Document:

EX-10.33

 Exhibit 10.33 

REAL ESTATE CONTRACT 

Bayport North Distribution Center, Pasadena, Texas 
  

 
  

ARTICLE 1: GENERAL PROVISIONS 

1.1 Contract. Subject to the terms and conditions of this Real Estate Contract (this “Contract”), CARSON BAYPORT I
LP, a Delaware limited partnership (“Seller”), agrees to sell to IPT ACQUISITIONS LLC, a Delaware limited liability company (“Purchaser”), and Purchaser agrees to purchase from Seller, that certain
property known as Bayport North Distribution Center located on approximately 24.522 acres in Pasadena, Harris County, Texas (the “Land”) as more particularly described on Exhibit A attached hereto. As used herein,
“Property” shall consist of the (a) Land and all improvements and fixtures located thereon, including two (2) industrial warehouse buildings containing approximately 287,500 square feet and 276,000 square feet,
respectively (the “Improvements”), together with all of Seller’s right, title and interest in and to (i) all reversions, remainders, privileges, easements, rights-of-way, appurtenances, agreements, rights, licenses,
tenements and hereditaments appertaining to or otherwise benefiting or used in connection with the Land or Improvements, (ii) any strips and gores of land, streets, alleys, public ways or rights-of-way abutting, adjoining, adjacent, connected
or appurtenant to the Land, and (iii) any and all minerals and mineral rights, oil, gas, and oil and gas rights, and development rights, air rights, water and water rights, wells, well rights and well permits, water and sewer taps (or their
equivalents), and sanitary or storm sewer capacity appertaining to or otherwise benefiting or used in connection with the Land or Improvements; (b) Seller’s interest in all leases of the Property and guaranties thereof and security
deposits related thereto, including any leases which may be made by Seller after the Effective Date and prior to the Closing Date as permitted by this Contract (the “Leases”); and (c) Seller’s interests in the tangible
personal property to the extent in Seller’s possession (“Tangible Personal Property”) and intangible personal property (“Intangible Personal Property”) located on or related to the Property as of the Effective
Date including, without limitation: all trade names and trademarks associated with the Property and the Improvements, including Seller’s rights and interests in the name of the Property; the plans and specifications and other architectural and
engineering drawings for the Improvements; warranties and guaranties (including without limitation any roof warranties); contract rights related to the construction, operation, ownership or management of the Property, including Seller’s rights
under the IDA (as defined in Section 6.10) and any associated water and/or sanitary sewer service agreements with the City of La Porte, Texas or any other governmental authority (but only to the extent Seller’s obligations thereunder are
assignable and expressly assumed by Purchaser pursuant to this Contract); governmental permits, approvals and licenses (to the extent assignable); all records relating to the Property (including lease and tenant files); all software and any
associated licenses necessary to operate any security, sprinkler or other building systems; and all equipment, machinery, furniture, furnishings, supplies and other tangible personal property owned by Seller, and Seller’s interest in any such
property leased by Seller, now or hereafter located in and used in connection with the operation, ownership or management of the Property. 

 1.2 Purchase Price: The total purchase price to be paid to Seller by Purchaser for the
Property shall be Thirty-Nine Million Two Hundred Fifteen Thousand and No/100 Dollars ($39,215,000.00) (the “Purchase Price”). Provided that all conditions precedent to Purchaser’s obligations to close as set forth in this
Contract have been satisfied and fulfilled, or waived in writing by Purchaser, the Purchase Price shall be paid to Seller at Closing, plus or minus prorations and other adjustments hereunder, including all Earnest Money (hereinafter defined)
credited against the Purchase Price by federal wire transfer of immediately available funds. 
 1.3 Title Company and Escrow Agent:
The Title Company and Escrow Agent for this transaction shall be: Charter Title Company, 811 Main Street, Suite 3675, Houston, Texas 77002, Attn.: Garry Carr. 

1.4 Effective Date: This Contract is executed as of December 4, 2014 (the “Effective Date”). 

1.5 Inspection Period: The “Inspection Period” is the period beginning on November 6, 2014, which is the
Effective Date of that certain Right of Early Entry Agreement between Purchaser and Seller (the “Access Agreement”) and ending on December 4, 2014. 

1.6 Closing Date: The “Closing Date” is Tuesday, February 17, 2015, or such earlier date as Purchaser and Seller
may agree to in writing. 
 1.7 Deposit of Earnest Money. Within one (1) business day after the Effective Date, Purchaser shall
deposit Three Million and No/100 Dollars ($3,000,000.00) in cash (such amount, including any interest earned thereon, the “Earnest Money”) with Escrow Agent. The Escrow Agent shall hold and disburse the Earnest Money in accordance
with the escrow provisions in Exhibit B. The Earnest Money shall be promptly returned to Purchaser upon any termination of this Contract in accordance with Section 2.3, by reason of Seller’s failure to satisfy a condition in
accordance with Section 5.2, Seller’s default or any other provision hereof that expressly provides for the return of the Earnest Money to Purchaser. Provided such supplemental escrow instructions are not in conflict with this
Contract, as it may be amended in writing from time to time, Seller and Purchaser agree to execute such supplemental escrow instructions as may be appropriate to enable Escrow Agent to comply with the terms of this Contract. 

1.8 Independent Consideration. Seller and Purchaser agree that a portion of the Earnest Money equal to One Hundred Dollars ($100.00)
(the “Independent Consideration”) has been bargained for and agreed to as independent and sufficient consideration for Seller’s execution and delivery of this Contract. The Independent Consideration is non-refundable and
separate consideration from any other payment or deposit required by this Contract, and Seller shall retain the Independent Consideration upon any termination of this Contract notwithstanding any other provision of this Contract to the contrary.

 ARTICLE 2: INSPECTION 

2.1 Property Information. Seller has delivered to Purchaser the information with respect to the Property described in Exhibit C
(the “Property Information”), to the extent in Seller’s possession, prior to the expiration of the Inspection Period. The definition of the term “Service Contracts” is set forth in Exhibit C. During the
pendency of this Contract, Seller shall 

  
 2 

 
provide Purchaser with any document described on Exhibit C coming into Seller’s possession or produced by or for Seller after the initial delivery of the Property Information. If this
Contract terminates for any reason other than Seller’s default hereunder, Purchaser shall, upon Seller’s request, promptly return the Property Information to Seller. 

2.2 Inspections. Subject to the terms and conditions of the Access Agreement (including, without limitation, the repair and
indemnification provisions therein), from the Effective Date through the Closing Date (or earlier termination of this Contract), Purchaser shall have the continuing right to reasonable access, during normal business hours to the Property for the
purpose of conducting inspections and tests, including surveys and architectural, engineering, geotechnical and environmental inspections and tests. Purchaser shall not meet with any governmental authority or tenants of the Property
(“Tenant”) for any purposes without Seller’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. In conducting its inspection of the Property, Purchaser and its agents and
representatives shall not file or cause to be filed any application or make any request (other than inquiries of the public records) with any governmental or quasi-governmental agency prior to Closing for any change in zoning, parcelization,
licenses, permits or other entitlements or any investigation or restriction on the use of the Property, or any part thereof. Notwithstanding the foregoing, Purchaser’s inspection rights hereunder shall include normal and customary due diligence
inquiries and requests of applicable governmental authorities relating to lien searches, zoning, building or other land use matters, and/or environmental matters. Seller shall make reasonable efforts to facilitate Tenant interviews, provided that
Seller’s representative shall have the right to be present for any Tenant interview. Purchaser agrees that, prior to Closing, the results of all inspections and the Property Information are subject to the terms and conditions, including
confidentiality requirements, set forth in the Access Agreement. If this Contract is terminated, then, upon Seller’s request, Purchaser shall provide Seller with copies of the final third party reports that are not proprietary or subject to
attorney-client privilege relating to Purchaser’s investigation of the Property, without representation or warranty by, or recourse against, Purchaser. 

2.3 Absolute Termination Right. Purchaser shall have through the last day of the Inspection Period in which to examine, inspect,
and investigate the Property and, in Purchaser’s sole and absolute judgment and discretion, determine whether the Property is acceptable to Purchaser. Notwithstanding anything to the contrary in this Contract, Purchaser may terminate this
Contract for any reason or no reason by giving written notice of termination to Seller (the “Inspection Termination Notice”) on or before 6:00 p.m. Houston, Texas time on the last day of the Inspection Period. If Purchaser does not
give an Inspection Termination Notice, this Contract shall continue in full force and effect, and Purchaser shall be deemed to have waived its right to terminate this Contract pursuant to this Section 2.3. 

2.4 Service Contracts. On or prior to the last day of the Inspection Period, Purchaser will advise Seller in writing of which Service
Contracts it will assume and which Service Contracts Seller shall terminate at or prior to Closing. Seller shall pay any termination fees or other charges necessary to terminate as of or prior to Closing any such Service Contracts which Purchaser
does not agree to assume. 

  
 3 

 ARTICLE 3: TITLE REVIEW AND APPROVAL 

3.1 Title and Survey Review. Prior to the Effective Date, Seller delivered to Purchaser (i) a current title commitment (the
“Preliminary Title Commitment”) issued by the Title Company, in the aggregate amount of the Purchase Price, with Purchaser as the proposed insured, together with legible copies of all documents of record referred to in the
Preliminary Title Commitment as exceptions to title to the Property (the “Exception Documents”), and (ii) a copy of Seller’s existing survey of the Property (“Survey”). Purchaser shall have the option, at
Purchaser’s sole cost and expense, to obtain an update to the Survey or an updated survey of the Property. Purchaser shall have until 6:00 p.m. Houston, Texas time on November 25, 2014 (the “Title Review Period”) to
deliver to Seller in writing any objection Purchaser has to any exception or matter contained in the Preliminary Title Commitment or the Survey (“Objections”). If Purchaser fails to give written notice of Purchaser’s Objections
to Seller prior to the expiration of the Title Review Period, then all exceptions to title shown on Schedule B of the Preliminary Title Commitment and all matters shown on the Survey shall be deemed to be approved by Purchaser and shall be deemed to
be Permitted Exceptions (as hereinafter defined). If Purchaser has timely notified Seller in writing of Purchaser’s Objections to the Preliminary Title Commitment or the Survey, then Seller shall have a period of three (3) business days
following the receipt of the Objections (the “Notice Period”) in which to give written notice (“Seller’s Title Cure Notice”) to Purchaser of Seller’s intention to satisfy or not satisfy the Objections
prior to Closing; provided, however, Purchaser acknowledges that Seller has no obligation to satisfy any of Purchaser’s Objections, other than Mandatory Cure Items (as hereinafter defined). If Seller fails to timely give Purchaser the
Seller’s Title Cure Notice, or if Seller notifies Purchaser in writing during the Notice Period that Seller will not satisfy the Objections prior to Closing, then, in either event, Purchaser shall have the option, by written notice to Seller
prior to the expiration of the Inspection Period, to either (y) waive the unsatisfied Objections, in which event those unsatisfied Objections shall become Permitted Exceptions, or (z) terminate this Contract. If Purchaser does not timely
elect to terminate this Contract pursuant to the terms of this Section 3.1, then Purchaser shall be deemed to have waived any unsatisfied Objection and any such unsatisfied Objection shall become a Permitted Exception; provided, however,
in all events Seller shall be obligated to cause to be released on or before Closing, (i) all Schedule C matters applicable to Seller contained in the Preliminary Title Commitment, (ii) all items Seller agrees to cure in Seller’s
Title Cure Notice, and (iii) all Mandatory Cure Items. If Purchaser timely elects to terminate this Contract pursuant to this Section 3.1, then in such event, the Earnest Money shall be returned to Purchaser, and Seller and
Purchaser shall have no further obligations, one to the other, with respect to the subject matter of this Contract. The Property shall be conveyed free and clear of monetary liens, security interests, and claims of liens or security interests (other
than the lien for non-delinquent taxes or assessments or liens caused by the actions or inactions of a Tenant that are the responsibility of such Tenant under its Lease), and Seller shall remove at Closing all such liens and security interests
(collectively, the “Mandatory Cure Items”), irrespective of whether Purchaser raises same as an Objection or a New Objection (defined below). The term “Permitted Exceptions” means those specific exceptions in the
Preliminary Title Commitment or shown on the Survey as of the end of the Inspection Period other than those that Purchaser has objected to and Seller is required or has agreed in writing to remove, any real estate taxes not yet due and payable and
the standard pre-printed exceptions required by the State of Texas Department of Insurance. 

  
 4 

 Notwithstanding anything herein to the contrary, if the Preliminary Title Commitment or Survey is
re-issued or updated after the Title Review Period, Purchaser shall have the right to object (each, a “New Objection”) to any additional matter disclosed or contained in any such update that was not shown in the Preliminary Title
Commitment, was not consented to by Purchaser and adversely affects in any way the ownership, use or operation of, or title to, the Property (notwithstanding the passage of the Inspection Period). If Seller is unable or unwilling to cause any such
New Objection to be removed or bonded over within the lesser of five (5) days following receipt by Seller of a New Objection or the Closing Date, Purchaser shall have the right either to (i) waive such New Objection and proceed to Closing
without any adjustment in the Purchase Price, or (ii) terminate this Contract, in which event the Earnest Money shall be returned to Purchaser, and Seller and Purchaser shall have no further obligations, one to the other, with respect to the
subject matter of this Contract, other than those items that expressly survive this Contract. 
 3.2 Title Policy Condition.
Purchaser shall not be obligated to close this transaction unless, as a condition benefiting Purchaser only, upon the sole condition of payment of the premium, at Closing, the Title Company shall irrevocably commit to issue to Purchaser an
Owner’s Policy of Title Insurance as promulgated by the State of Texas Department of Insurance, dated as of the date and time of the recording of the Deed (as hereinafter defined), in the amount of the Purchase Price, insuring Purchaser as
owner of good and indefeasible fee simple title to the Property, free and clear of liens, subject only to the Permitted Exceptions (the “Title Policy”) 

3.3 Association Estoppel. Seller shall obtain and deliver to Purchaser a written estoppel certificate from the property owners’
association under the Protective Covenants for Bayport North Industrial Park in the form attached hereto as Exhibit G (the “Association Estoppel”). Seller will deliver a copy of the signed Association Estoppel to Purchaser
promptly following receipt. Receipt of the Association Estoppel in substantially the form attached as Exhibit G, without any material changes thereto, shall be a condition to Purchaser’s obligation to close. 

ARTICLE 4: COVENANTS 
 4.1
Operation of Property. Seller shall operate and manage the Property in the same manner in which it is being operated as of the Effective Date, maintaining present services, and shall maintain the Property in its same repair and working order;
shall keep on hand sufficient materials, supplies, equipment and other personal property for the efficient operation and management of the Property in the manner in which it is being operated as of the Effective Date; and shall perform, when due,
all of Seller’s obligations under the Leases, Service Contracts and the other agreements relating to the Property and otherwise in accordance with applicable laws, ordinances, rules and regulations affecting the Property. Except as otherwise
specifically provided herein, at Closing, Seller shall deliver the Property in substantially the same condition as exists on the Effective Date, reasonable wear and tear and damage by casualty or condemnation excepted (subject to the terms and
conditions of Sections 9.2 and 9.3 below). No Tangible Personal Property owned by Seller shall be removed from the Property, unless replaced by Tangible Personal Property of equal or greater utility and value. 

  
 5 

 4.2 New Contracts. From the Effective Date through the Closing, except as provided below
with respect to leasing activities, unless Purchaser has given its prior written consent, which consent shall not be unreasonably delayed, conditioned or withheld, Seller will not enter into, amend, terminate, waive any default under or grant
concessions regarding any contract that will be an obligation affecting the Property subsequent to the Closing. Any property management and leasing contracts for the Property shall be terminated prior to or upon the Closing. 

4.3 Operating Expenses. Seller shall pay all operating expenses of the Property as the same become due for the period up to the Closing
Date, and all valid bills rendered by contractors, laborers and materialmen performing work upon or furnishing materials to the Property at the request of Seller. 

4.4 Leasing. From the Effective Date through the Closing Date, Seller will not enter into any new Lease, any amendment of an existing
Lease, or terminate any existing Lease unless Purchaser has given its prior written consent, which consent (i) prior to the date that is three (3) business days prior to the expiration of the Inspection Period, shall not be unreasonably
delayed, conditioned or withheld, and (ii) thereafter, may be granted or withheld in Purchaser’s sole discretion. Seller shall notify Purchaser in writing of any Lease it desires to enter into, any amendment to an existing Lease or any
proposed Lease termination (the “Lease Notice”). Purchaser shall notify Seller of its objection to such action within five (5) business days of receipt of the Lease Notice, or such action shall be deemed approved. The Lease
Notice shall contain all material information related to the Lease which is the subject of the Lease Notice, including, as to any new Lease, the lease form (if available), lease terms, leasing commissions, tenant improvement obligations and other
lease procurement costs, description of the proposed tenant’s business, and the proposed tenant’s financial statements or a credit report. If Purchaser consents to a Lease, and such Lease is executed prior to the Closing Date, Purchaser
shall be responsible for all tenant improvement costs and leasing commissions associated with such Lease. If Seller funds any of such costs, they will be fully reimbursed at the Closing. 

