Introduction/Development Deal The McShane Development Company entered into a development agreement with MetLife to build industrial buildings. The main focus was for McShane to find the land, design the project, lease the project and then sell the project. Both parties agreed it would be merchant a build program. The basics framework of the deal was as follows: The Deal: Industrial Project for Amazon in Oakland, California ** Total Project Cost (Includes Interest and Development Fee) ** Estimated Stabilized NOI in Year 3 of the Project ** Estimated Exit Cap Rate in year 3 ** The project is sold at the end of year 3 ** The partners earn a full year of preferred return in year 3 . All cash is distributed each year. Introduction/Development Deal The McShane Development Company entered into a development agreement with MetLife to build industrial buildings. The main focus was for McShane to find the land, design the project, lease the project and then sell the project. Both parties agreed it would be merchant a build program. The basics framework of the deal was as follows: The Deal: Industrial Project for Amazon in Oakland, California ** Total Project Cost (Includes Interest and Development Fee) ** Estimated Stabilized NOI in Year 3 of the Project ** Estimated Exit Cap Rate in year 3 ** The project is sold at the end of year 3 ** The partners earn a full year of preferred return in year 3 . All cash is distributed each year