIDED BY
OR ON BEHALF OF SELLERS TO PURCHASER, OR ANY OTHER MATTER OR THING REGARDING THE PROPERTIES. PURCHASER ACKNOWLEDGES AND AGREES THAT, UPON CLOSING, EACH SELLER ENTITY SHALL SELL AND CONVEY TO PURCHASER (AND PURCHASER SHALL ACCEPT) EACH PROPERTY
“AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED IN THE SELLER REPRESENTATIONS. PURCHASER HAS NOT RELIED AND WILL NOT RELY 

  
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ON, AND NO SELLER ENTITY SHALL BE LIABLE FOR OR BOUND BY, ANY EXPRESSED OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTIES OR RELATING
THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, DUE DILIGENCE INFORMATION PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTIES) MADE OR FURNISHED BY SELLERS, THE PROPERTY MANAGER, BROKER OR ANY OTHER PERSON REPRESENTING OR PURPORTING TO
REPRESENT SELLERS, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THE SELLER REPRESENTATIONS. PURCHASER REPRESENTS TO SELLERS THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING,
SUCH INVESTIGATIONS OF THE PROPERTIES, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTIES AND THE EXISTENCE OR NONEXISTENCE OR
CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTIES, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLERS OR ITS AGENTS OR EMPLOYEES WITH
RESPECT THERETO. UPON CLOSING, PURCHASER SHALL ACQUIRE THE PROPERTIES SUBJECT TO THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY
PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED ALL OF THE SELLER ENTITIES (AND THE OFFICERS, DIRECTORS, MEMBERS, SHAREHOLDERS, EMPLOYEES AND AGENTS OF EACH SELLER ENTITY) FROM
AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR
UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST ANY SELLER ENTITY (OR ANY OF THE OFFICERS, DIRECTORS, MEMBERS, SHAREHOLDERS, EMPLOYEES AND AGENTS OF ANY SELLER ENTITY) OR PROPERTY MANAGER AT ANY TIME BY REASON OF OR ARISING OUT OF
ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL LAWS). PURCHASER AGREES THAT SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS MATERIALS OR
OTHER ENVIRONMENTAL CONDITIONS ON THE PROPERTIES BE REQUIRED AFTER THE CLOSING DATE, PURCHASER HEREBY WAIVES ANY RIGHT TO PURSUE ANY ACTION AGAINST ANY OF THE SELLER ENTITIES (OR ANY OF THE OFFICERS, DIRECTORS, MEMBERS, SHAREHOLDERS, EMPLOYEES AND
AGENTS OF ANY SELLER ENTITY) WITH RESPECT TO SUCH CLEAN-UP, REMOVAL OR REMEDIATION. 
 9.3 Effect and Survival of Disclaimers.
Sellers and Purchaser acknowledge that the compensation to be paid to Sellers for the Properties has been decreased to take into account that the Properties are being sold subject to the provisions of this ARTICLE IX. Sellers and Purchaser
agree that the provisions of this ARTICLE IX shall survive Closing. 