4.5 Maintenance of Insurance. From the Effective Date through the Closing Date, Seller shall continue to carry its existing insurance
and shall not allow any breach, default, termination or cancellation of such insurance policies to occur or exist. 
 4.6 Permits and
Encumbrances. From the Effective Date through the Closing Date, Seller shall not (a) encumber the Property or create or modify any exceptions to title to the Property without Purchaser’s prior written consent, which consent
(i) prior to the date that is three (3) business days prior to the expiration of the Inspection Period, shall not be unreasonably delayed, conditioned or withheld, and (ii) thereafter, may be granted or withheld in Purchaser’s
sole discretion, or (b) initiate or consent to any action with respect to zoning or other Property entitlements or permits. 
 4.7
Exclusivity. From the Effective Date through the Closing Date, Seller will not enter into negotiations or any contract (whether binding or not) regarding any sale or other disposition of the Property. 

  
 6 

 4.8 Estoppel Certificates. Prior to the Closing Date, Seller shall obtain and
deliver to Purchaser estoppel certificates (the “Estoppel Certificates”) dated no earlier than forty-five (45) days prior to Closing, executed by the following Tenants (collectively, the “Required Estoppels”):
(a) Crane Worldwide Logistics, LLC, (b) Clearwater International, L.L.C., and (c) if any of the vacant space in the Improvements is leased prior to Closing, the Tenant(s) under such leases, substantially in the form attached hereto as
Schedule 4.8, and certified to Seller, Purchaser and Purchaser’s lender (if applicable). Seller shall provide Purchaser with an opportunity to review each Estoppel Certificate prior to submitting same to each Tenant, and shall deliver
executed Estoppel Certificates received from any Tenants promptly following receipt. Seller shall use commercially reasonable efforts to obtain Estoppel Certificates from all Tenants of the Property (excluding month-to-month Tenants) and any
guarantors of a Tenant’s obligations under a Lease (where applicable); however, receipt of the Required Estoppels shall be the only condition to Closing. No Estoppel Certificate shall show any materially adverse matters, including without
limitation any verbal agreements or any default or purported default thereunder by any party. In the event any Estoppel Certificate shall claim a default by Seller under a Lease (such default hereinafter being referred to as an “Estoppel
Default”), then Seller may, but shall not be obligated to, elect to cure any such Estoppel Default and shall, for that purpose, be entitled to extend the Closing for a period not to exceed thirty (30) days. Seller’s failure to
deliver the Required Estoppels or cure an Estoppel Default under this section shall constitute a failure of a condition to Purchaser’s obligations hereunder and not a default by Seller, Purchaser shall not be entitled to specific performance of
such obligation of Seller, and Purchaser’s sole remedies shall be as set forth in Section 5.2 below for the failure of a condition. Upon delivery of any Estoppel Certificate executed by a Tenant, Seller shall be entirely released
from any liability under those Seller representations that concern and cover the same information contained in such Estoppel Certificate, if and to the extent such information contained in such Estoppel Certificate is consistent with and/or
confirms, or is more favorable than, the corresponding information contained in Seller’s representations.  
 ARTICLE 5:
CONDITIONS AND REMEDIES 
 5.1 Conditions. The obligation of Seller to consummate the transactions contemplated hereunder shall
be subject to Purchaser’s satisfaction of its obligations under Sections 6.3 and 6.4 hereof. The obligation of Purchaser to consummate the transactions contemplated hereunder shall be subject to the following conditions: 

5.1.1 Representations and Warranties. Seller’s representations and warranties contained in this Contract
(collectively, “Seller’s Representations”) (a) shall be true and correct in all material respects as of the respective dates made, and (b) shall be re-made as the facts then exist as of the Closing Date, provided that
the foregoing shall not limit Purchaser’s right to terminate this Agreement as a result of the failure of the condition precedent set forth in subsection 5.1.1(a) hereof, or Purchaser’s other rights and remedies in the event of a
breach of or change to Seller’s Representations pursuant to Section 8.4; 
 5.1.2 Covenants. As of
the Closing Date, Seller shall have performed its covenants and obligations hereunder and all deliveries to be made by Seller at Closing have been tendered; 

  
 7 

 5.1.3 Pending Actions. At Closing there shall be no pending administrative
agency, litigation or governmental proceeding of any kind whatsoever against the Property or that, after Closing, would, in Purchaser’s reasonable discretion, materially and adversely affect the value or marketability of the Property, or the
ability of Purchaser to operate the Property in the manner it is being operated on the Effective Date; 
 5.1.4
Water/Sewer Agreements. As of the Closing Date, Purchaser shall have received (i) a Water Service Agreement and Sanitary Sewer Service Agreement with the City of La Porte, Texas, for the Property having a term that is coterminous with
the term of the IDA (as defined below) and otherwise on terms and conditions comparable to the prior Water Service Agreement and Sanitary Sewer Service Agreement for the Property dated October 3, 2005, or (ii) reasonably satisfactory
evidence that such agreements with the City of La Porte, Texas, are not necessary or required for the continued use of potable water and sanitary sewer services by the Property and that such services will not be limited, interrupted or terminated in
any way without such agreements; 
 5.1.5 Other. Each other condition set forth in this Contract to Purchaser’s
obligation to close has been satisfied by the applicable date, including without limitation the Title Policy condition set forth in Section 3.2, and Purchaser’s receipt of the Required Estoppels and the Association Estoppel with
respect to Bayport North Industrial Park. 
 5.2 Effect of Failure of Condition. So long as a party is not in default hereunder, if
any condition benefiting such party has not been satisfied, or waived by such party, as of the Closing Date or other applicable date, except as otherwise provided in this Contract, such party may, in its sole discretion and as its sole and exclusive
remedy: (i) terminate this Contract by delivering written notice to the other party on or before the Closing Date or other applicable date, in which event the Earnest Money shall be returned to Purchaser (unless Purchaser is in default
hereunder), (ii) extend the time available for the satisfaction of such condition by up to a total of ten (10) business days, or (iii) elect to close, notwithstanding the non-satisfaction of such condition, with reservation of any
rights such party may have with respect to any prior breach. If such party elects to proceed pursuant to clause (ii) above, and such condition remains unsatisfied after the end of such extension period, then, at such time, such party may elect
to proceed pursuant to either clause (i) or (iii) above. Notwithstanding the foregoing, if the failure of any condition to Closing under this Contract is due to a breach by a party hereunder, the other party may pursue its available
remedies under Section 5.3. 
 5.3 Remedies. 

(a) In the event that Purchaser fails to close in default of its obligations hereunder and such default continues for more than three
(3) business days after written notice from Seller to Purchaser, Seller may, as its sole and exclusive remedy, terminate this Contract and retain the Earnest Money as liquidated damages, Seller waiving all other rights or remedies in the event
of such default by Purchaser. The parties acknowledge that Seller’s actual damages in the event of a default by Purchaser under this Contract will be difficult to ascertain, and that such liquidated damages represent the parties’ best
estimate of such damages. The foregoing liquidated damages provision shall not apply to or limit Purchaser’s liability for Purchaser’s obligations under the Access Agreement, Sections 2.2, 7.4 and 10.9 of
this Contract or for Purchaser’s obligation to pay to Seller all attorney’s fees and costs of Seller to enforce the provisions of this Section 5.3. 

  
 8 

 (b) In the event that Seller defaults on any obligation hereunder and such default continues for
more than three (3) business days after written notice from Purchaser to Seller, Purchaser may, as its sole remedy, either (i) terminate this Contract, in which case Seller shall reimburse Purchaser for Purchaser’s out-of-pocket costs
and expenses (including reasonable attorneys’ fees) related to the negotiation of this Contract and the transactions contemplated hereby and Purchaser’s due diligence up to a maximum of $50,000, and the Earnest Money shall be returned to
Purchaser, or (ii) enforce specific performance of the obligation of Seller to execute and deliver the documents required to convey the Property to Purchaser in accordance with this Contract; it being specifically understood and agreed that the
remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder. Except as expressly set forth in this Contract, Purchaser expressly waives its rights to seek damages in the event of the default of Seller
hereunder. Purchaser shall be deemed to have elected to terminate this Contract under clause (b)(i) above if Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction, on or before sixty (60) days
following the date upon which the Closing was to have occurred. Nothing contained herein shall limit Seller’s liability for Seller’s obligations under Sections 7.4 and 10.9 of this Contract or for Seller’s obligation to
pay to Purchaser all attorney’s fees and costs of Purchaser to enforce the provisions of this Section 5.3. 
 ARTICLE 6:
CLOSING 
 6.1 Closing. The consummation of the transaction contemplated herein (“Closing”) shall occur on the
Closing Date through the usual form of deed and money escrow, which the parties shall establish with Escrow Agent. Counsel for the respective parties may execute the escrow instructions, as well as any amendments thereto. In the event of any
conflict between the escrow instructions and the provisions of this Contract, as between the parties, the provisions of this Contract shall control. 

6.2 Seller’s Deliveries in Escrow. On the Closing Date, Seller shall deliver in escrow to Escrow Agent the following (in form and
content reasonably satisfactory to Purchaser): 
 6.2.1 Deed. A special warranty deed (warranting title against any
party claiming by, through or under Seller) in the form set forth on Exhibit D attached hereto (the “Deed”); 

6.2.2 Bill of Sale. A warranty assignment and Bill of Sale, executed by the Seller, assigning, conveying and warranting
to Purchaser all of Seller’s title to the Tangible Personal Property and Intangible Personal Property (including without limitation the warranties from the general contractor and/or any other contractors performing the tenant improvement work
required of Seller as landlord under the Lease with Crane Worldwide Logistics, LLC), free and clear of all liens, claims and encumbrances, other than the Permitted Exceptions, in the form set forth on Exhibit E attached hereto; 

  
 9 

 6.2.3 Assignment of Leases. An assignment and assumption of the Leases
(including all guaranties, security deposits and/or other deposits thereunder), executed by Seller, in the form set forth on Exhibit F attached hereto. 

6.2.4 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are
required to be delivered or signed by Seller by applicable state and local law in connection with the conveyance of the Real Property; 

6.2.5 FIRPTA. A Foreign Investment in Real Property Tax Act affidavit executed by Seller; 

6.2.6 Authority. Evidence of the existence, organization and authority of Seller and of the authority of the persons
executing documents on behalf of Seller reasonably satisfactory to the Title Company; 
 6.2.7 Certificate. A
certificate, executed by Seller, certifying to Purchaser that Seller’s Representations are true and correct in all material respects as of the Closing Date; and that all covenants required to be performed by Seller prior to the Closing Date
have been performed in all material respects. The closing certificate may be updated as necessary to reflect Seller’s Representations which have changed since the Effective Date in any material respects as contemplated by
Section 8.4; 
 6.2.8 Terminations. Evidence of terminations satisfactory to Purchaser, effective no later
than the Closing Date, of those Service Contracts which Purchaser has elected not to assume; 
 6.2.9 Rent Roll. An
updated Rent Roll, prepared as of the Closing Date, certified by Seller in writing to be true and correct, in all material respects, through the Closing Date; 

6.2.10 IDA Notice. The IDA Notice (as defined in Section 6.10 below); and 

6.2.11 Other Deliveries. Any other Closing deliveries required to be made by or on behalf of Seller hereunder or as
reasonably requested by Purchaser or the Title Company, including without limitation an affidavit of title or other affidavit customarily required of sellers by the Title Company to remove the standard “gap” exception and all other
standard exceptions from an owner’s title insurance policy which are capable of being removed by such an affidavit. 
 6.3
Purchaser’s Deliveries in Escrow. On the Closing Date, Purchaser shall deliver in escrow to Escrow Agent the following (in form and content reasonably satisfactory to Seller): 

6.3.1 Purchase Price. The Purchase Price, less the Earnest Money that is applied to the Purchase Price, plus or minus
applicable prorations as provided herein, in immediate, same-day U.S. federal funds wired for credit into Escrow Agent’s escrow account; 

  
 10 

 6.3.2 Assumption. Execution by Purchaser of the assignments referred to in
Sections 6.2.3 and 6.2.4 above, pursuant to which it assumes certain obligations arising from and after the date of assumption as provided therein; 

6.3.3 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are
required to be delivered or signed by Purchaser by applicable state and local law in connection with the conveyance of real property; and 

6.3.4 Other Deliveries. Any other Closing deliveries required to be made by or on behalf of Purchaser hereunder or as
reasonably requested by Seller or the Title Company. 
 6.4 Closing Statements. As of or prior to the Closing Date, Seller and
Purchaser shall deposit with Escrow Agent executed closing statements consistent with this Contract in the form required by Escrow Agent. 

6.5 Possession. Seller shall deliver possession of the Property to Purchaser at the Closing subject only to the Permitted Exceptions.

 6.6 Delivery of Books and Records. Immediately after the Closing, Seller shall deliver to the offices of Purchaser’s property
manager or to the Property, to the extent in Seller’s possession: originals (or, if originals are not available) copies of all Leases and Service Contracts assumed by Purchaser (if any); the maintenance records and warranties; plans and
specifications; Property records; licenses, permits, certificates of occupancy; receipts for deposits, unpaid bills and other papers or documents which pertain to the Property; all advertising materials; booklets; keys; and other items, if any, used
in the operation of the Property. 
 6.7 Notice to Tenants. At Closing, Seller and Purchaser shall execute, and Purchaser shall
deliver to each Tenant promptly after the Closing, a notice regarding the sale in such form as they may reasonably agree. 
 6.8 Notice
to Vendors. At Closing, Seller and Purchaser shall execute, and Purchaser shall deliver, a notice to each of the vendors under the Service Contracts to be assumed by Purchaser (if any), in such form as they may reasonably agree. 

6.9 Closing Expenses. All fees for releasing Mandatory Cure Items, the basic premium for the Title Policy (excluding the cost of
(i) deletion of the survey exception, and (ii) any title endorsements required by Purchaser), and transfer taxes (if any) shall be borne and paid by Seller. All recording fees, search expenses, survey expenses (for any updates to the
Survey or updated survey ordered by Purchaser), expenses related to the Assignment of the Existing Warranties to Purchaser, and the cost of deletion of the survey exception, and title endorsements required by Purchaser shall be borne and paid by
Purchaser. The escrow fee shall be evenly divided between the parties. Other costs, charges, and expenses shall be borne and paid as provided in this Contract, or in the absence of such provision, in accordance with custom. 

6.10 Transfer of Permit/Agreement. Prior to Closing, Purchaser shall have the right to take any and all steps required to cause the
transfer of the Permit to Discharge Wastewater #04-15-122 

  
 11 

 
(the “Permit”) to Purchaser on or after Closing. Any transfer fees in connection with the transfer of the Permit shall be shared equally by Purchaser and Seller. Seller agrees to
sign and file any application reasonably required from the current property owner to transfer the Permit as contemplated herein, and to cooperate with Purchaser to facilitate the transfer of said permit to Purchaser (or the issuance of a new permit
in Purchaser’s name, as applicable) at Closing or as soon thereafter after as reasonably feasible. The foregoing covenant shall survive Closing. In addition, at Closing, Seller shall execute and deliver (with a copy to Purchaser) a notice to
the City of La Porte, Texas, pursuant to and in compliance with Section VIII of that certain Industrial District Agreement dated January 1, 2008 by and between the City of La Porte, Texas and Seller (the “IDA”), notifying the
City of the conveyance of the Property to Purchaser and assignment of said agreement in connection therewith (the “IDA Notice”). 

ARTICLE 7: PRORATIONS AND ADJUSTMENTS 

7.1 Prorations. Seller and Purchaser agree to prepare a proration schedule of adjustments five (5) business days prior to Closing.
For purposes of calculating prorations, Purchaser shall be deemed to be in title to the Property, and therefore entitled to the income therefrom and responsible for the expenses thereof, for the entire day upon which the Closing occurs. All such
prorations shall be made at Closing on the basis of the actual number of days of the year and month that shall have elapsed as of the Closing Date. If post-Closing adjustments are required under this Article 7, the amount of such prorations
shall be adjusted in cash after Closing, as and when complete and accurate information becomes available. Seller and Purchaser agree to cooperate and use their good faith and diligent efforts to make such adjustments no later than two hundred and
seventy (270) days after Closing with respect to taxes and assessments and no later than thirty (30) days after the Closing with respect to other prorated amounts, or as soon as is reasonably practicable if and to the extent that the
required final proration information is not available within such period. Items of income and expense for the period prior to the Closing Date will be for the account of Seller and items of income and expense for the period on and after the Closing
Date will be for the account of Purchaser, all as determined by the accrual method of accounting, subject to the provisions hereof. Bills received after Closing that relate to expenses incurred, services performed or other amounts allocable to the
period prior to the Closing Date shall be paid by Seller. Any amounts not so paid by Seller may be set off against amounts (if any) otherwise due Seller hereunder. The obligations of the parties pursuant to this Section 7.1, including
Sections 7.1.1 through 7.1.5, shall survive the Closing and shall not merge into any documents of conveyance delivered at Closing. 

