MSP, in partnership with Birtcher Development and a Canadian-based investment manager, developed two best-in-class logistics facilities totaling ~825k NRSF in the Inland Empire, CA; completing construction in Q2 2024 amidst challenging market conditions, including rising vacancies and downward pressure on rents. In July 2025, MSP achieved a strategic exit at a gross valuation representing a 14% premium to YE 2024 appraisals and a 26% premium to development costs. Despite the buildings being vacant, MSP secured favorable pricing and investor returns outperformed benchmarks, showcasing MSP’s ability to navigate market uncertainty and deliver outsized relative returns.