  
 31 

 ARTICLE X 

MISCELLANEOUS 
 10.1
Confidentiality. All information acquired by Purchaser or any of its Representatives (as hereinafter defined) with respect to the Properties, whether delivered by any Seller Entity or any of its Representatives or obtained by Purchaser as a
result of its inspection of the Properties, examination of Sellers’ files or otherwise (collectively, “Inspection Material”) shall be used solely for the purpose of determining whether or not the Properties are suitable for
Purchaser’s purpose and for no other reason. Notwithstanding the foregoing, in no event shall Inspection Material include internal reports, memoranda, analysis prepared by Purchaser, anything developed by Purchaser independently of the
Inspection Material, any publicly available information obtained by Purchaser, any information known by Purchaser prior to the Effective Date (unless subject to a duty of confidentiality), or any information learned from a source not known to
Purchaser to be bound by an obligation of confidentiality to Sellers (“Excluded Materials”). To the extent Excluded Materials contain information derived from Inspection Materials, then the information contained in the Excluded
Materials shall remain subject to the confidentiality provisions of this Agreement. All Inspection Material shall be kept in strict confidence and shall not be disclosed to any individual or entity other than those Representatives of Purchaser who
need to know the information for the purpose of assisting Purchaser in making such determination. The foregoing shall not apply to any Inspection Material or other information which is in the public domain (other than as a result of a breach of this
Section 10.1) or which must be disclosed under applicable law or regulation (including without limitation, any disclosure required by the United States Securities and Exchange Commission), or with respect to information that Purchaser
may have received from sources other than Sellers or their Representatives (collectively, “Permitted Disclosures”). Purchaser will indemnify, defend and hold each Seller Entity harmless from and against any and all loss, liability,
cost, damage or expense any Seller Entity may suffer or incur as a result of the disclosure of any Inspection Material to any individual or entity other than: (i) an appropriate Representative of Purchaser and/or (ii) the use of any
Inspection Material by Purchaser or any Representative thereof for any purpose other than as herein provided and/or (iii) any Permitted Disclosures. All of the terms and conditions of this Agreement (including the identity of Purchaser and the
existence of this Agreement) are confidential, and Sellers shall not disclose such terms and conditions or the existence of this Agreement to anyone outside Sellers other than: (x) to Sellers’ legal counsel and other agents and
representatives who need to know such information in connection with the transaction contemplated hereunder or (y) if such must be disclosed under applicable law or regulation (including without limitation, any disclosure required by the United
States Securities and Exchange Commission). As used herein, “Representative” shall mean any owner, affiliate, agent, counsel representative, adviser, prospective partner, lender, or prospective lender of a party and any employee,
officer, director or shareholder of any of them. If Purchaser shall elect to terminate this Agreement pursuant to the terms of this Agreement or if the Closing shall fail to take place for any other reason whatsoever, Purchaser will, promptly
following Seller Contract Agent’s request therefore, return to Seller Contract Agent all Inspection Material in the possession of Purchaser or any of its 

  
 32 

 
Representatives and destroy all copies, notes or extracts thereof as well as all copies of any analyses, compilations, studies or other documents prepared by Purchaser or for its use (whether in
written form or contained in database or other similar form) containing or reflecting any Inspection Material (subject to Purchaser’s document retention policies). In the event of a breach or threatened breach by Purchaser or its
Representatives of this Section 10.1, each Seller Entity shall be entitled to seek an injunction restraining Purchaser or its Representatives from disclosing, in whole or in part, any Inspection Material. Nothing herein shall be
construed as prohibiting any Seller Entity from pursuing any other available remedy at law or in equity for such breach or threatened breach. The provisions of this Section 10.1 shall not survive the Closing, but shall continue in full
force and effect notwithstanding the prior termination of this Agreement pursuant to any right of termination granted herein or otherwise for a period of 540 days after the date of such termination. 

10.2 Public Disclosure. Prior to Closing, any release to the public of information with respect to the sale contemplated herein or any
matters set forth in this Agreement will be made only in the form approved in writing by Purchaser and Seller Contract Agent; provided, however, Purchaser and Sellers shall be permitted to disclose such information as required by law, including
without limitation, any disclosure required by the United States Securities and Exchange Commission. 
 10.3 Discharge of
Obligations. The acceptance of the Deeds by Purchaser shall be deemed to be a full performance and discharge of every representation and warranty made by Sellers herein and every agreement and obligation on the part of any Seller Entity to be
performed pursuant to the provisions of this Agreement, except those which are herein specifically stated to survive Closing. 
 10.4
Assignment. 
 10.4.1 Except as expressly permitted hereunder, Purchaser may not assign its rights under this
Agreement without first obtaining Seller Contract Agent’s written approval, which approval may be given or withheld in its sole discretion. The assignment of any of Purchaser’s rights under this Agreement without Seller Contract
Agent’s prior written consent shall constitute a default by Purchaser under this Agreement except to the extent expressly permitted hereunder. 

10.4.2 Purchaser shall give Seller Contract Agent written notice of any assignment of this Agreement at least ten
(10) days prior to the Closing Date. Such notice shall identify the proposed assignee or transferee and the constituent individuals and/or entities thereof and such further information with respect to the proposed assignee or transferee and the
constituent individuals and/or entities thereof, as Seller Contract Agent may reasonably request. Seller Contract Agent’s consent to any such assignment or transfer shall not relieve Purchaser of its obligations under this Agreement. 