7.1.1 Collected Rent. All collected rent (excluding Operating Expense Pass-Throughs) and other collected income (and any
applicable state or local tax on rent) under Leases in effect on the Closing Date shall be prorated as of the Closing. Seller shall be charged with, and Purchaser shall receive a credit for, any rent and other income collected by Seller before
Closing but applicable to any period of time after Closing. Uncollected rent and other income (including uncollected Operating Expense Pass-Throughs) shall not be prorated. Purchaser shall apply rent and other income from Tenants that are collected
after the Closing unless the Tenant properly identifies the payment as being for a specific item, in the following order: (i) first, to Purchaser’s reasonable costs of collection incurred with respect to such Tenant, (ii) second, to
Purchaser in payment of the current rent due under such Tenant’s Lease, (iii) third, to Purchaser in payment of 

  
 12 

 
delinquent rent due under such Lease for the period from and after the Closing, and (iv) fourth, to Seller in payment of rent coming due and payable prior to the Closing. Any prepaid rents
for the period following the Closing Date shall be paid over by Seller to Purchaser. Purchaser will, for a period of ninety (90) days after Closing, make reasonable efforts, without suit, to collect any rents relating to the period before
Closing, and Seller shall use its reasonable efforts to collect any rents relating to the period before Closing, but shall not attempt to terminate any Lease or commence eviction proceedings in connection therewith. At Closing, Seller shall identify
in writing the specific amounts of uncollected rents as of such date, and if there are none, Seller shall release Purchaser from any obligation to deliver any rents collected by Purchaser after Closing. The foregoing agreement with respect to
uncollected rent shall not constitute a waiver of the conditions to Purchaser’s obligation to close set forth in Section 4.8 or Article 5 hereof. The Seller may not pursue collection as to any rent not collected by Purchaser.

 7.1.2 Operating Expense Pass-Throughs. Seller, as landlord under the Leases, is currently collecting from Tenants
under the Leases additional rent to cover taxes, insurance, utilities, common area maintenance and other operating costs and expenses (collectively, “Operating Expense Pass-Throughs”) in connection with the ownership, operation,
maintenance and management of the Property. Since Closing will not occur until calendar year 2015, Seller acknowledges and agrees that Seller shall be solely responsible for the reconciliation of Operating Expense Pass-Throughs with Tenants under
the Leases for calendar year 2014, including, without limitation, the collection of any under collections and reimbursement of any over collections of such 2014 Operating Expense Pass-Throughs, all of which Seller shall reconcile in accordance with
the terms and conditions of the Leases. Seller shall use commercially reasonable efforts to conclude the reconciliation process for Operating Expense Pass-Throughs for calendar 2014 by the Closing Date, and shall provide prompt written notice to
Purchaser of the final reconciliation of all such expenses (including the payment and/or collection of any sums due in connection therewith, as the case may be). With respect to Operating Expense Pass-Throughs collected for the month of Closing,
Seller and Purchaser shall each receive a debit or credit, as the case may be, prorated as of the Closing Date. Operating Expense Pass-Throughs for Seller’s period of ownership during the year in which the Closing Date occurs (i.e., calendar
year 2015) shall be reasonably estimated by the parties as of the Closing Date if final bills are not available. If Seller was overpaid by any Tenant for the period with respect to any such Operating Expense Pass-Throughs prior to Closing, Seller
shall pay the amount of any over collection at the Closing as a closing statement credit; provided in the event of an under collection, the amount of the under collection shall be paid by Purchaser to Seller outside of escrow within fifteen
(15) days after receipt from the applicable Tenant in connection with the 2015 year-end expense reconciliation process under the Leases. Any item in this Section 7.1.2 that is paid directly by any Tenant pursuant to its Lease shall
not be prorated between the parties, and Purchaser shall look to the Tenant to pay such items. 
 7.1.3 Taxes and
Assessments. Real estate taxes and assessments imposed by any governmental authority for calendar year 2014 shall be paid in full by Seller prior to Closing. Real estate taxes and assessments imposed by any governmental authority (and any
assessments imposed by private covenant) for calendar year 2015 shall be prorated as of 

  
 13 

 
the Closing Date based upon the most recent tax bills. The Seller shall receive a credit for any taxes and assessments paid by Seller and applicable to any period after the Closing. Special
assessments shall be prorated according to the due dates of installments, with Seller being responsible for installments that become due and payable before the Closing Date, and Purchaser being responsible for installments that become due and
payable on or after the Closing Date. If, for the fiscal tax year prior to the tax year in which the Closing is held, there are any tax protests filed, or abatement application proceedings pending at any time prior to the Closing with reference to
the Property, Seller shall have the right to settle such protests or proceedings as long as such settlement does not include any agreement as to the increase of the valuation of the Property for real estate tax purposes for the period after the
Closing. Otherwise, Seller shall not settle the same without Purchaser’s prior written consent. Purchaser shall control the filing of any tax protests with respect to calendar year 2015 and periods thereafter. All amounts recovered as a result
of any tax protests hereunder, whether by settlement or otherwise, shall, net of attorneys’ fees and other expenses, and after reimbursements due to Tenants pursuant to the Leases, be apportioned as of the Closing for the fiscal tax year in
which the Closing is held, and paid, when received, to the parties entitled thereto. The parties agree to execute any papers or take such steps, either before or after any Closing, as may be necessary to carry out the intention of the foregoing.

 7.1.4 Service Contracts. Charges under Service Contracts assumed by Purchaser pursuant hereto (if any) shall be
prorated as of the Closing Date. 
 7.1.5 Utilities. Seller shall 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, except for utilities paid directly by Tenants. 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 before the Closing Date, and such adjustment shall be reprorated when the next utility bills are received. Purchaser
shall be responsible for making any deposits required with utility companies. 
 7.2 Leasing Costs. Leasing commissions, tenant
improvement costs, tenant allowances, moving expenses and other out-of-pocket expenses that are the obligation of Seller or landlord under the Leases (“Leasing Costs”) shall be allocated between Seller and Purchaser according to
whether such costs are incurred with respect to (i) Leases, and renewals, extensions or amendments thereof, that are entered into after the Effective Date and are approved by Purchaser pursuant to Section 4.4, or the exercise of any
renewal, extension or expansion options after the Effective Date under any Lease identified in the Rent Roll as of the date hereof, all of which costs shall be allocated to Purchaser or (ii) Leases that have been entered into on or before the
Effective Date (but not relating to the exercise of any renewal, extension or expansion options thereunder exercised after the Effective Date), which costs are the responsibility of Seller. Purchaser shall receive a credit against the Purchase Price
at Closing in an amount equal to the then-unpaid Leasing Costs that are the responsibility of Seller under this provision, and Seller shall retain responsibility for same to the extent not so credited at Closing. This section shall survive the
Closing and shall not merge into any documents of conveyance delivered at Closing. 

  
 14 

 7.3 Tenant Deposits. All tenant security deposits deposited by Tenants and not theretofore
applied to obligations of such Tenants under the Leases shall be transferred or credited to Purchaser at Closing or placed in escrow if required by applicable laws. As of the Closing, Purchaser shall assume Seller’s obligations related to
Tenant security deposits transferred or credited to Purchaser at Closing. Purchaser will indemnify, defend, and hold Seller harmless from and against all demands and claims made by Tenants arising out of the application or disposition by Purchaser
after Closing of any security deposits transferred or credited to Purchaser at Closing and will reimburse Seller for all reasonable attorneys’ fees incurred or that may be incurred as a result of any such claims or demands as well as for all
loss, expenses, verdicts, judgments, settlements, interest, costs and other expenses incurred or that may be incurred by Seller as a result of any such claims or demands by Tenants. In the case of any security deposits held by Seller in the form of
letters of credit, such letters of credit, to the extent permitted by the terms thereof, shall be assigned to Purchaser at the Closing, at Seller’s expense. In the case of any such letters of credit which by their terms are not assignable,
Seller shall cause the applicable Tenant(s) to replace such letters of credit with ones which are assignable to Purchaser. This section shall survive the Closing and shall not merge into any documents of conveyance delivered at Closing. 

7.4 Sales Commissions. Seller and Purchaser represent and warrant each to the other that they have not dealt with any real estate
broker, sales person or finder in connection with this transaction other than HFF, L.P. (“Broker”) whose commission shall be paid by Seller. In the event of any claim for broker’s or finder’s fees or commissions in
connection with the negotiation, execution or consummation of this Contract or the transactions contemplated hereby other than for Broker, each party shall defend, indemnify and hold harmless the other party from and against any such claim based
upon any statement, representation or agreement of such party. This section shall survive the Closing and shall not merge into any documents of conveyance delivered at Closing. 

7.5 Final Adjustment After Closing. In the event that final bills are not available or cannot be issued prior to Closing for any item
being prorated under this Article 7, then Purchaser and Seller agree to allocate such items on a fair and equitable basis as soon as such bills are available, final adjustment to be made as soon as reasonably possible after the Closing. This
section shall survive the Closing and shall not merge into any documents of conveyance delivered at Closing. 
 7.6 Pre-Closing
Expenses. Except as otherwise specifically provided in this Contract, Seller has paid or will pay in full, prior to Closing, all bills and invoices for labor, goods, material and services of any kind relating to the Property and utility charges
(except if and to the extent such utility charges are billed directly to Tenants), relating to the period prior to Closing. 
 ARTICLE 8:
REPRESENTATIONS AND WARRANTIES 
 8.1 Seller’s Representations and Warranties. Seller represents and warrants to Purchaser
that with respect to itself and the Property: 
 8.1.1 Organization and Authority. Seller has been duly organized, is
validly existing, and is in good standing in the state in which it was formed. Seller has the 

  
 15 

 
full right and authority and has obtained any and all consents required to enter into this Contract and to consummate or cause to be consummated the transactions contemplated hereby. This
Contract has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with
their terms. 
 8.1.2 Conflicts and Pending Actions. There is no agreement to which Seller is a party or, to
Seller’s knowledge, that is binding on Seller which is in conflict with this Contract. To Seller’s knowledge, there is no action or proceeding pending or, to Seller’s knowledge, threatened against Seller, which challenges or impairs
Seller’s ability to execute or perform its obligations under this Contract, or, except as disclosed in writing to Purchaser, otherwise relating to the Property. There is no ongoing appeal with respect to taxes or special assessments on the
Property for any year except for calendar year 2014, with any appeals relating to calendar year 2013 having been settled prior to the Effective Date, subject to Seller’s receipt of any related refunds. The rights and obligations of the parties
with regard to such appeals are set forth in Section 7.1.3. 
 8.1.3 Leases; Rent Roll. The documents
constituting the Leases that are delivered to Purchaser as part of the Property Information are true and correct copies of all of the Leases affecting the Property, including any and all renewals, extensions, amendments or supplements thereto. The
Rent Roll attached to this Contract as Schedule 8.1.3, and all information set forth therein and in the updated Rent Roll to be delivered at Closing, is and shall be true and correct in all material respects as of its date. There are no
parties with a right to possession of any part of the Property except those identified in the Rent Roll or as may be set forth in the Permitted Exceptions. All Leasing Costs that are due and payable as of Closing (including without limitation all
leasing commissions payable in connection with the Lease with Crane Worldwide Logistics, LLC and any tenant improvement allowances and/or credits due to Clearwater International, L.L.C. under its Lease) will be paid in full by Seller (with evidence
thereof provided to Purchaser) on or before Closing. Except as disclosed in the Property Information, to Seller’s knowledge, no default or breach exists on the part of any Tenant under its Lease. Seller has not received any written notice from
any Tenant that Seller is in default of any of its obligations under the Leases, and to Seller’s current actual knowledge, without inquiry or investigation, Seller is not in default of any of its obligations under the Leases. 

8.1.4 Contracts. There are no contracts of any kind relating to the management, leasing, operation, maintenance or
repair of the Project, except those contracts disclosed as a part of the Property Information. Seller has not received any written notice alleging that it has failed to timely perform all of the obligations required to be performed by it, nor
alleging that Seller is otherwise in default under, any of such contracts, nor has Seller given written notice of default with respect to any contracts. 

8.1.5 Legal Compliance. With the exception of a certificate of occupancy, which will be issued after a new Lease, if
any, is executed and the tenant is ready to take occupancy, to Seller’s knowledge, Seller has or will have by the Closing Date, all licenses, permits and certificates necessary for the current use and operation of the Property as an industrial
warehouse facility. To Seller’s knowledge, neither the Property nor its use 

  
 16 

 
violates any governmental law or regulation or any covenants or restrictions encumbering the Property. Seller has not received, nor is aware of, any written notice from any insurance company or
underwriter of any defects in the Property that would cause an increase in insurance premiums. Seller has not received any written notices of violations or alleged violations of any building code, zoning code, environmental laws or other law, code,
ordinance or legal requirement with respect to the Property, or any covenants or restrictions encumbering the Property, which have not been corrected to the satisfaction of the issuer of the notice. 

8.1.6 Condemnation. Seller has no knowledge of any pending condemnation or similar proceeding affecting the Property.

 8.1.7 Contractors and Suppliers. All contractors, subcontractors, suppliers, architects, engineers, and others who
have performed services or labor or have supplied materials in connection with Seller’s acquisition, development, ownership, or management of the Property have been paid in full, or will be paid in full on the Closing Date, and all liens
arising therefrom (or claims which with the passage of time or the giving of notice, or both, could mature into liens) have been satisfied and released or will be satisfied and released on the Closing Date. 

8.1.8 ERISA. Seller is not and is not acting on behalf of an “employee benefit plan” within the meaning of
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended or an entity deemed to hold “plan assets”
within the meaning of 29 C.F.R. § 2510.3101 of any such employee benefit plan or plans. 
 8.1.9 Disclosure.
Other than this Contract, the documents delivered at Closing pursuant hereto, the Leases, the Property Information, the Permitted Exceptions, and the Service Contracts assigned to Purchaser pursuant to this Contract (if any), there are no agreements
relating to the Property to which Seller or its agents is a party and which would be binding on Purchaser after the Closing. The items of Property Information delivered to Purchaser pursuant to Section 2.1 are or will be true, correct and
complete in all material respects to Seller’s knowledge; and Seller is not aware of any material inaccuracy or omission in the Property Information delivered pursuant to Section 2.1. 

8.1.10 Other Contracts. Except for this Contract, Seller has not entered into any agreement to dispose of its interest
in the Property. 
 8.1.11 Seller: OFAC; Patriot Act. Neither Seller nor, to Seller’s knowledge, any of its
partners, members, shareholders or other equity holders: (i) is currently identified on the Specially Designated Nationals and Blocked Persons List maintained by OFAC (defined below) and/or on any other similar list maintained by OFAC pursuant
to any authorizing statute, executive order or regulation, (ii) is a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United
States law, regulation, or Executive Order of the President of the United States, (iii) is an Embargoed Person (defined below) or (iv) is intentionally engaging or will intentionally engage in any dealings or transactions or be

  
 17 

 
otherwise associated with any persons or entities described in clauses (i)-(iii) of this section. To the extent applicable, neither Seller, nor, to Seller’s knowledge, any of its
partners, members, shareholders or other equity holders: (i) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which
in the United States would be a predicate crime to money laundering, or a violation of any Anti-Money Laundering Laws (defined below); (ii) has been assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has
had any of its funds seized or forfeited in any action under any Anti-Money Laundering Laws. 
 8.1.12 No Bankruptcy.
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 Seller’s knowledge, threatened) by or against Seller or any general partner of Seller. 

8.1.13 No Contractual or Donative Commitments. Except as may be set forth in the Permitted Exceptions, Seller has not
made any contractual or donative commitments relating to the Property to any governmental authority, quasi-governmental authority, utility company, community association, homeowners’ association or to any other organization, group, or
individual which would impose any obligation upon Purchaser to make any contribution or dedication of money or land, or to construct, install or maintain any improvements of a public or private nature on or off the Property. 

References in this Contract to Seller’s “knowledge” shall mean the actual knowledge of Dan Zoch, Managing Director, The Carson Companies,
without investigation or inquiry of any person or entity. Seller represents that such individual is familiar with the Property and in the best position to confirm the truth and accuracy of Seller’s representations and warranties. Seller shall
have no duty to conduct any further inquiry in making any such representations and warranties, and no knowledge of any other person shall be imputed to Seller. 

