The Net Sale proceeds are the amount the seller earns from selling an asset, minus the costs and expenses from the gross proceeds.

Soft Costs refer to the project costs associated with the development, construction, marketing, leasing, operation, and maintenance of the improvements.

A sophisticated investor is a high-net-worth investor with sufficient knowledge and experience in financial and business matters, making them capable of evaluating the merits and risks of the prospective investment.

A Submarket is a segment or portion of a larger geographic market defined and identified based on one or more attributes that distinguish it from other submarkets or locations.