10.4.3 The provisions of Section 10.4.1 to the contrary notwithstanding, but subject to the provisions of
Section 10.4.4, Purchaser may assign this Agreement to one or more Permitted Assignees (as hereinafter defined) without the prior written 

  
 33 

 
consent of Seller Contract Agent. In no event, however, shall the assignment of this Agreement to one or more Permitted Assignees be effective or of any force or effect whatsoever unless
Purchaser shall give Seller Contract Agent written notice at least ten (10) days prior to the Closing Date. Purchaser shall cause to be delivered to Seller Contract Agent such further information with respect to such Permitted Assignee and the
constituent individuals and/or entities thereof as Seller Contract Agent may reasonably request. Permitted Assignee shall execute and deliver to Sellers an assumption instrument reasonably satisfactory to Seller Contract Agent in form and substance
whereby the Permitted Assignee expressly assumes each of the obligations of Purchaser under this Agreement, including specifically, without limitation, all obligations concerning the Earnest Money. No assignment shall release or otherwise relieve
Purchaser from any obligations hereunder. For purposes of this Section 10.4, the term “Permitted Assignee” shall mean (a) any entity that is owned, controlled by or is under common control with Purchaser (a
“Purchaser Controlled Entity”), (b) any entity in which one or more Purchaser Controlled Entities directly or indirectly is the general partner (or similar managing partner, member or manager) or owns more than 50% of the
economic interests of such entity, or (c) any entity (or subsidiary thereof) that is advised by an affiliate of Industrial Property Advisors LLC. 

10.4.4 No assignment of this Agreement to any assignee, or transfer, directly or indirectly, of any stock, partnership or other
ownership interest in Purchaser, shall be permitted if such assignment or transfer will, in the reasonable judgment of Seller Contract Agent, cause the transaction contemplated hereby or any party thereto to violate the requirements of ERISA. In
order to enable Seller Contract Agent to make such determination, Purchaser shall cause to be delivered to Seller Contract Agent such information and certifications as are requested by Seller Contract Agent with respect to the proposed assignee or
transferee, and the constituent persons or entities of any proposed assignee or transferee. The requested information and certifications may address, without limitation, whether the Properties are being purchased with the assets of an Employee
Benefit Plan or whether a particular individual or entity is a party in interest to one or more identified Employee Benefit Plans. 
 10.5
Notices. Any notice pursuant to this Agreement shall be given in writing by (i) personal delivery, or (ii) reputable overnight delivery service with proof of delivery, or (iii) via e-mail transmission (provided such is also
sent by one of the other designated means), sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance
herewith. Notices shall be deemed to have been given: (x) at the time of personal delivery, (y) in the case of overnight delivery, one business day after depositing with the courier, postage prepaid; or (z) in the case of an e-mail
transmission, as of the date of the transmission (if such date is a business day), otherwise such shall be deemed to have been received on the next business day. Unless changed in accordance with the preceding sentence, the addresses for notices
given pursuant to this Agreement shall be as follows: 
  

							
	If to Seller or	 		  		 	
	Seller Contract	 		  		 	
	Agent:	 	Ares Management LLC	 	
		 	3340 Peachtree Road, N.E., Suite 1660
		 	Atlanta, Georgia 30326	 	
		 	Attention: Kary Nordholz	 	
		 	E-mail:	  	knordholz@aresmgmt.com	 	

  
 34 

							
		
	With a copy to:	 	DW Management Co, LLC
		 	2200 Century Parkway, Suite 100
		 	Atlanta, GA 30345	 	
		 	Attn: Daniel Wald	 	
		 	E-Mail:	  	dwald@dwmanage.com	 	
			
	With a copy to:	 	Levenfeld Pearlstein, LLC	 	
		 	Two North LaSalle Street, Suite 1300
		 	Chicago, Illinois 60602	 	
		 	Attention: Thomas G. Jaros, Esq.	 	
		 	E-mail:	  	tjaros@lplegal.com	 	
			
	If to Purchaser:	 	IPT Acquisitions, LLC	 	
		 	518 17th Street, Suite 1700	 	
		 	Denver, CO 80202	 	
		 	Attn:	  	Joshua J. Widoff, General Counsel
		 		  	Andrea Karp, Vice President
		 	E-Mail:	  	jwidoff@dividendcapital.com akarp@dividendcapital.com	 	
		
	With copies to:	 	Brownstein Hyatt Farber Schreck, LLP
		 	410 17th Street	 	
		 	Denver, Colorado 80202	 	
		 	Attn: Bruce A. James, Esq.	 	
		 	Email:	  	bjames@bhfs.com	 	