8.2 Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that: 

8.2.1 Organization and Authority. Purchaser has been duly organized and is validly existing, and is in good standing in
the state in which it was formed. Purchaser has the full right and authority to enter into this Contract and, at Closing, will have the full rights and authority and will have obtained any and all consents required to consummate or cause to be
consummated the transactions contemplated hereby. This Contract has been, and all of the documents to be delivered by Purchaser at the Closing will be, authorized and properly executed and constitute, or will constitute, as appropriate, the valid
and binding obligation of Purchaser, enforceable in accordance with their terms, except that the consummation of the transaction contemplated by this Agreement is subject to receipt of approval from Purchaser’s board of directors during the
Inspection Period. 
 8.2.2 Conflicts and Pending Action. There is no contract to which Purchaser is a party or, to
Purchaser’s knowledge, binding on Purchaser which is in conflict 

  
 18 

 
with this Contract. There is no action or proceeding pending or, to Purchaser’s knowledge, threatened against Purchaser which challenges or impairs Purchaser’s ability to execute or
perform its obligations under this Contract. 
 8.2.3 Purchaser: OFAC; Patriot Act. Neither Purchaser nor any of its
partners, members, shareholders or other equity holders owning an ownership interest of ten percent (10%) or more nor, to Purchaser’s knowledge, any of its other partners, members, shareholders or other equity holders: (i) is
currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar list maintained by OFAC pursuant
to any authorizing statute, executive order or regulation, (ii) is a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United
States law, regulation, or Executive Order of the President of the United States, (iii) is an Embargoed Person (as defined below) or (iv) is intentionally engaging or will intentionally engage in any dealings or transactions or be
otherwise associated with any persons or entities described in clauses (i)-(iii) of this section. The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but
not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder. To the extent applicable,
neither Purchaser nor any of its partners, members, shareholders or other equity holders owning an ownership interest of ten percent (10%) or more nor, to Purchaser’s knowledge, any of its other partners, members, shareholders or other
equity holders: (i) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which in the United States would be a predicate
crime to money laundering, or a violation of any Anti-Money Laundering Laws (as defined below); (ii) has been assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws. As used in this Contract, the term “Anti-Money Laundering Laws” shall mean all U.S. laws, regulations and sanctions, state and federal, criminal and civil, that (1) limit the
use of, and/or seek the forfeiture of proceeds from illegal transactions; (2) limit commercial transactions with designated countries, or individuals believed to be terrorists, narcotics dealers, or otherwise engaged in activities contrary to
the interests of the United States; (3) require identification and documentation of the parties with whom a Financial Institution (as defined in the relevant statute) conducts business; or (4) are designed to disrupt the flow of funds to
terrorist organizations. Such laws, regulations, and sanctions shall be deemed to include, without limitation, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. Seq., as amended by the USA PATRIOT Act of 2001, Pub. L. No. 107-56, as
amended, and the regulations promulgated thereto; as well as 18 U.S.C. Sections 1956, 1957 and 1960. 
 8.3 Survival of Representations
and Warranties. The representations and warranties set forth in this Article 8 are made as of the Effective Date and are remade as of the Closing Date and, the representations made in this Article 8, as they may be updated at Closing in
accordance with this Contract, shall survive the Closing for a period of nine (9) months. Each party shall have the right to bring an action against the other on the breach of a representation or warranty hereunder, only if Seller or Purchaser
as the case may be, has given the other party written notice of the circumstances giving rise to the alleged breach within such nine (9) month period. 

  
 19 

 8.4 Liability for Seller’s Misrepresentations. Seller shall promptly notify
Purchaser, in writing, of any fact, event or condition known to Seller that occurs prior to the Closing Date and causes a change in the facts relating to, or the truth and accuracy of, any of Seller’s Representations. The following provisions
shall govern with respect to breaches of and changes to Seller’s Representations hereunder: 
 8.4.1 If Seller’s
Representations were true and correct when made, and the change in any representation is (i) not caused by or the result of a breach by Seller of this Contract, (ii) outside the reasonable control of Seller, (iii) not actually known
to Purchaser as of the expiration of the Inspection Period, (iv) not due to Purchaser’s acts or omissions, and (v) material in any respect, such change in Seller’s Representations shall be deemed a failure of the condition set
forth in Section 5.1.1, and Purchaser’s sole remedy shall be to elect to terminate this Contract by notice to Seller given within ten (10) business days of Purchaser obtaining actual knowledge of such change in Seller’s
Representations, and if Purchaser so timely elects, the Earnest Money shall be returned to Purchaser by Escrow Agent and the parties shall have no further rights or obligations hereunder except those that expressly survive any such termination;
provided, however that if Seller is determined to have (a) knowingly or willfully made any untrue representations, or (b) caused such representation to become untrue due to Seller’s acts or omissions (i.e., the change is/was within
the reasonable control of the Seller) or a breach of this Contract, then Purchaser shall have the above remedies and Seller shall also be obligated to reimburse Purchaser for its actual out-of-pocket costs and expenses (including reasonable
attorneys’ fees) related to the negotiation of this Contract and the transactions contemplated hereby and Purchaser’s due diligence up to a maximum of $50,000. 

8.4.2 If (i) a change in facts underlying a Seller Representation occurs after such representation was made,
(ii) such change is disclosed to Purchaser prior to Closing, (iii) such change is due to any actions, events or circumstances that are (a) outside of the reasonable control of Seller or (b) permitted (or not precluded) by the
terms of this Contract, and (iv) such change is material in any respect, then Seller’s representations shall be deemed modified by such changed facts, provided that the foregoing shall not limit Purchaser’s right to terminate this
Contract as a result of the failure of the condition precedent set forth in Section 5.1.1 or pursuant to Section 8.4.1. 

8.4.3 Seller shall have the option to rescind Purchaser’s termination of this Contract under this Article 8 and
extend the Closing for a period not to exceed thirty (30) days beyond the date scheduled for the Closing in order to correct and render true and accurate any Seller Representation that becomes untrue or incorrect after the Effective Date for
any reason other than a default of the Seller under this Contract. 
 8.4.4 If the Closing shall take place without Purchaser
making an objection to an untrue Seller Representation of which Purchaser shall have actual knowledge, Purchaser shall be deemed to have waived all liability of Seller by reason of such untrue representation. As used in this Contract (including this
Article 8), the phrase “knowledge of 

  
 20 

 
Purchaser” or “actually known to Purchaser” or words of like import in reference to Purchaser, shall mean the actual knowledge of J.R. Wetzel and Betsy Kennett (and no others),
without duty of inquiry whatsoever and without imposing any personal liability on the party of either such individual. 

8.4.5 Notwithstanding any provision to the contrary contained in this Contract or any documents executed by Seller pursuant
hereto or in connection herewith, the maximum aggregate liability of Seller, and the maximum aggregate amount which may be awarded to and collected by Purchaser, for any breach of this Contract by Seller prior to or after the Closing (including,
without limitation, the breach of any covenants, representations or warranties contained herein and in any and all documents executed pursuant hereto other than the Deed) or in connection herewith shall not exceed the lesser of
(i) Purchaser’s actual damages or (ii) Five Hundred Fifty Thousand and No/100 Dollars ($550,000.00) (the “Liability Cap”). Notwithstanding the foregoing or anything contained in this Contract, however, if the Closing
occurs, Purchaser hereby expressly waives, relinquishes and releases any right or remedy available to it at law, in equity or under this Contract to make a claim against Seller for damages that Purchaser may incur, or to rescind this Contract and
the transaction, as the result of any such breach of Seller’s covenants, representations or warranties herein if (a) Purchaser actually knew that such covenant, representation or warranty was untrue, inaccurate or unperformed at the time
of the Closing, (b) Purchaser’s damages as a result of all covenants, representations or warranties being untrue, inaccurate or unperformed are reasonably estimated to aggregate less than Twenty-Five Thousand Dollars ($25,000.00), or
(c) if an action has not been filed with a court of competent jurisdiction and summons and complaint duly served upon Seller claiming such breach and action for damages within nine (9) months after the Closing Date. Notwithstanding
anything in this Section 8.4.5 to the contrary, the Liability Cap, basket of $25,000 and requirement that an action be filed within nine (9) months after the Closing Date set forth herein shall not apply to Seller’s liabilities
and obligations with respect to (1) post-Closing prorations under Article 7, (2) any claims for payments related to Leasing Costs under Section 7.2 or any other provision of this Contract, (3) claims for brokerage
commissions or fees associated with this transaction, or (4) attorneys’ fees incurred by Purchaser if Purchaser is the prevailing party in any action or proceeding arising out of this Contract, up to a maximum amount of $200,000, provided
that the foregoing limit on attorneys’ fees shall be in addition to (and shall not reduce) the Liability Cap. Purchaser shall have the right to pursue the net sales proceeds received by Seller from this transaction for satisfaction of any
claim, loss or damage incurred by Purchaser hereunder, subject to the liability caps and baskets expressly provided herein. 

8.4.6 The provisions of this Section 8.4 shall survive the Closing and shall not be merged therein. 

ARTICLE 9: DAMAGES AND CONDITIONS 

9.1 Risk of Loss. The Closing shall be effective as of 12:01 A.M. on the Closing Date. Notwithstanding the foregoing, the risk of loss
of all or any portion of the Property shall be borne by Seller up to and including the actual time of the Closing and wire transfer of the Purchase Price to Seller, and thereafter by Purchaser, subject, however, to the terms and conditions of
Sections 9.2 and 9.3 below. 

  
 21 

 9.2 Damage. Seller shall promptly give Purchaser written notice of any damage to the
Property, describing such damage, whether such damage is covered by insurance, and the estimated cost of repairing such damage. If such damage is not material, then Seller shall, to the extent possible, begin repairs prior to the Closing (to restore
the Property to the condition that existed prior to such damage and as required by the Leases) and at Closing, Purchaser shall receive a credit for the cost to restore the un-repaired portion, as reasonably estimated by a third party consultant
reasonably acceptable to Seller and Purchaser. If such damage is material or results in the Tenant under any Lease covering more than 200,000 square feet of the Property having the right to terminate its Lease (and such Tenant fails to waive such
right) or damages more than 100,000 square feet of the vacant space in the Improvements, Purchaser may elect by notice to Seller given within ten (10) days after Purchaser is notified of such damage (and the Closing shall be extended, if
necessary, to give Purchaser such ten (10) day period to respond to such notice) to proceed in the same manner as in the case of damage that is not material or to terminate this Contract, in which event the Earnest Money shall be immediately
returned to Purchaser. Following the expiration of the Inspection Period, Seller shall consult with Purchaser with respect to any repairs to the Property that will not be fully completed prior to Closing. Damage as to any one or multiple occurrences
is material if the cost to repair the damage, as reasonably estimated by Purchaser, exceeds $500,000.00 as to any one building comprising the Improvements. 

9.3 Condemnation. Seller shall promptly give Purchaser notice of any eminent domain proceedings that are instituted with respect to the
Property. By notice to Seller given within ten (10) days after Purchaser receives notice of proceedings in eminent domain that are threatened in writing or instituted by any body having the power of eminent domain with respect to the Property,
and if necessary the Closing Date shall be extended to give Purchaser the full ten (10) day period to make such election, Purchaser may terminate this Contract (in which event the Earnest Money shall be immediately returned to Purchaser) or
proceed under this Contract, in which event at the Closing, Seller shall turn over to Purchaser any award it has received with respect to such taking and shall assign (with any necessary third party consents) to Purchaser its right to any award.
During the pendency of this Contract, Seller and Purchaser shall jointly negotiate and deal with the condemning authority in respect of such matter. 

ARTICLE 10: MISCELLANEOUS 

10.1 Assignment. Purchaser may assign this Contract, without Seller’s consent, to effect an Exchange pursuant to
Section 10.2 hereof, or, provided such assignment is made without release of Purchaser, to any affiliate of Purchaser that agrees in writing to assume Purchaser’s obligations under this Contract. Purchaser may not otherwise assign
this Contract without the prior written consent of Seller. As used herein, “affiliate” shall mean any person or entity controlling, controlled by or under common control with Purchaser. 

10.2 Section 1031 Exchange. Either party may consummate the purchase and sale of the Property as part of a so-called like kind
exchange (the “Exchange”) pursuant to § 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that: (i) the Closing shall 

  
 22 

 
not be delayed or affected by reason of the Exchange nor shall the consummation or accomplishment of the Exchange be a condition precedent or condition subsequent to either party’s
obligations under this Contract; (ii) the exchanging party shall effect the Exchange through an assignment of this Contract, or its rights under this Contract, to a qualified intermediary; (iii) the non-exchanging party shall not be
required to take an assignment of the purchase Contract for the relinquished property or be required to acquire or hold title to any real property for purposes of consummating the Exchange; and (iv) the exchanging party shall pay any additional
costs that would not otherwise have been incurred by the non-exchanging party had the exchanging party not consummated this transaction through the Exchange. The non-exchanging party shall not, by this Contract or acquiescence to the Exchange, have
its rights under this Contract affected or diminished in any manner or be responsible for compliance with or be deemed to have warranted that the Exchange in fact complies with § 1031 of the Code. 

10.3 Headings. The article, section, subsection, Section and other headings of this Contract are for convenience only and in no way
limit or enlarge the scope or meaning of the language hereof. 
 10.4 Invalidity and Waiver. If any portion of this Contract is held
invalid or inoperative, then so far as is reasonable and possible the remainder of this Contract shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by the portion held
invalid or inoperative. The failure by either party to enforce against the other any term or provision of this Contract shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or any other such term
or provision in the future. 
 10.5 Governing Law. This Contract shall, in all respects, be governed, construed, applied, and
enforced in accordance with the law of the State of Texas. 
 10.6 Survival. Except as otherwise explicitly set forth herein, the
provisions of this Contract shall not survive the Closing. 
 10.7 No Third Party Beneficiary. The provisions of this Contract and of
the documents to be executed and delivered at Closing are and will be for the benefit of Seller 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
Contract or of the documents to be executed and delivered at Closing. 
 10.8 Time. Time is of the essence in the performance of this
Contract. 
 10.9 Confidentiality. Seller shall make no public announcement or disclosure of any information related to this Contract
or the contents of the unrecorded transaction documents (other than information available generally to the public) to third parties, before or after the Closing, without the specific prior written consent of Purchaser, except for such disclosures to
Seller’s brokers, lenders, creditors, counsel, officers, employees and agents as Seller may deem necessary to permit Seller to perform Seller’s obligations hereunder or as required by applicable law or rules of any exchange applicable to
Seller or its affiliates. Purchaser will maintain the confidentiality of the terms of this Contract, the Property Information and the contents of the 

  
 23 

 
unrecorded transaction documents (other than information available generally to the public), except that Purchaser may disclose the terms thereof to its consultants, advisors, investor, lenders,
members, partners, officers, shareholders, employees and agents, and further may disclose such terms as are necessary or required to be disclosed in connection with its due diligence investigations or by applicable law or rules of any exchange
applicable to Purchaser or its affiliates (including disclosures required pursuant to regulatory requirements of the U.S. Securities & Exchange Commission). Notwithstanding the foregoing, after Closing, Seller or Purchaser may issue a press
release regarding the purchase and sale of the Property, which may include the name, location and size of the Property and the identity of the Seller and Purchaser, provided that the other party approves of such press release, which approval shall
not be unreasonably withheld. The terms of this Section 10.9 shall survive Closing or any termination of this Contract, provided that the confidentiality requirements set forth herein shall not apply to the Property Information following
Closing. 
 10.10 Notices. All notices required or permitted hereunder shall be in writing and shall be served on the parties at the
addresses set forth below. Any such notices shall be either (i) sent by overnight delivery using a nationally recognized overnight courier, in which case notice shall be deemed delivered one business day after deposit with such courier,
(ii) sent by U.S. Mail, certified, return receipt requested, in which case notice shall be deemed delivered two (2) days after deposit of such notice with the U.S. Postal Service, (iii) sent by personal delivery, in which case notice
shall be deemed delivered upon receipt or refusal of delivery, or (iv) sent by PDF or email (with an original copy thereof transmitted to the recipient by one of the means of notice hereunder), in which case notice shall be deemed given when
received, as evidenced by a dated, read receipt reply email message. A party’s address may be changed by written notice to the other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such
notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. The attorney for a party has the authority to send notices on behalf of such party.

