Off-market acquisition, modernized and leased up buildings. In 2014 we acquired 2610-2701 Birch Street in Santa Ana, in an off-market transaction for $11 million, or $112 per square foot. The property contained two industrial buildings totaling 98,000 square feet on 7.9 acres of land. We executed a value-add plan to demise, modernize, and reposition the property. We updated and modernized existing structures, including adding new entry facade and offices, a new roof, new high hazard fire sprinklers, and additional dock loading. We re-leased the buildings to three tenants at average lease term of 8.4 years. Initially we projected stabilized yield of at least 6.3%, and we outperformed, achieving a stabilized yield of 7.1%.