 Any counsel designated above or any replacement counsel which may be designated respectively by either party or such counsel
by written notice to the other party is hereby authorized to give notices hereunder on behalf of its respective client. Any notice from Seller Contract Agent shall be deemed a notice from each of the Seller Entities. Any notice delivered to a Seller
Entity shall be deemed to be delivered to all Seller Entities. 
 10.6 Binding Effect. This Agreement shall not be binding in any way
upon Sellers unless and until each Seller Entity shall execute and deliver the same to Purchaser. 
 10.7 Modifications. This
Agreement cannot be changed orally, and no executory agreement shall be effective to waive, change, modify or discharge it in whole or in part unless such executory agreement is in writing and is signed by the parties against whom enforcement of any
waiver, change, modification or discharge is sought. 

  
 35 

 10.8 Notification Letters. Purchaser shall deliver the Tenant Notices to each of the
Tenants under the Assigned Leases and the and the Vendor Notices to each of the vendors under the Assigned Contracts. The provisions of this paragraph shall survive Closing. 

10.9 Calculation of Time Periods. Unless otherwise specified, in computing any period of time described in this Agreement, the day of
the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday under the laws of the State of
Tennessee, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday or legal holiday. The final day of any such period shall be deemed to end at 5 p.m., Eastern time. The term “business
day” as used herein shall mean any day that federal banks are open for business within the State of Tennessee, other than Saturdays and Sundays. 

10.10 Successors and Assigns. The terms and provisions of this Agreement are to apply to and bind the permitted successors and assigns
of the parties hereto. 
 10.11 Entire Agreement. This Agreement, including the Exhibits, contains the entire agreement between the
parties pertaining to the subject matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject matter. 

10.12 Further Assurances. Each party agrees that it will without further consideration execute and deliver such other documents and
take such other action, whether prior or subsequent to Closing, as may be reasonably requested by the other party to consummate more effectively the purposes or subject matter of this Agreement, but without any obligation on the part of either party
to incur any liability or make any undertaking beyond that provided in this Agreement. Without limiting the generality of the foregoing, Purchaser shall, if requested by Seller Contract Agent, execute acknowledgments of receipt with respect to any
materials delivered by Sellers, Property Manager or Broker to Purchaser with respect to the Properties. The provisions of this Section 10.12 shall survive Closing. 

10.13 Counterparts/Facsimile Execution. This Agreement may be executed in counterparts, and all such executed counterparts shall
constitute the same agreement. It shall be necessary to account for only one such counterpart in proving this Agreement. A counterpart of this Agreement transmitted by electronic means (including so-called PDF) or facsimile will, if it is executed,
be deemed in all respects to be an original document, and any signature on that document shall be deemed to be an original signature with the same binding legal effect as an original executed counterpart of this Agreement. 

10.14 Severability. If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or
unenforceable, the remainder of this Agreement shall nonetheless remain in full force and effect. 
 10.15 Applicable Law. This
Agreement shall be governed by the laws of the State of Tennessee and the substantive federal laws of the United States and the laws of such state. 

  
 36 

 
Sellers and Purchaser hereby irrevocably submit to the jurisdiction of any state or federal court sitting in Tennessee in any action or proceeding arising out of or relating to this Agreement and
hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in a state or federal court sitting in the state of Tennessee. Purchaser and Sellers agree that the provisions of this
Section 10.15 shall survive the Closing of the transaction contemplated by this Agreement. 
 10.16 No Third Party
Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are and will be for the benefit of Sellers and Purchaser only and are not for the benefit of any third party, and accordingly, no third
party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered at Closing. 
 10.17
Exhibits and Schedules. All appendices, schedules and exhibits attached hereto shall be deemed to be an integral part of this Agreement. 

10.18 Captions. The section headings appearing in this Agreement are for convenience of reference only and are not intended, to any
extent and for any purpose, to limit or define the text of any section or any subsection hereof. 
 10.19 Construction. The parties
acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement or any exhibits or amendments hereto. 
 10.20 Termination of Agreement. It is understood and agreed
that if either Purchaser or Sellers terminates this Agreement pursuant to a right of termination granted hereunder, such termination shall operate to relieve all Seller Entities and Purchaser from all obligations under this Agreement as to all
Properties (except as provided in ARTICLE VII with respect to Damaged Properties), except for such obligations as are specifically stated herein to survive the termination of this Agreement. 