  

			
	 Seller:
  

Carson Bayport I LP
 100 Bayview Circle, Ste. 3500

Newport Beach, California 92660
 Telephone: 949-725-6500

E-mail: dzoch@carsoncompanies.com
	  	 Purchaser:
  

c/o Industrial Property Trust Inc.
 Attn: Thomas McGonagle

518 17th Street, 17th Floor

Denver, Colorado 80202
 Telephone: (303)
                    
 E-mail:
tmcgonagle@industrialpropertytrust.com

		
	 With a copy to:
  

Locke Lord, LLP
 Attn: Paul M. Pruett

600 Travis Street, Suite 2800
 Houston, Texas 77002

Telephone: (713) 226-1472
 E-mail:
ppruett@lockelord.com
	  	 With a copy to:
  

Joshua J. Widoff, General Counsel
 Industrial Property Trust
Inc.
 518 17th Street, 17th Floor

Denver, Colorado 80202
 Telephone: (303) 597-0483

E-mail: jwidoff@dividendcapital.com

  
 24 

			
	 And:
  

CIGNA Investments, Inc.
 900 Cottage Grove Road

Hartford, Connecticut 06103
 Attn: Real Estate Investment
Department
 Asset Management, A4-CRI
 Telephone: (860)
226-0949
 E-mail: Brian.Smith3@Cigna.com
	  	 And:
  

Greenberg Traurig, P.A.
 Attn: Nancy B. Lash

333 S.E. 2nd Avenue

Miami, Florida 33131
 Telephone: (305) 579-0884

E-mail: lashn@gtlaw.com

		
	 Title Company/Escrow Agent:
  

Charter Title Company
 Attn.: Garry Carr

811 Main, Suite 3675
 Houston, Texas 77002

Telephone: (713) 222-6060
 E-mail:
gcarr@chartertitle.com
	  	

 10.11 Construction. The parties acknowledge that the parties and their counsel have reviewed and
revised this Contract and agree 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 Contract or any exhibits or amendments hereto.

 10.12 Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, 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 for national banks in the location
where the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday. The Friday after Thanksgiving shall be deemed a business day for purposes of calculating time
periods under this Contract. The last day of any period of time described herein shall be deemed to end at 6:00 p.m. Central Standard Time. 

10.13 Execution in Counterparts. This Contract may be executed in any number of counterparts, each of which shall be deemed to be an
original, and all of such counterparts shall constitute one Contract. To facilitate execution of this Contract, the parties may execute and exchange by e-mail (in PDF) counterparts of the signature pages, provided that executed originals thereof are
forwarded to the other party on the same day by any of the delivery methods set forth in Section 10.10 other than e-mail. 

10.14 Further Assurances. In addition to the acts and deeds recited herein and contemplated to be performed, executed or delivered by
either party at Closing, each party agrees to perform, execute and deliver, but without any obligation to incur any additional liability or expense, on or after the Closing any further deliveries and assurances as may be reasonably necessary to
consummate the transactions contemplated hereby or to further perfect the conveyance, transfer and assignment of the Property to Purchaser. 

  
 25 

 10.15 Remedies Cumulative. Except as expressly provided to the contrary in this Contract,
the remedies provided in this Contract shall be cumulative and shall not preclude the assertion or exercise of any other rights or remedies available by law, in equity or otherwise. 

10.16 Attorneys’ Fees. In the event either party hereto employs an attorney in connection with claims by one party against the
other arising from the operation of this Contract, the non-prevailing party shall pay the prevailing party all reasonable fees and expenses, including attorneys’ fees, incurred in connection with such transaction. 

10.17 Entirety and Amendments. This Contract embodies the entire contract between the parties and supersedes all prior contracts and
understandings relating to the Property. This Contract may be amended or supplemented only by an instrument in writing executed by both Seller and Purchaser. Escrow Agent is a party to this Contract only with respect to Exhibit B, and any
amendment of Exhibit B shall require the written agreement of Escrow Agent. 
 ARTICLE 11: AS-IS, WHERE-IS 

11.1 AS-IS, WHERE-IS. 

11.1.1 Purchaser acknowledges and agrees that (a) Purchaser has, or will have prior to the expiration of Purchaser’s
Inspection Period, independently examined, inspected, and investigated to the full satisfaction of Purchaser, the physical nature and condition of the Property, including, without limitation, its environmental condition, and the income, operating
expenses and carrying charges affecting the Property, (b) except as expressly set forth in this Contract or any document delivered by Seller at Closing, neither Seller nor any agent, member, officer, partner, employee, representative, broker or
third party consultant of Seller has made any representation whatsoever regarding the subject matter of this Contract or any part thereof, including (without limiting the generality of the foregoing) representations as to the physical nature or
environmental condition of the Property, the existence or non-existence of petroleum, asbestos, lead paint, fungi, including mold, or other microbial contamination, hazardous substances or wastes, underground or above ground storage tanks or any
other environmental hazards on, under or about the Property, the Leases, operating expenses or carrying charges affecting the Property, the compliance of the Property or its operation with any laws, rules, ordinances or regulations of any applicable
governmental or quasi-governmental authority or the habitability, merchantability, marketability, profitability, fitness or development of the Property for any purpose, (c) except as expressly set forth in this Contract or any document
delivered by Seller at Closing, Purchaser, in executing, delivering and performing this Contract, does not rely upon any statement, offering material, operating statement, historical budget, engineering structural report, any environmental reports,
information, or representation to whomsoever made or given, whether to Purchaser or others, and whether directly or indirectly, orally or in writing, made by any person, firm or corporation except as expressly set forth herein, and Purchaser
acknowledges that any such statement, information, offering material, operating statement, historical budget, report or representation, if any, does not 

  
 26 

 
represent or guarantee future performance of the Property, and (d) Purchaser hereby waives, to the extent permitted by law, any and all implied warranties. Without limiting the foregoing,
but in addition thereto, except as otherwise expressly set forth in this Contract or any document delivered by Seller at Closing, Seller shall deliver, and Purchaser shall take, the Property in its “AS IS” “WHERE IS” condition
and with all faults on the Closing Date, including without limitation, any notes or notices or violations of law or municipal ordinances, orders or requirements imposed or issued by any governmental or quasi-governmental authority having or
asserting jurisdiction, against or affecting the Property and any conditions which may result in violations (collectively, “Violations”). 

11.1.2 Upon Closing, Purchaser shall accept title to the Property subject to adverse matters, including without limitation
construction defects and adverse physical and environmental conditions, may not have been revealed by Purchaser’s investigations, and except as expressly set forth in this Contract or any document delivered by Seller at Closing, Purchaser, upon
Closing, shall be deemed to have waived, relinquished and released Seller and its affiliates and subsidiaries and affiliated predecessors-in-title, and their respective partners, members, officers, directors, shareholders, employees and agents
(collectively, “Seller Parties”) 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 Parties at any time by reason of or arising out of the environmental, structural, architectural, mechanical,
physical, financial and economic condition of the Property, failure to disclose any condition of the Property, any latent or patent construction or other defects related to the Property, violations of any applicable laws relating to the Property
(including without limitation any environmental laws), the habitability, merchantability or fitness of the Property for any particular purpose, the income, expenses or profitability of the Property, any tax treatment (income or otherwise) or the
suitability of the Property for Purchaser’s intended use thereof or the feasibility to convert the Property or any portion thereof to any other or particular use, or with respect to the availability of access, ingress or egress, operating
history or projections, valuations, governmental or third party approvals, governmental regulations or any other matter or thing of any type, kind, nature or character whatsoever relating to or affecting the Property, and any and all other acts,
omissions, events, circumstances or matters regarding the Property. Purchaser acknowledges that such adverse matters may affect Purchaser’s ability to sell, lease, operate or finance the Property at any time and from time to time. To the extent
permitted by law, Purchaser hereby agrees, represents and warrants that Purchaser realizes and acknowledges that factual matters now known to Purchaser may have given or may hereafter give rise to causes of action, claims, demands, debts,
controversies, damages, costs, losses and expenses that are presently unknown, unanticipated and unsuspected, and Purchaser further agrees, represents and warrants that, as a material portion of the consideration given to Seller by Purchaser in
exchange for Seller’s performance hereunder, the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Purchaser nevertheless, upon Closing, hereby intends to release, discharge and acquit the
Seller Parties from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses, except as expressly set forth in this Contract or any document delivered by Seller at Closing. 

  
 27 

 11.1.3 Without limiting the generality of the provisions of this Article 11,
except as expressly set forth in this Contract or any document delivered by Seller at Closing, Purchaser, upon Closing, hereby waives, releases and forever discharges Seller and the Seller Parties, and each of them, from any and all causes of
action, claims, assessments, losses, damages (compensatory, punitive or other), liabilities, obligations, reimbursements, costs and expenses of any kind or nature, actual, contingent, present, future, known or unknown, suspected or unsuspected,
including, without limitation, interest, penalties, fines, and attorneys’ and experts’ fees and expenses, which Purchaser, its successors or assigns or any subsequent purchaser of the Property may have or incur in any manner or way
connected with, arising from, or related to the Property, including without limitation (i) the environmental condition of the Property, or (ii) actual or alleged violations of environmental laws or regulations in connection with the
Property and/or any property conditions. Purchaser agrees, represents and warrants that the matters released herein are not limited to matters which are known, disclosed, suspected or foreseeable, and except as expressly set forth in this Contract
or any document delivered by Seller at Closing, Purchaser, upon Closing, hereby waives any and all rights and benefits which it now has, or in the future may have, conferred upon Purchaser by virtue of the provisions of any law which would limit or
detract from the foregoing general release of known and unknown claims. 
 11.1.4 The provisions of this Article
11 shall survive the Closing or the earlier termination of this Contract. 
 [SIGNATURE PAGES AND EXHIBITS TO FOLLOW] 

  
 28 

 SIGNATURE PAGE TO REAL ESTATE CONTRACT 

IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Contract as of the Effective Date. 

 

															
	SELLER:
	
	 CARSON BAYPORT I LP,
 a Delaware
limited partnership

		
	By:	 	Carson Houston I, LLC,
		 	 a Delaware limited liability company,
general partner

			
		 	By:	 	Carson Estate Trust,
		 		 	 a Maryland Real Estate Investment Trust,

its sole member

				
		 		 	By:	 	 /s/ JOHN W. HAWKINSON

		 		 	Name:	 	John W. Hawkinson
		 		 	Title:	 	Vice President
				
		 		 	By:	 	 /s/ FRED MCINTOSH

		 		 	Name:	 	 Fred McIntosh

		 		 	Title:	 	 SVP

		
	By:	 	CG-Lina Bayport I LLC,
		 	a Delaware limited liability company, general partner
			
		 	By:	 	Cigna Affiliates Realty Investments Group LLC,
		 		 	a Delaware limited liability company,
its sole member
				
		 		 	By:	 	Connecticut General Life Insurance Company,
		 		 		 	a Connecticut corporation,
		 		 		 	Its Operations Member
					
		 		 		 	By:	 	CIGNA Investments, Inc.,
		 		 		 		 	a Delaware corporation, its authorized signatory
						
		 		 		 		 	By:	 	 /s/ BRIAN C. SMITH

		 		 		 		 		 	Brian C. Smith
		 		 		 		 		 	Vice President

  
 29 

 
									
	PURCHASER:
	
	 IPT ACQUISITIONS LLC, a Delaware limited

liability company

		
	By:	 	IPT Real Estate Holdco LLC,
		 	Its Sole Member
			
		 	By:	 	 Industrial Property Operating Partnership LP,

Its Sole Member

				
		 		 	By:	 	Industrial Property Trust Inc., Its General Partner
					
		 		 		 	By:	 	 /s/ ANDREA KARP

		 		 		 	Name:	 	 Andrea Karp

		 		 		 	Title:	 	 SVP, Real Estate

  
 30 

 Escrow Agent has executed this Contract in order to agree that Escrow Agent shall act as escrowee with respect to
and hold in escrow the Earnest Money and the interest earned thereon, and shall disburse the Earnest Money and the interest earned thereon, pursuant to the provisions of Exhibit B hereof. By its execution hereof, Escrow Agent acknowledges that the
Inspection Period ends on December 4, 2014. Escrow Agent acknowledges and agrees that it shall provide to Purchaser (and for its benefit) a closing protection letter in customary form from Fidelity National Title Insurance Company with respect
to the consummation of the transaction contemplated by this Agreement. 
  

							
		 		 	CHARTER TITLE COMPANY
				
		 		 	By:	 	 /s/ GARRY L. CARR

		 		 	Name:	 	 Garry L. Carr

		 		 	Title:	 	 Executive Vice President

				
		 		 		 	“Escrow Agent”
				
	Dated: December 4, 2014	 		 		 	

  
 31EX-10.34

 Exhibit 10.34 

PURCHASE AND SALE AGREEMENT 
  

							
	Summary of Terms.
			
	(a)	 	Effective Date:	  	The date on which this Agreement has been executed by both Purchaser and Seller
				
	(b)	 	Parties:	 	Purchaser:	  	IPT ACQUISITIONS LLC, a Delaware limited liability company
		 		 		  	518 17th Street, 17th Floor
		 		 		  	Denver, Colorado 80202
				
		 		 	Seller:	  	The entities listed on Exhibit A, as to each particular property held by each such entity
		 		 		  	Attn: Robert E. Downie
		 		 		  	8203 SE 7th Ave., Suite 200
		 		 		  	Portland, Oregon 97202

  

							
	(c)	  	 Properties/Location:

(Paragraph 1)
	  	See Exhibit B
			
	(d)	  	 Purchase Price:
 (Paragraph
2)
	  	$57,551,226.00, allocated as set forth on Exhibit A
			
	(e)	  	 Terms:
 (Paragraph
3)
	  	Cash at Closing
			
	(f)	  	 Deposit:
 (Paragraph
3(a))
	  	$2,500,000.00 cash within 48 hours after the Effective Date
			
	(g)	  	Escrow Holder:	  	First American Title Insurance Company
		  	(Paragraph 4)	  	Attention: John Beckstedt
		  		  	First American Title Insurance Company
		  		  	National Commercial Services
		  		  	30 North LaSalle St., Suite 2700
		  		  	Chicago, IL 60602
			
		  		  	Telephone - 312.917.7233
		  		  	Email: jbeckstedt@firstam.com
			
	(h)	  	Closing Date:	  	Two (2) business days after waiver of the Inspection Period

							
			
	(i)	  	End of Inspection Period:	  	December 17, 2014
		  	(Paragraph 6)	  	

							
				
	(j)	  	Commission:	  	To be paid by Seller to KG Investment Management pursuant to a separate agreement	  	

 The summary of terms included in the above paragraph is for reference purposes only, and
each term shall be construed in conjunction and limited by references appearing in other provisions of this Purchase and Sale Agreement. In the event of any conflict between the summary and the more specific description appearing in the following
paragraphs of the document, the detailed provisions which follow shall apply. 

 THIS AGREEMENT (the “Agreement”) is made and entered into as of this 8 day of December,
2014, by and between those certain entities listed on Exhibit A, (each such entity or individual being hereinafter referred to as “Seller” with respect to its property) and IPT Acquisitions LLC, a Delaware limited liability company
(hereinafter referred to as “Purchaser”). 
 A. Seller is the owner of certain parcels of improved real property commonly referred
to by the street addresses listed in Exhibit “A”, and more fully described in the legal descriptions corresponding to such street addresses which are set forth in Exhibit “B” attached hereto and made a part hereof. 

B. Purchaser desires to purchase and Seller desires to sell the “Properties”, as defined in Paragraph 1 hereof, upon the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, Purchaser
and Seller agree as follows: 
  

	 	1.	Purchase - Sale. 

 Purchaser will purchase from Seller and Seller will sell to Purchaser
the Properties described in Exhibit “B”, on the terms herein set forth. The term “Properties” means, collectively the following: The land described on Exhibit “B” and all rights, privileges and appurtenances thereunto
belonging or appertaining, including all rights, title and interest of Seller in and to the streets, alleys, easements and rights-of-way adjacent thereto (“Real Property”); all mineral and water rights, if any, owned by Seller; all
buildings, improvements and fixtures located on the Real Property (“Improvements”); all term leases (“Leases”) and assignable continuing contracts, business licenses, utility contracts, plans and specifications, warranties,
governmental approvals and development rights (if any) related to the Improvements and/or any part thereof, except for those vendor contracts which purchaser requires to be terminated at Closing (the “Intangible Property”); and all
tangible personal property (if any) owned by Seller and located on or affixed to the Real Property (“Personal Property”). 
  

	 	2.	Purchase Price. 

 The total purchase price for the Properties (“Purchase
Price”) shall be Fifty Seven Million Five Hundred Fifty One Thousand Two Hundred Twenty Six and No/100 Dollars ($57,551,226.00). 
  

	 	3.	Payment of Purchase Price. 

 Purchase Price shall be paid by Purchaser to Seller through
“Escrow Holder” (as defined below) as follows: 
 (a) Deposit. Within forty-eight (48) hours after the date on which
this Agreement has been executed by both Purchaser and Seller (“Effective Date”), Purchaser shall deposit in “Escrow” (as defined below) by cashier’s check or wire transfer the sum of Two Million Five Hundred Thousand and
No/100 Dollars ($2,500,000.00) (which, along with any interest thereon, will be called the “Deposit”). “Escrow Holder” (as defined below) shall invest the Deposit held by it in a federally insured, interest-bearing account. The
accrued interest shall 

 
be treated as part of the Deposit. If the Deposit is retained by the Seller, the Seller shall receive the interest. If the Deposit is returned to the Purchaser, the Purchaser shall receive the
interest. If the sale of the Properties as contemplated hereunder is consummated, the amount of the Deposit and the interest earned thereon, shall be credited against the Purchase Price at Closing. If the Deposit is not made as provided herein, this
Agreement shall automatically terminate and neither party shall have further obligation to the others hereunder, except as otherwise provided herein. 

