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CBRE <br />TRANSACTION ACTIVITY, CONTINUED <br />Manufacturing was the leading industry with 28% of all leasing/user sale activity in Q1 2020. As a reflection <br />of the diverse economy in Minneapolis/St. Paul, the next six industry sectors had between 7% and 17% of <br />activity in the quarter, including sectors such as Transportation/Distribution, Retail, Life Sciences, <br />Technology, Building Materials, and Wholesale. Notably, Life Sciences was in third place with 12% of all <br />leasing activity. New leases accounted for 50% of Q1 2020 activity, followed by renewals at 45% and user <br />sales at 5%. <br />Figure 5: Top Transaction Type by Submarket and Sq. Ft. <br />000s Sq. ft. New Lease Renewal User Sale <br />1,800 <br />1,600 <br />1,400 <br />1,200 <br />1,000 <br />800 <br />600 <br />400 <br />200 , ' 0 — ■ ■ <br />ram° °k# `°�`\ ,_,„ck °Q��S <br />• New Lease -1 Renewal • User Sale <br />Source: CBRE Research, Q1 2020. <br />Q1 2020 INVESTMENT SALES <br />Figure 6: Top Transaction Type by Industry <br />Warehousing/Storage <br />4% <br />nsportatio <br />Distribution <br />17% <br />Source: CBRE Research, Q1 2020. <br />Aerospace <br />2% <br />Prologis acquired a 2.53 million sq. ft. portfolio from Liberty Property Trust in Q1 2020. The 22-property <br />local acquisition was part of a national portfolio purchase and further solidified Minneapolis/St. Paul as <br />an attractive industrial market for multinational investors. <br />Capital Partners/PCCP acquired a five -building portfolio, showcasing their desire to add additional scale <br />in the Minneapolis market, and Americold Realty Trust added to its existing two -building Minneapolis/St. <br />Paul cold storage portfolio with the $56 million purchase of a 217,000 sq. ft. facility in Newport. <br />The $23.8 acquisition by Heitman Capital Management of the Midway Stadium Business Center (CBRE <br />represented the seller) presented a rare opportunity to acquire a newly -built property in the centrally - <br />located Midway submarket. <br />Figure 7: Top Investment Sale Transactions <br />Property <br />City Buyer Sale Price ($) Size Price Per <br />(Sq. Ft.) Sq. Ft. ($) <br />Liberty Property Trust Portfolio Minneapolis Market <br />Prologis <br />N/A 2,534,813 N/A <br />CoreMSP Portfolio <br />Minneapolis Market Capital Partners iv PCCP <br />59,500,000 557,887 107.00 <br />Newport Cold Storage Newport Americold Realty Trust 56,000,000 217,072 258.00 <br />Midway Stadium Business Center* St. Paul <br />Heitman Capital Management 23,800,000 189,746 125.00 <br />Chandler Inc. @ 2700 Harvey Hudson <br />Stag Industrial, Inc. 10,400,000 69,394 150.00 <br />Source: CBRE Research, Q1 2020. <br />* Indicates CBRE Representation <br />Q1 2020 CBRE Research <br />© 2020 CBRE, Inc. I 3 <br />