10.21 Survival. The provisions of this ARTICLE X and any other provisions of this Agreement which by their terms are intended to be
performed or be applicable after Closing shall survive Closing or any termination of this Agreement prior thereto and shall not be merged into the execution and delivery of the Deeds (subject to any express limitation upon the time period of such
survival contained herein, including Section 5.3.1). The foregoing is in addition to and not in exclusion of any survival provisions elsewhere set forth in this Agreement. 

10.22 No Recordation. Neither this Agreement nor any memorandum of the terms hereof shall be recorded or otherwise placed of public
record and any breach of this covenant shall, unless the party not placing same of record is otherwise in default hereunder, entitle the party not placing same of record to pursue its rights and remedies under ARTICLE VI. 

10.23 Joint and Several Liability for Sellers. The liability of the Sellers hereunder shall be joint and several, provided that such
liability may be limited as set forth in Section 5.3, 

  
 37 

 
Section 6.3, ARTICLE IX and elsewhere in this Agreement. Neither Purchaser nor Sellers shall have recourse against any member or affiliate of the other. In the event Purchaser
receives a notice from a Seller Entity, the same shall be deemed to constitute notice from all Sellers. In the event that any one Seller Entity brings an action against Purchaser, all Sellers must be joined in order for such action to be effective.
The foregoing provisions apply to all Closing documents executed by Sellers, with the same force and effect as if expressly set forth therein. 

10.24 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER PARTY AGAINST THE OTHER ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THEY HAVE RETAINED COUNSEL OF
THEIR OWN CHOOSING AND SUCH COUNSEL HAS FULLY EXPLAINED THE CONTENT AND LEGAL EFFECT OF THIS SECTION 10.24. 
 10.25
[Intentionally Deleted]. 
 10.26 Time is of the Essence. Time is of the essence in the performance of each term, condition
and covenant contained in this Agreement. No extension of time for performance of any obligation or act shall be deemed an extension of time for performance of any other obligation or act. 

ARTICLE XI 
 STATE SPECIFIC
PROVISIONS 
 11.1 Properties Located in California. The following provisions shall apply to any Properties located in California and
the Seller Entity which Respective Property is located in the state of California: 
 (a) Purchaser and such Seller Entity
each waive the provisions of California Civil Code Section 1662 to the extent that such provisions are not fully consistent with ARTICLE VII. 

(b) In connection with the waivers and releases contained in ARTICLE IX, Purchaser acknowledges that it is fully apprised of
the provisions of law relating to the same and upon advice of counsel hereby expressly waives all rights under California Civil Code Section 1542, which provides that: 

“A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST
IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS
OR HER SETTLEMENT WITH THE DEBTOR.” 
  

							
		  	INITIALS:	 	 /S/ AK
	  	
		  		 	PURCHASER	  	

  
 38 

 (c) Pre 1975 Construction Disclosure. Seller hereby informs Purchaser
that the Improvements may have been constructed during or prior to 1975, and the construction method may have been that of pre-cast tilt-up concrete. In accordance with
California law, Purchaser acknowledges receipt of a copy of the Commercial Property Owner’s Guide to Earthquake Safety published by the State of California Seismic Safety Commission (the “Guide”). In connection with the
Commercial Property Earthquake Weakness Disclosure Report (the “Disclosure Report”) which is made a part of the Guide, Seller hereby notifies Purchaser that with respect to Question Nos. 1 through 4 in such Disclosure
Report, Seller does not know the answers to such questions and that, by the execution of this Agreement by Seller, Seller shall have been deemed to have executed and delivered the Disclosure Report and shall be deemed to have checked the
“Don’t Know” box following each such questions. 
 (d)
Alquist-Priolo Geologic Hazard Disclosure. Purchaser acknowledges that the Property may be within a special study zone as designated under the Acquist-Priolo
Geologic Hazard Act (Section 2621 of California Public Resources Code). If the Property is so located, construction or development on Real Property of any structures intended for human occupancy may be subject to the findings of a geological
report prepared by a geologist registered in the State of California. Purchaser hereby expressly assumes such risk and hereby releases Seller and its agents and representatives and each of them from any and all loss, injury or damage which will or
may be sustained by Purchaser as a consequence of the Property being within any such special study zone. 
 (e) NHDS.
Purchaser and Seller acknowledge that Seller is required to disclose if the Property is situated within the following natural hazard areas or zones: (i) a special flood hazard area designated by the Federal Emergency Management Agency;
(ii) an area of potential flooding; (iii) a very high fire hazard severity zone; (iv) a wild land are that may contain substantial forest fire risks and hazards; (v) an earthquake fault or special studies zone; or (vi) a
seismic hazard zone. Purchaser acknowledges that Seller has engaged the services of Stewart Specialty Insurance Services (“Natural Hazard Expert”) to examine the maps and other information specifically made available to the
public by government agencies for the purposes of enabling Seller to fulfill its disclosure obligations with respect to such natural hazards, that Seller has delivered to Purchaser a written report by Natural Hazard Expert disclosing the results of
its examination of the Property dated November 25, 2015 (the “Natural Hazard Disclosure Statement”), including the matters required by that certain Article 1.7 of the California Civil Code (currently Section 1103 through
1103.14), and that Purchaser has received and reviewed a copy of the booklets available at https://www.disclosuresave.com/useful-links/. Purchaser acknowledges that this transaction is not subject to such Article 1.7, but that
nevertheless the Natural Hazard Disclosure shall serve to satisfy any and all disclosure requirements under applicable law relating to the matters referenced in the Natural Hazard Disclosure. Seller does not warrant or represent either the accuracy
or completeness of the information in the Natural Hazard Disclosure, and Purchaser shall use same merely as a part in its overall investigation of the Property. Without limiting the foregoing, if Purchaser does not terminate this Agreement pursuant
to Section 3.2 above, (i) Purchaser shall be deemed to 