(b) Cash Payment Due on Closing. At the Close of Escrow, Purchaser shall pay into Escrow, by certified check or wire transfer, for
Seller’s account an amount equal to the Purchase Price, less the Deposit, plus or minus such additional amounts as are assessed against Purchaser as “Closing Costs and Prorations” as defined in Paragraphs 14 and 15. 

 

	 	4.	Escrow and Closing Date. 

 The “Escrow Holder” shall be First American Title
Insurance Company, National Commercial Services, 30 North LaSalle St., Suite 2700, Chicago, IL 60602, Attention: John Beckstedt, telephone number 312.917.7233, fax number 888.279.8547, E-mail: jbeckstedt@firstam.com. “Opening of
Escrow” shall be deemed to be that date on which Escrow Holder receives from Seller a fully executed copy (or counterparts) of this Agreement. The “Close of Escrow” or “Closing Date” shall be no later than two (2) days
after the expiration of the Inspection Period or waiver of the Inspection Contingency, whichever first occurs. This Agreement shall serve as escrow instructions. Supplementary instructions may be provided in writing but are only valid when executed
by both Seller and Purchaser. 
  

	 	5.	Preliminary Title Report, Title Insurance. 

 (a) Commitment. The “Title
Company” shall be First American Title Insurance Company, National Commercial Services, 30 North LaSalle St., Suite 2700, Chicago, IL 60602, Attention: John Beckstedt, telephone number 312.917.7233, fax number 888.279.8547, E-mail:
jbeckstedt@firstam.com. Purchaser shall cause the Title Company to issue its commitment to insure Purchaser’s title in an amount equal to the Purchase Price (“Commitment”), and to deliver copies of all documents referred to
therein, including but not limited to any Conditions, Covenants or Restrictions applicable to the Properties, to Purchaser for its review and approval, with copies to Seller. 

(b) Title Policy. At the Close of Escrow, Seller shall cause the Title Company, at Seller’s sole cost and expense, to issue to
Purchaser a standard owners’ policy of title insurance showing fee title to the Properties vested in Purchaser (the “Title Policy”). The issued Title Policy shall contain a liability limit in an amount equal to the Purchase Price for
the Properties and shall contain only those exceptions shown in the Commitment which are “Permitted Exceptions” (as defined below). 
  

	 	6.	Purchaser’s Conditions Precedent. 

 In addition to any other requirements or
conditions to Close of Escrow, Purchaser’s obligations hereunder to purchase and pay for the Properties shall be subject to the conditions precedent set forth in this Paragraph 6, which shall be satisfied or may be waived in Purchaser’s
sole discretion on or before the time and date specified below or before Closing if no time is specified. 

 (a) Inspection Contingency. Purchaser shall have until December 17, 2014 (the
“Inspection Period”) to inspect the Properties and make whatever other inquiry it deems appropriate to determine the suitability of the Properties for Purchaser’s intended use of the Properties. Such right of inspection shall include
the right to review all items listed in Exhibit A to the Letter of Intent between Seller and Purchaser dated October 24, 2014 (The “LOI”). Purchaser may engage consultants or engineers of the Purchaser’s choosing to conduct
studies of the Properties as the Purchaser deems necessary. The Purchaser or its agents shall have the right to enter the Properties at reasonable times to make such tests, inspections, studies, and other investigations as the Purchaser may require
(the “Tests”) at the Purchaser’s expense and risk, upon providing Seller forty-eight (48) hours advance written notice of its intent to enter the Properties. Notwithstanding the foregoing, in no event shall Purchaser conduct any
Phase II environmental investigation or other invasive testing on the Properties or contact or otherwise communicate in any manner with any governmental agency respecting environmental conditions at or in the vicinity of the Properties, in
either case without Seller’s prior written consent, which consent may be granted or withheld in Seller’s sole and absolute discretion; provided, however that Purchaser shall have the right, without Seller’s consent, to contact
governmental agencies concerning the Property for general zoning diligence unrelated to environmental matters. Purchaser shall promptly deliver to Seller copies of the Tests including, without limitation, any environmental assessment prepared with
respect to the Properties. Notwithstanding anything herein to the contrary, Seller hereby confirms that it has granted consent to Purchaser to perform a Phase II environmental investigation in accordance with a proposal submitted by Purchaser to
Seller prior to the Effective Date. The obligations of Purchaser under this Paragraph 6(a) shall survive Closing or termination of this Agreement. Purchaser shall: (i) indemnify, defend, protect, and hold harmless Seller and the Properties from
and against all liability, lien, damage, and cost (including reasonable attorneys’ fees) to the extent caused by Purchaser’s entry onto the Properties, except for (A) any loss, lien, liability, cost, or expense to the extent arising
from or related to the acts of Seller; (B) any diminution in value of the Properties arising from or relating to matters discovered by Purchaser during its investigation; (C) any latent defects discovered by Purchaser; or (D) the
release or spread of any hazardous materials which are discovered on or under the Properties by Purchaser except to the extent deposited, released, or spread by Purchaser’s actions (other than the mere discovery of such hazardous materials as
long as Purchaser takes reasonable steps not to exacerbate the condition); (ii) promptly repair any damage to the Properties caused by Purchaser’s entry (excepted as set forth in subparagraphs (i)(A)-(D) above); and (iii) prior
to entry upon the Properties, deliver to Seller a certificate or other reasonable proof evidencing that Purchaser has a commercial general liability insurance policy written on an occurrence basis with combined single limits liability for personal
injury and property damage of not less than One Million Dollars ($1,000,000). The foregoing indemnity, defense, and hold harmless obligations do not apply to (x) any liability, damage, or cost to the extent caused by acts or omissions of
Seller; (y) any diminution in value of the Properties or other loss or damage incurred by Seller arising from or relating to any matters discovered by Purchaser during its investigation of the Properties; or (z) as otherwise set forth in
subparagraph (i)(A)-(D) above. Purchaser’s indemnity obligation set forth in this Paragraph 6(a) shall survive Closing or termination of this Agreement. Purchaser shall notify Seller in writing before the end of the Inspection Period
whether or not Purchaser elects to proceed with the purchase of the Properties pursuant to this Agreement. If Purchaser, in its sole discretion, notifies Seller in writing at any time during the Inspection Period of its election not to proceed

 
with the purchase of the Properties for any reason or for no reason, this Agreement shall be terminated and Escrow Holder shall immediately return the Deposit to Purchaser. Purchaser’s
failure to notify Seller in writing of its election not to purchase the Properties within the aforementioned time limit shall be deemed an election to proceed with the purchase of the Properties and is referred to herein as “waiver of the
Inspection Contingency”. 
 (c) Review of Commitment. Purchaser shall have until 5:00 p.m., Pacific Time, on or before
December 5, 2014, to notify Seller and Escrow Holder in writing of Purchaser’s disapproval of any exceptions shown in the Commitment. In the event of timely disapproval of any exceptions, Seller shall have until 5:00 p.m. on
December 10 2014, within which to advise Purchaser whether or not it will eliminate any disapproved exceptions from the policy of title insurance to be issued in favor of Purchaser. If Seller fails to notify Purchaser on or before
December 10, 2014, or notifies Purchaser that it elects not to eliminate any disapproved exception, or if Purchaser is not satisfied, in its discretion, with Seller’s means of eliminating all exceptions, Purchaser shall have until the
expiration of the Inspection Period, to notify Seller and Escrow Holder in writing that it elects not to purchase the Properties, in which event this Agreement shall be terminated and Escrow Holder shall immediately return the Deposit to Purchaser.
The failure of Purchaser to notify Seller of its election not to purchase the Properties within the aforementioned time limit shall be deemed an approval of the Commitment and election to proceed with the purchase. All exceptions shown in the
Commitment, other than those which Seller has expressly agreed to remove, shall be permitted exceptions (“Permitted Exceptions”). Notwithstanding the foregoing, Seller shall have the affirmative obligation to remove all monetary liens or
encumbrances affecting the Property that were created by, through or under Seller. 
 (d) No Material Changes. At the Closing Date,
there shall have been no material adverse changes related to or connected to the Properties since the Effective Date, including, without limitation, no bankruptcy or insolvency proceeding have been filed by or against any tenant at the Property and
no tenant shall have terminated its lease at the Property. 
 (e) Representations and Warranties. The representations and warranties
of Seller set forth in Paragraph 8 hereof shall be, in all material respects, true and complete. 
 (f) Seller Compliance with
Agreement. Seller shall have performed all of the obligations required to be performed by Seller under this Agreement, as and when required by this Agreement, in all material respects. 

(g) Estoppels. Purchaser shall have received, on or before the Closing Date, a signed estoppel certificate, in a form reasonably
satisfactory to Purchaser, dated no earlier than thirty (30) days prior to the Closing Date, from the tenants in the buildings totaling 80% of the aggregate square footage and including the following major tenants: CoHo Distributing, LIT
Workshop, Western Pacific, Charlie’s Produce, and Bob’s Red Mill Natural Foods (collectively, the “Estoppels”). Seller shall obtain Purchaser’s reasonable approval as to the form of Estoppels prior to submitting any
Estoppels to the tenants. Seller shall use commercially reasonable efforts to obtain and deliver each of the Estoppels to Purchaser on or before 3 business days prior to Closing, and shall copy Purchaser on its correspondence to each tenant
transmitting the Estoppels. Seller shall deliver any Estoppels received from tenants to Purchaser promptly upon Seller’s receipt. Seller shall reasonably facilitate Purchaser contacting any tenant regarding the Estoppels. No Tenant Estoppels
shall show any materially adverse matters, including, without limitation, any verbal agreements or any default or purported default thereunder by any party. 

	 	7.	Seller’s Conditions Precedent. 

 In addition to any other requirements or conditions
to Close of Escrow, Seller’s obligations to consummate the transaction contemplated by this Agreement shall be subject to the conditions precedent set forth in this Paragraph 7, which shall be satisfied or may be waived in Seller’s sole
discretion on or before the time and date specified below or before Closing if no time is specified. 
 (a) The representations and
warranties of Purchaser set forth in Paragraph 10 hereof shall be, in all material respects, true and complete. 
 (b) Purchaser shall have
performed all of the obligations required to be performed by Purchaser under this Agreement, as and when required by this Agreement, in all material respects. 
  

	 	8.	Representations and Warranties by Seller. 

 Seller represents and warrants to Purchaser
as follows: 
 (a) Authority. Each of the entities constituting Seller is duly incorporated or organized, as applicable, and validly
existing and in good standing under the laws of the State of Oregon; Seller has the requisite power and authority to enter into and perform this Agreement and Seller’s closing documents; such documents have been duly authorized by all necessary
action on the part of Seller and have been or will be duly executed and delivered; such execution, delivery and performance by Seller of such documents will not conflict with or result in a violation of Seller’s organizational documents, or any
judgment, order, or decree of any court or arbiter to which Seller is a party; such documents are valid and binding obligations of Seller, and are enforceable against Seller in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization, creditor’s rights and other similar laws. Seller has authority and all required approvals from its shareholders or members, as applicable, to enter into the Agreement and consummate the sale. The execution and
delivery of this Agreement by Seller and the performance by Seller of all of Seller’s obligations under this Agreement will not require any further consent, authorization, or approval of any person, including but not limited to any governmental
body. 
 (b) Utilities. To its knowledge, Seller has received no written notice of actual or threatened reduction or curtailment of any
utility service now supplied to the Real Property. 
 (c) FIRPTA. Seller is not a “foreign person,” “foreign
partnership,” “foreign trust” or “foreign estate” as those terms are defined in Section 1445 of the Internal Revenue Code. 

(d) Proceedings. There is no action, litigation, condemnation or proceeding of any kind pending, or to Seller’s knowledge threatened,
against (i) Seller which would have a material and adverse effect on the Property or the ability of Seller to perform its obligations under this Agreement, or (ii) any portion of the Real Property. 

 (e) Leases. 

(i) Exhibit C is a true and complete list of all of the Leases, and except as set forth in the Leases, there are no options to expand, rights
of first refusal, options to terminate without cause, options to renew, options to purchase, or any rent abatements given to any of the tenants after the tenants are in occupancy and paying rent. 

(ii) To Seller’s knowledge, each of the Leases is in full force and effect according to the terms set forth therein, has not been
modified, amended, or altered, in writing or otherwise except as disclosed in writing to Purchaser, and true and correct copies of the Leases have been delivered or made available to Purchaser. 

(iii) Seller has not received written notice from any tenant under the Leases of any unperformed obligation of the lessor under the Leases
including, without limitation, failure of the lessor to construct any required tenant improvements. No tenant has asserted in writing to Seller any offsets, defenses or claims available against rent payable by it or other performance or obligations
otherwise due from it under any Lease. 
 (iv) To Seller’s knowledge, no tenant is in default (beyond any applicable grace or cure
period), under or is in arrears in the payment of any sums or in the performance of any obligations required of it under its Lease. 
 (v)
No guarantor(s) of any Lease has been released or discharged by Seller, voluntarily or involuntarily, from any obligation under any Lease. 

(vi) There are no brokers’ commissions, finders’ fees, or other charges payable or to become payable to any third party on behalf
of Seller as a result of or in connection with any Lease, including, without limitation, any unexecuted option(s) to expand or renew other than as set forth on Exhibit D attached hereto and made a part hereof. All such fees, commissions and charges
payable in connection with the current term of leases existing as of the date of this Agreement (other than the Approved Renewals) will be Seller’s responsibility; all such fees, commissions and charges payable in connection with renewals of
existing leases or new leases entered into after Closing (including the Approved Renewals) shall be the responsibility of Purchaser. Seller has no obligation to complete or pay for any tenant improvements with respect to any Lease, including,
without limitation, any obligation to pay for) the ESFR fire sprinkler system in Suite E referenced in Paragraph 33 of the Bob’s Red Mill Lease; provided that Seller shall deposit into an escrow to be held by Escrow Holder the estimated
cost (which estimate must be reasonably satisfactory to Purchaser) of the cost to install the pump equipment referenced in Paragraph 36 of the Bob’s Red Mill Lease; Seller shall have a period of three months within which to obtain an estoppel
from Bob’s Red Mill confirming that the landlord’s obligation referenced in Paragraph 36 of the Bob’s Red Mill Lease to install pump equipment is not triggered by the transaction contemplated by this Agreement. In the event the
estoppel is timely received and provided to Buyer, then the escrowed funds shall be released to Seller; otherwise, the escrowed funds shall be released to Buyer. Buyer shall receive a credit at Closing for the tenant improvement allowance under the
Western Pacific Lease as provided in Paragraph 15(a) below. 

 (f) Special Assessments and Taxes. Except as shown on any tax bills delivered to Purchaser and
the Title Report, Seller has not received any notice, in writing, of any special assessment which affects the Properties. There is no ongoing appeal with respect to taxes or special assessments on the Property for any year, and any consultants
engaged to perform work with respect to appeals of taxes or special assessments on the Property have been paid in full. Purchaser understands and acknowledges that Charlie’s Produce has applied for an “Enterprise Zone” tax deferral on
its investment in the building that it leases. 
 (g) Service Contracts. All service contracts affecting the Real Property have been
provided to Purchaser, and to Seller’s knowledge, there are no defaults under any of the service contracts. 
 (h) No Violation of
Laws. Seller has not received written notice from any governmental authority having jurisdiction over the Real Property of any current violation of any applicable law, rule, regulation, or code of any applicable governmental authority having
jurisdiction thereof. 
 (i) Environmental Matters. Except as set forth in (i) any environmental report deliver by Seller to Purchaser
in connection herewith or (ii) any environmental report obtained by Purchaser in connection with this Agreement, Seller has not received written notice that any person (including, without limitation, Seller or any tenant) has used, generated,
processed, stored, released, discharged, transported or disposed Hazardous Materials on the Property except for use and storage in compliance with Environmental Laws. As used herein, “Environmental Laws’ means any law, including
requirements under permits, licenses, consents and approvals, relating to pollution or protection of human health or the environment, including those that relate to emissions, discharges, releases or threated releases, or the generation,
manufacturing, processing, distribution, use, treatment, storage, disposal, transport, or handling of Hazardous Materials. As used herein, “Hazardous Materials’ means those materials that are regulated by or form the basis of liability
under any Environmental Law, including: (i) any substance identified under any Environmental Law as a pollutant, contaminant, hazardous substance, liquid, industrial or solid or hazardous waste, hazardous material or toxic substance;
(ii) any petroleum or petroleum derived substance or waste: (iii) any asbestos or asbestos-containing material; (iv) any polychlorinated biphenyl (PCB) or PCB-containing or urea-formaldehyde-containing material or fluid; (v) any
radioactive material or substance, including radon; (vi) any lead or lead based paints or materials; and (vii) any mold, fungi, yeast or similar biological agents that may have an adverse effect on human health. 

