Essendant warehouse was a direct acquisition in partnership with a foreign family office. The 114,000 square foot warehouse is located in the highly desirable airport submarket in Salt Lake City. The long time tenant, Essendant, had 4 years remaining on its lease paying rent that was approximately 15% below market. Arris underwrote renewal and vacate scenarios, which both resulted in mid-teens levered IRRs with modest (60% LTV) leverage. The value proposition here was functional, well located real estate with in place cash flow, little deferred maintenance and low execution risk.