  
 39 

 
have accepted any condition of the Property disclosed in the Natural Hazard Disclosure Statement, and (ii) Purchaser shall be deemed to have represented to Seller that, prior to the
expiration of the Inspection Period, Purchaser has conducted any further reviews or investigations of the Property that Purchaser believes are necessary or desirable with respect to obtaining, updating, or further investigating any information
relating to potential natural hazard conditions on or affecting the Property. For the purposes of this Agreement, the provisions of Civil Code Section 1103.4 regarding the non-liability of Seller for errors and/or omissions not within its
personal knowledge shall be deemed to apply, and the Natural Hazard Expert shall be deemed to be an expert, dealing with matters within the scope of its expertise with respect to the examination and the Natural Hazard Disclosure Statement referred
to above. 
 (f) AB 1103. Notwithstanding that Assembly Bill #1103, the Nonresidential Building Energy Use Disclosure
regulations (California Code of Regulations, Title 20, §1680 et seq.) (“AB 1103”), Seller shall not register the Property or any Improvements located thereon with the “Energy Star Portfolio Manager” or otherwise
comply with AB 1103. Purchaser hereby expressly consents to Seller not registering the Property as described in the prior sentence, and further waives and relinquishes any and all claims against Seller arising out of or relating to Seller not
registering the Property with the “Energy Star Portfolio Manager” or otherwise complying with AB 1103, including without limitation, the condition of the Property as might be revealed if Seller had made such registration under AB 1103, it
being the express agreement of the Purchaser and Seller that Purchaser’s investigations and approval of the Property are subject to the terms of this Agreement. 

[signatures on next pages – Page S-1, S-2 and S-3] 

  
 40 

 IN WITNESS WHEREOF, Sellers and Purchaser have duly executed this Purchase and Sale Agreement as
of the Effective Date. 
  

			
	SELLERS:
	
	AP ZEPHYR STREET LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

	
	AP COMMERCE PARKWAY LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

	
	AP POLK LANE LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

	
	AP QUALITY DRIVE LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

 [signatures of Sellers continued on page S-2] 

  
 S-1 

 
			
	AP QUEST WAY LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

	
	AP MIAC COVE LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

	
	AP PLEASANT HILL LLC, a Delaware limited liability company
		
	By:	 	 /s/ HOWARD HUANG

	Name:	 	 Howard Huang

	Title:	 	 Vice President

 [signature of Purchaser on page S-3] 

  
 S-2 

 
									
	PURCHASER:
	
	IPT ACQUISITIONS LLC, a Delaware limited liability company
		
	By:	 	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
			
		 	By:	 	Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
				
		 		 	By:	 	Industrial Property Trust Inc., a Maryland corporation, its general partner
					
		 		 		 	By:	 	 /s/ ANDREA KARP

		 		 		 	Name:	 	 Andrea Karp

		 		 		 	Title:	 	 SVP, Real Estate

  
 S-3

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