(j) Employees of Seller. There are no employees of Seller employed in connection with the use, management, maintenance or operation of the
Property whose employment will continue after the Closing Date 
 (k) No Bankruptcy or Insolvency. There are no bankruptcy or insolvency
proceedings involving Seller, and none is contemplated. 
  

	 	9.	Other Matters Related to Seller’s Representations and Warranties. 

 (a) In each
event in which any representation of Seller is limited “to Seller’s knowledge” or similar phrase, that knowledge must include only the actual, personal knowledge (and not the implied, imputed, or constructive knowledge) of Robert E.
Downie and Elizabeth Clark Agosti, without any investigation or inquiry whatsoever, except that said knowledge 

 
includes a general review of Seller’s files. Seller represents and warrants to Purchaser that Downie and Agosti are in positions on behalf of Seller to have the information which is the
subject of Seller’s Representations. 
 (b) Purchaser agrees that in the absence of an intent on the part of Seller to fraudulently
conceal information about the Properties or fraudulently mislead Purchaser, Purchaser will not have the right to rely on any warranty or representation of Seller, and Seller will not be liable for any breach of any such warranty or
misrepresentation, if and to the extent Purchaser is given access to data or information relating to the Properties before the Closing Date that specifically reveals, or Purchaser’s tests or inspections before the Closing Date actually reveal,
or Purchaser otherwise actually knows before the Closing Date that any information is incorrect, and in any of such events Purchaser nevertheless elects to close this purchase. The phrase “to Purchaser’s knowledge” or similar phrase,
must include only the actual, personal knowledge (and not the implied, imputed, or constructive knowledge) of Ryan Dunlap. 
 (c) Survival
of Warranties. All Seller’s warranties in this Agreement are deemed given only as of the date of this Agreement, but will be updated in a certificate provided to Purchaser at and as of the Closing Date. Seller’s liability for any
misrepresentation or the breach of any warranty under this Agreement will survive the closing of this transaction, but any claim for any misrepresentation or breach of any covenant will be deemed to have been waived unless Purchaser files and serves
a complaint for damages or other remedies based on the alleged misrepresentation or breach within twelve months after the Closing Date. 
  

	 	10.	Representations and Warranties by Purchaser. 

 Purchaser represents and warrants to
Seller that Purchaser is duly organized and validly existing and in good standing under the laws of the state of its organization; that Purchaser has the requisite power and authority (or will have, as of the expiration of the Inspection Period) to
enter into this Agreement and Purchaser’s closing documents; such documents have been duly authorized by all necessary action on the part of Purchaser and have been or will be duly executed and delivered; that the execution, delivery and
performance by Purchaser of such documents will not conflict with or result in violation of Purchaser’s organizational documents or any judgment, order or decree of any court or arbiter to which Purchaser is a party; such documents are valid
and binding obligations of Purchaser, and are enforceable against Purchaser in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, creditor’s rights and other similar laws. 

 

	 	11.	Covenants Concerning the Property. 

 Until the earlier of Closing or termination of this
Agreement, Seller agrees as follows: 
 (a) Subject to Sections 11(b) and 11(c), without Purchaser’s prior written approval, which may
be withheld in Purchaser’s sole and absolute discretion, Seller shall not directly or indirectly (i) sell, contribute, assign or create any right, title or interest whatsoever in or to the Property, (ii) cause or permit any mortgage,
deed of trust, lien, assessment, obligation, interest, encroachment or liability whatsoever to be placed of record against the Property (other than the Permitted Exceptions), or (iii) enter into any agreement to do any of the foregoing. 

 (b) Without Purchaser’s prior written approval, which may be withheld in Purchaser’s
reasonable discretion prior to the date which is five days prior to the end of the Inspection Period and in Purchaser’s sole and absolute discretion thereafter, Seller shall not enter into any new (or extend, amend, renew or replace any
existing) agreement, service contract, employment contract, permit or obligation affecting the Property or which would be binding upon Purchaser upon its acquisition of the Property, or file for, pursue, accept or obtain any zoning, land use permit
or other development approval or entitlement, or consent to the inclusion of the Property into any special district; provided, however, (i) prior to expiration of the Inspection Period, Seller may enter into service or similar contracts without
Purchaser’s approval if such contract is entered into in the ordinary course of Seller’s business and is terminable without penalty or premium on not more than 30 days notice from the owner of the Property and is disclosed promptly in
writing to Purchaser; and (ii) Seller may enter new Tenant Leases pursuant to Section 11(c). 
 (c) Without Purchaser’s prior
written approval, which may be withheld in Purchaser’s reasonable discretion prior to the date which is five days prior to the end of the Inspection Period and in Purchaser’s sole and absolute discretion thereafter, Seller shall not
(i) enter into any new lease (each, a “New Lease”) for any portion of the Property, (ii) terminate any existing Tenant Lease, or (iii) extend, amend, renew or replace any Tenant Lease or expand the space leased by a Tenant
thereunder (each, a “Lease Renewal”). If Seller desires to enter into a New Lease or Lease Renewal after the Effective Date, it shall give written notice (the “New Lease Request”) to Purchaser and include the following
information and documents with such New Lease Request: (i) the name of the proposed or existing Tenant, (ii) identification of the portion of the Property that is the subject of the New Lease or Lease Renewal, (iii) a summary of the
material terms of the New Lease or Lease Renewal, including base rent, reimbursement of operating expenses, security deposit, guaranties or other credit enhancement, concessions, proposed tenant improvements and tenant improvement allowance, term,
renewal options, early termination rights, permitted uses, and exclusive rights, (iv) a copy of the proposed New Lease or Lease Renewal and all exhibits thereto, and (v) financial information regarding the proposed or existing Tenant. If
Purchaser fails to respond to any New Lease Request within 5 Business Days after receipt thereof, Purchaser shall be deemed to have denied the request to enter into such New Lease or Lease Renewal. 

(d) Seller shall remove the Property from the market for sale, and not solicit, accept, entertain or enter into any negotiations or agreements
with respect to the sale or disposition of any or all of the Property, or any interest therein, or sell, contribute or assign any interest in the Property. 

(e) Seller shall, except as otherwise provided in this Agreement, operate and maintain the Property in accordance with Seller’s past
practice and all applicable Laws. Seller shall maintain all casualty and liability insurance in place as of the Effective Date with respect to the Property in amounts and with deductibles substantially the same as existing on the Effective Date.

 (f) Seller shall not remove any material item of Personal Property from the Real Property unless the same is obsolete and is replaced by
tangible personal property of equal or greater utility and value. Should any material equipment, fixtures or services fail between the Effective Date and the Closing Date, Seller shall be responsible for the repair or replacement of such equipment,
fixtures or services with a new unit of similar size and quality, or at Purchaser’s option, Seller shall give Purchaser an equivalent credit towards the Purchase Price at the Closing. 

 (g) Seller shall not accept any rent from any Tenant (or any new tenant under any new lease
permitted pursuant to the terms hereof) for more than 1 month in advance of the payment date. Other than actions against a Tenant that do not seek eviction, Seller shall not commence or allow to be commenced on its behalf any action, suit or
proceeding with respect to all or any portion of the Property without the prior written consent of Purchaser. 
  

	12.	Pre-Closing. 

 Items to be Delivered to Escrow Holder on or Before Close of
Escrow: 
 (a) By Seller: 

(i) Deeds. Special warranty deeds to the Real Property in favor of Purchaser with title vesting in Purchaser duly
executed and acknowledged by the applicable entity of Seller, conveying fee title to the Real Property (except those portions which are easements only) and Improvements, in their as is condition, without representation or warranty, except as to
title as provided in the Commitment. 
 (ii) Bills of Sale. Bills of sale, duly executed by the applicable entity of
Seller, in favor of Purchaser, covering any Personal Property and Intangible Property, as is, where is, in its present condition, including all defects, and without warranties of merchantability or of fitness for a particular purpose with respect to
the Personal Property. 
 (iii) Assignments of Leases. Specific assignments in favor of Purchaser of the Leases, if
any, relating to the Properties. 
 (iv) Estoppels. The Estoppels. 

(v) Certification of Non-Foreign Status. Certificates dated as of the Closing Date, addressed to Purchaser, duly
executed by the applicable entity of Seller under penalty of perjury, regarding Seller’s non-foreign status, in the form of Exhibit “C” attached hereto and made a part hereof. 

(vi) Notices. Notices terminating, effective as of Closing, those vendor contracts which Purchaser requires to be
terminated, and letters advising the tenants under the Leases of a change in the ownership of the Properties. 
 (b) By Purchaser: 

(i) Purchase Price. The Purchase Price as provided in Paragraph 3 and Purchaser’s share of the Closing Costs and
Prorations as defined in Paragraphs 14 and 15. 
 (ii) Assumption of Leases. Specific assumption by Purchaser of the
Leases, if any, relating to the Properties. 

	 	13.	Closing. 

 At the Close of Escrow, when Escrow Holder has received the funds and the
items to be delivered by Seller and Purchaser described in Paragraph 12 above, and is prepared to issue and deliver the Title Policy in the form provided in the Commitment, Escrow Holder shall: 

(a) Collect from Purchaser the Closing Costs described in Paragraph 14, and such additional amounts, if any, as are assessed against Purchaser
as a result of prorations pursuant to Paragraph 15; 
 (b) Record the deeds; 

(c) Deliver to Seller the balance of the Purchase Price after deducting Seller’s share of the Closing Costs described in Paragraph 14,
and such additional amounts attributable to Seller as a result of prorations pursuant to Paragraph 15; 
 (d) Deliver to Purchaser the Title
Policy; 
 (e) Deliver to Purchaser the Bill of Sale, Assignment of Leases, and Certificate of Non-Foreign Status; and 

(f) Deliver to Seller and to Purchaser the additional items each is to receive at Close of Escrow as listed in Paragraph 12. 

 

	 	14.	Closing Costs. 

 Recording charges and any transfer tax or documentary stamps shall be
paid by Seller. Any other expenses of the escrow for the sale shall be paid one half by Purchaser and one half by Seller. Seller shall pay all documentary transfer taxes and the cost of the Title Policy. Purchaser shall pay the cost of any
endorsements or extended coverage for the Title Policy. If Escrow is terminated because of the failure of either party to perform its duties as required hereunder, the nonperforming party shall pay the entire cancellation fee, if any, of Escrow
Holder. 
  

	 	15.	Prorations, Credits. 

 (a) Rents, real property taxes and all other costs and expenses
associated with the ownership and maintenance of the Property shall be prorated on this transaction as of the Closing Date in accordance with the procedures set forth on Exhibit “E” attached hereto. The obligations of Seller and Purchaser
with respect to prorations shall survive Closing. Western Pacific’s lease provides for six months’ free rent at the starting lease rate of $45,784.00/month. Purchaser shall be credited at Close of Escrow for this free rent in the
amount of $274,704.00. At Close of Escrow, Purchaser shall be credited $40,436 for 4 months of reduced rent payments from Charlie’s Produce based on the terms of its lease, and $35,000 to cover the tenant improvement allowance under the Western
Pacific Lease. 

 (b) Notwithstanding the foregoing, Seller shall retain the exclusive right to appeal the
valuation of the Properties used by the taxing authority for property tax assessments for the tax year 2014-2015 and any prior years. If Seller successfully appeals the valuation of the Properties which, after Closing, results in a reduction of real
property taxes assessed against the Properties for the tax year 2014-2015 and a payment is made or credit is received by Purchaser as a result of such appeal, within thirty (30) days after Purchaser receives such payment or credit Purchaser
shall remit to Seller a prorated payment based on the relative periods of time in which Seller and Purchaser owned the Property for the tax year 2014-2015. Purchaser’s obligations under this Paragraph 15 shall survive closing and shall be
enforceable by Seller pursuant to the terms of this Agreement. 
  

	 	16.	Purchaser’s Reliance on Its Investigations. 

 (a) To the maximum extent permitted by
applicable law, except for Seller’s representations and warranties in Paragraph 8 and the warranties of title in the Special Warranty Deed and the Assignment and Assumption of Leases, or any other document executed or delivered by Seller at the
Closing (collectively, the “Seller’s Warranties”), this sale is made and will be made without representation, covenant, or warranty of any kind (whether express or implied, or written or oral) by Seller. As a material part of the
consideration for this Agreement, Purchaser agrees to accept the Properties on an “AS IS” basis, with all faults and any and all latent and patent defects, and without any representation or warranty, all of which Seller hereby disclaims,
except for Seller’s Warranties. Except for Seller’s Warranties, no warranty or representation is made by Seller as to (a) fitness for any particular purpose, (b) merchantability, (c) design, (d) quality,
(e) condition, (f) operation or income, (g) compliance with drawings or specifications, (h) absence of defects, (i) absence of hazardous or toxic substances, (j) absence of faults, (k) flooding, or
(l) compliance with laws and regulations including, without limitation, those relating to health, safety, and the environment. Purchaser acknowledges that Purchaser has entered into this Agreement with the intention of making and relying upon
its own investigation of the physical, environmental, economic use, compliance, and legal condition of the Properties, and that Purchaser is not now relying, and will not later rely, upon any representations and warranties made by Seller or anyone
acting or claiming to act, by, through or under or on Seller’s behalf concerning the Properties, except for Seller’s Warranties. 

(b) Consistent with the foregoing and subject solely to the Seller’s Warranties, effective as of the Closing Date, Purchaser, for itself
and its agents, affiliates, successors and assigns, hereby releases and forever discharges Seller, its agents, affiliates, subsidiaries, successors and assigns (collectively the “Releasees”) from any and all rights, claims and demands at
law or in equity, whether known or unknown at the time of this Agreement, which Purchaser has or may have in the future, arising out of the physical, environmental, economic or legal condition of the Properties, including, without limitation, all
claims in tort or contract and any claim for indemnification or contribution arising under the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. Section 9601, et seq.) or any similar federal, state or local
statute, rule or regulation. Purchaser, upon Closing, shall be deemed to have waived, relinquished and released Seller and all other Releasees from and against any and all such matters affecting the Properties, except as set forth in this Agreement
or any of the closing documents. 
 (c) The provisions of this Paragraph shall survive indefinitely the Closing or termination of this
Agreement and shall not be merged into the closing documents. 

	 	17.	Risk of Loss. 

 The risk of loss or damage to the Properties until closing shall be borne
by the Seller. If, prior to closing, the Properties, or any one of them, shall be destroyed or damaged by any occurrence, or any action with respect to the Properties shall be instituted by any public authority for condemnation pursuant to any power
of eminent domain, Seller shall promptly notify Purchaser thereof and Purchaser shall have the option to terminate this Agreement by delivering written notice of its election to terminate to Seller within five (5) days after Purchaser is so
notified by Seller. If Purchaser elects to terminate this Agreement, any sums paid by Purchaser hereunder shall be refunded in full and the Agreement shall thereafter be null and void and of no further force and effect. If Purchaser does not so
elect to terminate this Agreement and closing is held and the Purchase Price has been paid, Purchaser shall be entitled to any award pursuant to any condemnation or eminent domain proceedings and to settle any loss with insurance carriers and to
receive the proceeds of all insurance applicable to the loss. In addition, Seller shall credit Purchaser at Closing with any deductible or retention amount payable with respect to the destruction or damage in question. 

 

	 	18.	Commissions. 

 (a) Purchaser hereby represents and warrants to Seller that Purchaser has
not incurred any obligation for the payment of any real estate broker’s commission, finder’s fee or other like sum in connection with the purchase of the Properties from Seller, and Purchaser hereby agrees to indemnify and hold Seller
harmless from and against any and all claims, demands, causes of action, and costs, including attorneys’ fees and costs, made, brought or sought against or from Seller arising out of any agreement for the payment of a real estate broker’s
commission, finder’s fee or other like sum entered into between Purchaser and a third party in connection with the sale of the Properties to Purchaser. 

(b) Seller hereby represents and warrants to Purchaser that other than KG Investment Management, Seller has not incurred any obligation for
the payment of any real estate broker’s commission, finder’s fee or other like sum in connection with the sale of the Properties to Purchaser, and Seller hereby agrees to indemnify and hold Purchaser harmless from and against any and all
claims, demands, causes of action and costs, including attorneys’ fees and costs, made, brought or sought against or from Purchaser arising out of any agreement for the payment of a real estate broker’s commission, finder’s fee or
other like sum entered into between Seller and any other third party in connection with the sale of the Properties to Purchaser. 
 (c) At
the Close of Escrow, Seller shall pay a commission to KG Investment Management as provided by separate agreement. The foregoing covenant shall survive the Closing. 
  

