What is the realistic investment return profile?
$145/SF entry, $9.53/SF NNN, 6% vacancy, 65% LTV produces ~7.5% cash-on-cash. 5-year exit at 6.0-6.5% cap = $180-$280/SF = 24-93% appreciation. Total 5-year return: 80-130% on equity. The WPC $340/SF comp is aspirational, realistic exit is $200-$240/SF for primary corridor stabilized.