Here are my ai summary notes: Weld-up Steel Construction Fri, 30 Oct 26 About Weld-Up Construction (Jones Metal Buildings / Legacy Development Partners) - Tyler Jones: owner of Jones Metal Buildings and Legacy Development Partners (with Scott Burney) - In the steel building industry since 2008; started as a welder, built from the ground up - Build welded (weld-up) engineered metal buildings vs. the industry-standard bolt-up/pre-engineered approach - At a glance, exterior looks identical to bolt-up; same sheet metal, screws, trim Weld-Up vs. Bolt-Up: Key Differences - Speed advantage: 6 months faster to construction completion vs. pre-engineered - Materials ordered from Monterrey, Mexico; delivered in 4-5 days - Rafters can be pre-fabricated off-site while dirt work is underway - Example: McKinney park neighbor broke ground a month earlier, Tyler’s project had full COs and tenants while neighbor was just dried in - Structural rigidity - Bolt-up buildings designed to sway 2-3 feet; weld-ups are fixed, immovable - Tornado story: F3 hit both a weld-up and adjacent bolt-up; bolt-up destroyed, weld-up survived with only overhead doors blown in - Spray foam compatibility - Most bolt-up manufacturers won’t allow spray foam (building needs to flex) - Weld-ups can be fully spray foamed, adding ~300% racking strength - Raises effective wind rating from 120 mph toward 300 mph (engineering stamp in progress with closed-cell foam manufacturer) - Free span limits - Weld-up: up to 80 ft free span (engineered); up to 100 ft with posts - Bolt-up: can span up to ~175 ft free span - For flex space, 100 ft is rarely exceeded anyway Materials and Specs - Steel sourced from 2 factories in Monterrey, Mexico (same source as most bolt-up manufacturers) - Pricing cyclical but roughly 10% above 10-year-ago levels; COVID spike reversed - Tariffs on Mexican steel: minimal impact; sheet metal (China-sourced) saw ~15% increase pre-Houston - Knoxville project: saved ~$150K on materials vs. buying locally

Small Bay Boot Camp AI summary of the talk Fri, 23 Oct 26 Speaker: Todd Shepherd, FutureLink Inc. - President and founder of FutureLink Inc., security and tech specialist - A few years into small bay flex; ~15 years in storage overall - Currently building a spec manual for small bay flex (security and tech budgeting guide) Security Philosophy: Active Deterrence - Core methodology: time, light, and sound - Time: slow intruders down, increasing their anxiety - Light: LED wall packs on photocell/timer, plus dynamic IR-triggered flood lighting - Sound: chirping, alerts, anything dynamic that signals active monitoring - Law enforcement largely non-responsive post-COVID; owners must deter crime themselves - Hardening the property is the primary strategy - Visible signage: “24-hour audio/video recording, actively monitored” - Cameras on front, end caps, and rear of buildings - Push notifications to owner/manager for after-hours activity - Active deterrence cameras with red/blue flashing lights triggered by motion - Third-party 24/7 monitoring increasingly common - Monitoring services use “talk-down” via camera speakers to warn intruders - Can be scoped to graveyard shift only or around the clock - Cost built into CAM or operational budget; increasingly affordable - Social media risk: tenants hit by crime can damage reputation online; harden before it happens Smart Locks, Wireless, and Budgeting - Smart locks on man doors now a standard ask - Tenants get individual codes (logged on entry/exit); no key pile-up - Requires a wireless network on-site to function - Wireless network a differentiator: strong WiFi inside and outside units is a marketing asset - Starlink used on several projects - Reliable speed; watch data usage and start on smaller package - Hardware cost ~$2,000–$2,500 vs. $25,000–$250,000 for ISP construction costs - Per-square-foot budget for security and tech - Current range: $45,000–$90,000 for ~55 units (roughly $1–$1.10/sq ft) - Spec manual with precise per-sq-ft figures expected in 7–10 days

Scott I’m starting a new small bay development in suburban Boston market. I’d like to pick your brain on what features, pricing and lease structures you like to see.

Jack Here are the calcs my engineer used for an upcoming 50,750 sf project (29 bays, 1bath each). Note the garage drains go to tight tanks that get pumped out (were next to wetlands - and have to limit pollutants into the septic) SEPTIC (Factory, Industrial Plant, Warehouse or Dry Storage w/out Cafeteria ) 15 GPD/Employee x 3 Employees per unit X 29 Units = 1305 Gal/Day (No Garbage Grinder) HOLDING TANK (Floor Drains) 50 Gal/Unit x 8 Units = 400 x 500%= 2,000 Gal (Double walled Tank) / Building x 4

Here is the septic design plan

Here my Ai summary notes: Hidden Dangers (Due Diligence) Fri, 25 Sept 26 Frank Forte: Background and Firm Overview - Co-founder of Lucerne Capital, decade in small bay flex before it became mainstream - Banker and PE background before founding at age 27 - ~$500M transactional volume; ~$110-120M equity raised (mostly HNW/family office/retail) - 3-5 deals per year; net 33% IRR to investors over the decade - 92% of portfolio managed in-house; vertically integrated operations Hampton, VA Deal: A Due Diligence Case Study - Fully marketed deal, ~$3.5M, 20-year-old brick flex product near Port of Virginia - Seller: logistics family, not real estate operators, property mispriced - Compelling story: tight market, port dredging underway, NASA and Virginia Tech nearby - Key mistake: allowed themselves to get “romanced” into the deal before securing leases - Lease dump arrived with ~1 week of DD left; 6 of 9 leases materially wrong - Rents lower than stated (e.g., $10/ft gross vs. $12/ft NNN) - Tenants had 2x 5-year fixed options not disclosed - Retrade table built at a 7-cap: ~$286K adjustment requested - Roof (15-year-old metal): missing fastener replacements, needed silicone coating, bid at $105K - Survey revealed rear parking lot built ~30 feet into adjacent property - No easement existed; sellers unaware who built it - Adjacent land owned by Virginia Economic Development Authority and actively for sale - Parking supported tenant ratios; losing it created compliance risk - Environmental violation: parking in stream setback buffer - Sellers refused to move on price, easement, or parking removal; deal killed - Dead deal costs: ~$20K (third-party fees, survey, discounted attorney fees) WALT Strategy: Buying and Curating for Exit - Target: get to 60-70% of rent roll within the hold period (typically 3 years) - Leave remaining upside for the next buyer to avoid compressing exit cap rate - Curate WALT on the way out to ~2 years