	 	19.	Effect of Acceptance. 

 Upon acceptance, this offer will become an Agreement binding upon
and inuring to the benefit of Purchaser and Seller and their respective heirs, legal representatives, successors and assigns, and will be deemed to contain all the terms and conditions agreed upon, it being agreed that there are no conditions,
representations, warranties, covenants, or agreements not contained herein or in the Exhibits hereto. Any subsequent conditions, representations, warranties, covenants or agreements will not be valid and binding upon the parties unless in writing
and signed by both parties. 

	 	20.	Remedies; Purchaser’s Release. 

 (a) Liquidated Damages. It is acknowledged
by the parties that it would be extremely difficult and impracticable, if not impossible, to ascertain with any degree of certainty, prior to execution of this Agreement, the amount of damages that would be suffered by Seller in the event of
Purchaser’s failure to perform under the terms hereof. The parties, having made diligent but unsuccessful attempts to ascertain the actual compensatory damages Seller would suffer in the event of Purchaser’s nonperformance of any
obligation hereunder, or the failure of Purchaser to perform under the terms of this Agreement, hereby agree that the reasonable estimate of said damages is the amount of the Deposit. Therefore, in the event Purchaser fails to perform its
obligations under this Agreement and, by reason of such nonperformance, the Close of Escrow shall fail to occur on the Closing Date or is canceled or terminated: (i) Seller may retain the Deposit (together with accrued interest thereon) as
liquidated damages; and (ii) Escrow Holder is hereby instructed to immediately release the Deposit (if not previously released) to Seller upon receipt of written demand from Seller; provided, that Purchaser shall be notified of any release of
the Deposit by Escrow Holder upon not less than five (5) days written notice prior to any such release. Notwithstanding anything to the contrary herein, the amount retained by Seller as liquidated damages shall not exceed the maximum amount
allowed pursuant to applicable law. Seller shall be entitled to recover, in addition to such liquidated damages, any attorneys’ fees incurred by Seller in enforcing this liquidated damages clause. By placing their initials at the places
provided below, each party specifically confirms the accuracy of the statement made above and the fact that each party was represented by counsel and that such counsel explained the consequences of this liquidated damages provision and other
provisions of this agreement at the time same was executed. 
  

			
	Seller’s Initials	 	 /s/ ECA /s/ RD

		
	Purchaser’s Initials	 	 /s/ JR

 (b) Purchaser’s Remedies. If all conditions precedent set forth in this Agreement have been
waived or satisfied, and Seller fails or refuses to convey the Properties to Purchaser, or if for any other reason Seller is in default hereunder, then Purchaser, as its exclusive remedy in such event and in lieu of any other relief, may: 

(i) Terminate this Agreement and recover all amounts deposited in Escrow by Purchaser, by giving Seller and Escrow Holder notice of
termination, and in such event, Seller shall reimburse Purchaser for its reasonable third party out of pockets costs and expenses incurred in connection with this Agreement, not to exceed $100,000.00; or 

(ii) Tender performance of all of its obligations hereunder and seek to specifically enforce Seller’s obligation to convey the
Properties to Purchaser. 
 (c) Purchaser’s Release of Claims. Effective upon the Close of Escrow, Purchaser hereby waives,
relinquishes and releases each of the Seller and real estate brokers associated with this Agreement from and against any and all claims, demands, causes of action (including causes of action in tort), losses, damages, liabilities, costs and expenses
of any and 

 
every kind of character, known or unknown, arising from or relating to the Properties or the transaction described in this Agreement, which, but for this release, Purchaser could assert or allege
against the Seller and/or said real estate brokers and any and all acts, omissions, events, circumstances or matters arising from or relating to or otherwise regarding the Properties whatsoever, except for Seller’s Warranties, and as expressly
set forth otherwise in this Agreement. The release contained in this subparagraph (c) shall not act to release Seller or said real estate brokers nor any other party from any obligations or representations under this Agreement which expressly
survive the close of Escrow. In connection therewith Purchaser expressly waives all rights under any law or legal principle that provides that a general release does not extend to claims which the Purchaser does not know or suspect to exist in
Purchaser’s favor at the time of executing the release, which if known by Purchaser must have materially affected Purchaser’s release of the Seller. Purchaser shall place its initials below to affirm its agreement with the foregoing
release. 
  

			
	 Purchaser’s Initials:
	 	 /s/ JR

 The foregoing waiver and release shall survive the close of Escrow and the delivery and recording of the deed. 

 

	 	21.	No Waiver. 

 Except as herein expressly provided, no waiver by a party of any breach of
this Agreement or of any warranty or representation hereunder by the other party shall be deemed to be a waiver of any other breach by such other party (whether preceding or succeeding and whether or not of the same or similar nature), and no
acceptance of payment or performance by a party after any breach of this Agreement or of any representation or warranty hereunder by such other party, whether or not the first party knows of such breach at the time it accepts such payment or
performance shall be a waiver of any preceding breach other than the failure to pay the amount so accepted or the failure to perform the tasks accepted. No failure or delay by a party to exercise any right it may have by reason of the default of the
other party shall operate as a waiver of default or modification of this Agreement or shall prevent the exercise of any right by the first party while the other party continues to be so in default. 

 

	 	22.	Notices. 

 Any notice required to be given herein will be in writing and either delivered
personally, sent by nationally recognized overnight delivery service or sent postage prepaid by certified United States Mail, return receipt requested, addressed, if to Seller, to Robert E. Downie, 8203 SE 7th Ave., Suite 200, Portland, Oregon
97202, with a copy to Don G. Carter, McEwen Gisvold LLP, 1600 Standard Plaza, 1100 SW Sixth Avenue, Portland, Oregon 97204; and if to Purchaser, to IPT Acquisitions LLC c/o Industrial Property Trust, 4675 MacArthur Court, Suite 625,
Newport Beach, CA 92660, Attn: J.R. Wetzel, Managing Director, Western Region, with a copy to Income Property Trust, 518 17th Street, 17th
Floro, Denver, CO 80202, Attn: Josh Widoff, Executive Vice President and General Counsel. Either party may, by written notice as aforesaid, designate a different address for notices. Notices will be effective (i) in the case of personal
delivery or courier delivery, on the date of delivery, (ii) if by overnight courier, one (1) business day after deposit with all delivery charges prepaid, and (iii) in the case of certified mail, the earlier of the date receipt is
acknowledged on the return receipt for such notice or five (5) business days after the date of posting by the United States Post Office. 

	 	23.	Attorney Fees. 

 If either party files any action or brings any proceeding against the
other arising from this Agreement, or is made a party to any action or proceeding brought by the Escrow Holder, then as between Purchaser and Seller, the prevailing party shall be awarded as an element of its cost of suit, and not as damages,
reasonable attorneys’ fees and costs. For purposes of this Agreement, “attorneys’ fees” shall include fees incurred at trial, on appeal, discretionary review, bankruptcy or otherwise. 

 

	 	24.	Governing Law; Venue. 

 This Agreement is governed by and will be construed in accordance
with the laws of the State of Oregon. Any action or proceeding arising out of this Agreement will be litigated in courts located in Multnomah County, Oregon. Each party consents and submits to the jurisdiction of any local, state, or federal court
located in Multnomah County, Oregon. 
  

	 	25.	“Closing”. 

 The word “Closing” or words of similar import as used in
this Agreement will be construed to mean the originally fixed time and Closing Date specified herein or any earlier or adjourned date agreed to in writing by the parties. 
  

	 	26.	Time of Essence; Day of Performance. 

 Time is of the essence of each of the obligations
of each party hereunder and specifically the Closing Date. Wherever there is a day or time period established for performance and the day or the expiration of such time period is a Saturday, Sunday or holiday, then the time for performance will be
automatically extended to the next business day. 
  

	 	27.	Counterparts. 

 This Agreement and all amendments and supplements to it may be executed
in counterparts, and all counterparts together shall be construed as one document. 
  

	 	28.	Headings. 

 The headings in this Agreement are for convenience of reference only, and
shall not limit or otherwise affect the meaning hereof. 
  

	 	29.	Invalidity of Provisions. 

 If any provision of this Agreement is found to be invalid or
unenforceable, the invalidity or unenforceability of such provision shall not affect the validity of and enforceability of the remaining provisions of the agreement. 
  

	 	30.	Confidentiality. 

 Purchaser shall keep this Agreement and all matters concerning the
documents and other information relating to the Properties, including without limitation the Tests and all 

 
documents and information provided by Seller, confidential, provided Purchaser shall be allowed to disclose to its attorneys, accountants, affiliates, advisors, financing sources and consultants
such documents and information as shall be reasonably necessary for Purchaser’s acquisition of the Properties and as may be necessary to comply with law, including without limitation, disclosures required by the United States Securities and
Exchange Commission. Purchaser shall direct its attorneys, accountants, affiliates, advisors, financing sources and consultants to comply with this paragraph. If this Agreement is terminated, Purchaser will return to Seller all documents and
information relating to the Properties in its possession which were provided by Seller or its agents. Seller shall keep this Agreement, and all of its material terms, confidential and shall not disclose the existence of this Agreement or its
material terms (except as required by law) without Purchaser’s prior written consent. This Paragraph 30 shall survive any termination of this Agreement. 
  

	 	31.	Like-Kind Exchange Cooperation Clause. 

 Seller and Purchaser acknowledge and agree that
the purchase and sale of the Property may be part of a tax-free exchange under Section 1031 of the Code for either Purchaser or Seller. Each party hereby agrees to take all reasonable steps on or before the Closing Date to facilitate such
exchange if requested by the other party, provided that (a) no party making such accommodation shall be required to acquire any substitute property, (b) such exchange shall not affect the representations, warranties, liabilities, covenants
and obligations of the Parties to each other under the Agreement, (c) no party making such accommodation shall incur any additional cost, expense or liability in connection with such exchange (other than expenses of reviewing and executing
documents required in connection with such exchange), and (d) no dates in the Agreement will be extended as a result thereof unless by mutual written agreement of the parties. Notwithstanding anything to the contrary contained in the foregoing,
if Seller so elects to close the transfer of the Property as an exchange, then (i) Seller, at its sole option, may delegate its obligations to transfer some or all of the assets under the Agreement, and may assign its rights to receive all or a
portion of the Purchase Price from Purchaser, to a deferred exchange qualified intermediary (a “QI”) or to an exchange accommodation titleholder (“EAT”), as the case may be; (ii) such delegation
and assignment shall in no way reduce, modify or otherwise affect the obligations of Seller pursuant to the Agreement; (iii) Seller shall remain fully liable for its obligations under the Agreement as if such delegation and assignment shall not
have taken place; (iv) QI or EAT, as the case may be, shall have no liability to Purchaser; and (v) the closing of the transfer of the Property to Purchaser shall be undertaken by direct deed, assignment and other appropriate conveyance
from Seller (or, if applicable, from other affiliates of Seller whom Seller will cause to execute such deeds, assignments and other appropriate instruments of conveyance) to Purchaser or to EAT, as the case may be. Notwithstanding anything to the
contrary contained in the foregoing, if Purchaser so elects to close the acquisition of the Property as an exchange, then (i) Purchaser, at its sole option, may delegate its obligations to acquire the Property under the Agreement, and may
assign its rights to receive the Property from Seller, to a QI or to an EAT, as the case may be; (ii) such delegation and assignment shall in no way reduce, modify or otherwise affect the obligations of Purchaser pursuant to the Agreement;
(iii) Purchaser shall remain fully liable for its obligations under the Agreement as if such delegation and assignment shall not have taken place; (iv) QI or EAT, as the case may be, shall have no liability to Seller; and (v) the
closing of the acquisition of the Property by Purchaser or the EAT, as the case may be, shall be undertaken by direct deed from Seller (or, if applicable, from other affiliates of Seller whom Seller will cause to execute such deeds, assignments and
other appropriate instruments of conveyance) to Purchaser (or to EAT, as the case may be). 

	 	32.	Assignment. 

 Purchaser may assign all or any portion of this Agreement or its rights
hereunder, or delegate all or any portion of its duties or obligations to an affiliate without Seller’s written consent, provided that Purchaser gives Seller notice of the assignment or delegation and that such assignment or delegation does not
relieve Purchaser of its obligations hereunder . Seller shall not assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written approval of Purchaser. Subject to the provisions of this section, this
Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns. Except as specifically set forth or referred to herein, nothing herein expressed or
implied is intended or shall be construed to confer upon or give to any person or entity, other than the parties hereto and their successors or permitted assigns, any rights or remedies under or by reason of this Agreement. For purposes of this
Section 32, an affiliate of Purchaser shall include (a) any entity that is owned, controlled by or is under common control with Purchaser (a “Purchaser Control Entity”), and (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. 
  

	 	33.	Information and Audit Cooperation. 

 To the extent necessary to enable Purchaser to
comply with any financial reporting requirements applicable to Purchaser and upon at least 3 Business Days prior written notice to Seller, within 90 days after the Closing Date, Seller shall reasonably cooperate (at no cost or liability to Seller)
and allow Purchaser’s auditors to audit the trial balance related to the operation of the Property for the calendar year prior to the Closing Date and for the portion of the calendar year starting on January 1 through the Closing Date.
Other than any representation, warranty or covenant otherwise set forth in this Agreement or the documents delivered at Closing, Seller makes no representations, warranties or covenants with respect to the trial balance or the books and records
which may be reviewed in auditing the same, and Purchaser releases and waives any liability or claims against Seller related to the trial balance or the books and records which may be reviewed and audited. 

 

	 	34.	Multiple Parties Constituting “Seller”. 

 (a) If Purchaser receives notice from
any of the parties comprising Seller, such notice shall be deemed to have been given by all Seller parties. If Purchaser sends a notice to Seller pursuant to the instructions set forth in Section 22 hereof, such notice shall be deemed to have
been received by all Seller parties. No action by any Seller party against Purchaser may be asserted or filed unless all Seller parties are a party to such proceeding. If Purchaser is obligated to pay a sum to Seller hereunder, such sum shall be
deemed an aggregate amount due to Seller and individual amounts shall not be due to each Seller party. A default, breach or failure to perform the obligations or covenants of Seller herein by any Seller party shall be deemed a default by all Seller
parties, subject to the liability limitations of Section 34(b). The terms and conditions of this Section 34 shall apply to this Agreement together with any and all documents and instruments executed and delivered by Seller in connection
with the Closing. 

 (b) The parties comprising Seller shall be liable for the obligations of “Seller”
hereunder as follows: (i) Holman Distributing Center of Oregon, Inc. (“Holman Distributing”) and Hawthorne Investment Company (“Hawthorne Investment”) shall be jointly and severally liable for the obligations of the Seller
hereunder, even if such obligations related to the acts or omissions of another party comprising part of Seller, and even if such obligation relates to a Property not owned by Holman Distributing or Hawthorne Investment, and (ii) all other
parties comprising the Seller shall be severally liable for their obligations hereunder; provided, that, Purchaser in any action to enforce the obligations of Seller hereunder may join Hawthorne Investment and/or Holman Distributing in addition to
any party comprising Seller who may be severally liable for the obligation in question. 
  

	 	35.	Expiration. 

 Unless this Agreement is fully executed and an electronic counterpart
thereof delivered to Seller by 5:00 p.m. Pacific Time on December 8, 2014 (the “Expiration Date”), it shall be considered null and void. 

THE PROPERTY DESCRIBED IN THIS INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND
USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS
INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON
LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF
LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF
NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. 

[Signatures on following page] 

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute this
Agreement in two duplicate originals on the date set forth below. 
  

																	
	“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/ J.R. WETZEL
	  	
		 		 		 		 		 		 	Name:	 	J.R. Wetzel	  	
		 		 		 		 		 		 	Title:	 	Managing Director, Western Region	  	

  

			
	Date:	 	 December 8, 2014

	
	“Seller”
	
	 Holman Distribution Center of Oregon, Inc.,

an Oregon corporation

		
	By:	 	 /s/ ROBERT E. DOWNIE, JR.

	Name:	 	Robert E. Downie, Jr.
	Its:	 	President
		
	Date:	 	 December 5, 2014

			
	Hawthorne Investment Company,
	an Oregon corporation
		
	By:	 	 /s/ ROBERT E. DOWNIE, JR.

	Name:	 	Robert E. Downie, Jr.
	Its:	 	President
		
	Date:	 	 December 5, 2014

	
	 Clark Family LLC,
 an Oregon limited
liability company

		
	By:	 	 /s/ E. CLARK AGOSTI

	Name:	 	Elizabeth Clark Agosti
	Its:	 	Managing Member
		
	Date:	 	 December 5, 2014

	
	 Clark Properties North Wing LLC,
 an
Oregon limited liability company

		
	By:	 	 /s/ ROBERT E. DOWNIE, JR.

	Name:	 	Robert E. Downie, Jr.
	Its:	 	Manager
		
	Date:	 	 December 5, 2014

	
	 Clark Properties South Wing LLC,
 an
Oregon limited liability company

		
	By:	 	 /s/ ROBERT E. DOWNIE, JR.

	Name:	 	Robert E. Downie, Jr.
	Its:	 	Manager
		
	Date:	 	 December 5, 2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]