F Street Germantown 2, LLC — Offering Review

Phase 1 — 100% Leased to ID Logistics Equity Raise Open

F Street Germantown 2, LLC

Proven Site.
New Raise.

Phase 1 leased in full and returned investor capital. Germantown 2 is the next raise — same address, same team, same execution. 142,295 SF of Class A industrial.

Foundation Why Invest Structure Specs Invest Now →

20.56%

Projected IRR

1.99x

Equity Multiple

Preferred Return

$50K

Min. Investment

Express Interest — Accredited Only

Request the Packet

$5,150,000 Equity Raise · Closes June 2026

Received.

The F Street team will be in touch within one business day.
Email invest@fstreet.com with questions.

Phase 1 · ID Logistics · 374,790 SF

100% Leased · Capital Returned

Total Equity Raise

$5,150,000

Germantown 2 Equity Raise

Now Open

The Foundation

Phase 1
Delivered.

F Street's first building on this campus — 374,790 SF — leased in full to ID Logistics on a 7-year NNN lease, validating the location, the product, and the team.

Phase 1 returned meaningful investor capital. Germantown 2 sits on the same campus with the same design-build and brokerage partners — purpose-built for the 18,000–50,000 SF tenants who couldn't find shallow-bay Class A space during Phase 1's lease-up.

Phase 1 Occupancy

100%

NW Submarket Vacancy

1.7%

Active Tenant Prospects (C&W Boerke)

Q1 '26 Absorption · NW Submarket

805,692 SF

Why Invest

Six Reasons to Commit.

Proven Location

Phase 1 Leased

ID Logistics signed a full-building NNN lease at this exact address. Germantown 2 sits immediately adjacent — same campus, same access.

Strong Projected Returns

20.56% IRR

Base case projects a 20.56% IRR and 1.99x equity multiple over a 5-year hold, with a Month-24 refinance targeting early return of capital.

Underserved Demand

13 Active Needs

C&W Boerke is tracking 13 active tenant requirements. Shallow-bay Class A rents have grown ~3.3% annually over 15 years.

Cost Discipline

Keller, Inc.

Preferred design-build partner manages pricing through tenant build-out. Total budget $16.25M at $114/SF.

Public-Private Partnership

MRO · $1M

Germantown's MRO returns 25% of incremental taxes — up to $1M at 5% — flowing directly to NOI beginning 2028.

Tax-Advantaged

100% Bonus Dep.

Cost segregation plus reinstated 100% bonus depreciation may yield Year-2 passive losses of 20–45% of invested equity.

Structure & Returns

How the Waterfall Works.

7% Preferred Return

Class A investors receive a 7% preferred return on unreturned capital before any distribution to F Street (Class B).

100% Return of Capital

All free cash flow pays to Class A until full initial investment is returned. F Street receives nothing at this stage.

50 / 50 Split

After capital and preferred returns are repaid, remaining cash flow, refinance, and sale proceeds split 50% Class A / 50% Class B.

You invest as a Class A member of F Street Germantown 2, LLC — a single-purpose entity. Scott Lurie serves as manager; F Street holds 100% of Class B units and carries the construction debt.

Total Raise$5.15M

Min. Investment$50K

Class A Equity50%

Senior Loan$11.1M

LenderCoVantage CU

ClosesJune 2026

$100,000 → $198,950Base case · $100K invested · 5-year hold

20.56%

Projected IRR

1.99x

Equity Multiple

Preferred

Hypothetical illustration based on a 5-year hold, refinance at Month 24 (6.00%, sized to 1.20x DSCR), and sale at Month 60 at a 6.25% cap rate. Sponsor makes no guarantee these results will be achieved. Full year-by-year cash flows are provided in the investment packet.

Class A Industrial · Germantown, Wisconsin

142,295 SF.
Built for Demand.

The Intersection of Four Counties

Shallow-bay design. 28' clear height. ESFR fire protection. Divisible from 17,800 SF to a single-user 142,295 SF lease.

Request the Packet → View Specs →

Building Specifications

At a Glance.

142,295 SF of Class A shallow-bay industrial on the eastern parcel of the Town 9 campus. Spring 2027 delivery, designed for the 18,000–50,000 SF user Milwaukee hasn't been able to serve.

142K

Square Feet

Divisible to 17,800 SF

28'

Clear Height

M-1 zoning

Dock Doors

Plus 5 drive-in

50×50

Bay Size

~8,850 SF avg

ESFR

Fire Protection

Fast-response

156

Car Stalls

On-site parking

3,000A

Power

277/480V 3-phase

Q1 '27

Delivery

Starts Aug 2026

Tax & Incentives

Appreciation and Depreciation.

100% Bonus Depreciation

Reinstated retroactive to January 2025 through 2029. Class A investors may see passive losses of 20–45% of invested equity in Year 2.

Retroactive · 2025–2029

Cost Segregation Study

F Street will reclassify building components to shorter depreciation schedules — accelerating depreciation and deferring taxes for investors.

Year 2 Projected

Germantown MRO · $1M

25% of incremental taxes returned to the entity — up to $1M principal at 5%, ~$40–50K annually flowing to NOI from 2028.

Public-Private Partnership

Project Team

The Team Behind It.

Scott Lurie

F Street · Founder & Manager

Manager of the entity. Led Phase 1 from site selection through full lease-up. Oversees strategy across F Street's $314M industrial portfolio.

Josh Lurie

F Street · Principal / VP Investor Relations

Leads underwriting, investor relationships, and lender coordination. Primary point of contact for Germantown 2 investors.

Brian Gallagher

Associate, Investments & IR

Works directly with tenants and vendors to preserve building condition and protect long-term NOI for investors.

Keller, Inc.

Design-Build Partner

Employee-owned, 275+ staff. Managed Phase 1 construction and drives value from design and pricing through tenant build-out.

C&W · Boerke

Cushman & Wakefield · Leasing

$300M+ annual deal volume. Leased Phase 1 and already in market generating interest for Q1 2027 leases.

Track Record

F Street Portfolio

25 industrial assets · 5,355,289 SF · $314M AUM. F Street and Keller have co-developed over 1M SF together.

Get Started

Invest in Germantown 2.

Available exclusively to accredited investors under Rule 501(a) of Regulation D. Minimum investment $50,000. Informational only — not an offer to sell securities.

Request Received.

The F Street team will follow up within one business day with the full packet.
Contact invest@fstreet.com with questions.

F Street Investment Team

Scott Lurie

Founder · Manager · F Street Germantown 2, LLC

(414) 405-1668 scott@fstreet.com

Josh Lurie

Principal · VP Investor Relations · F Street

(414) 315-3190 josh@fstreet.com

Brian Gallagher

Associate, Investments & IR

(651) 395-0892 brian@fstreet.com

General Inquiries

F Street Investor Relations

invest@fstreet.com (414) 376-3276

Accredited Investors Only. Offered pursuant to Regulation D, Rule 506(c). Minimum $50,000. This material does not constitute an offer to sell or solicitation to buy any security. Review the complete prospectus and operating agreement before investing. F Street makes no guarantee of projected returns; past performance is not indicative of future results. Consult your own legal, tax, and financial advisors.

Proven Site.New Raise.

Phase 1Delivered.