PPAF II has made a JV equity investment in a 153,125 sf industrial portfolio of two, 100% leased, single-tenant manufacturing facilities  located in Belvidere, Illinois. BDL Supply is a 52-year-old, full-service pallet and packaging company with 2020 revenues exceeding $225.1m and 4 key facilities around the country, including this property.  Our operating partner is Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 15.5% ownership stake in the investing entity which represents a 13.1% estimated cash on cash return for year one with a projected ten-year average of 12.1%.