I would like to take this opportunity to personally thank you and your investment team, with special appreciation to Steve Morrison, your Director of Acquisitions, for your diligent efforts in completing the acquisition of my twelve-property portfolio of office and office flex properties in the Dallas-Fort Worth area.

Even though the timing for completion of the purchase sale of a 770,000 SF portfolio with an average occupancy rate of 65% could not have been worse, occurring in the midst of the sub-prime lending/ financial institution crisis in mid-late, 2007, you & your team found a way to navigate through the minefield and get the transaction closed.

Throughout the difficulties, you maintained your customary positive attitude, good nature, humility and professionalism.

In my 35 years in the commercial real estate industry, I can truthfully say that you are among only a small handful of companies and individuals nationwide who could have performed and completed their commitment in such an environment.

An added bonus from the transaction is that not only have you and I become good professional and personal friends, but our respective key staff members have developed a close working relationship with one another. We look forward to many more years of doing business with you.

President | Harkinson Investment Corp.

Without your creativity, experience and ability to overcome obstacles that most buyers would perceive as “deal killers,” you continuously found a way to resolve issues while appeasing the seller, the broker, and yourself. Thank you for your integrity and consistent nature to perform on what you promise. Your seasoned experience and background in brokerage is evident in your work.

Senior Vice President | CB Richard Ellis
Senior Associate | CB Richard Ellis

The entire Sperry Equities team is as good as it gets and your performance on Oakbrook proves it. Due diligence required in a 700,000 square foot portfolio sale is significant in any event and compounded when facing significant lease up risk. Sperry's thorough market analysis and deal making mentality was definitely required to plow through to closing.

Partner | Colliers Spectrum Cauble

For as many issues that arose concerning the market and building while in escrow, the process throughout went very well. Without question, you have proved that Sperry Equities should be on the top of every list of prospective buyers.

Associate Director | Cushman & Wakefield

It was a pleasure to work with Sperry Equities on the recent sale of Arapahoe Business Center I & II. This $29 million sale of seven buildings composed of 309,393 square feet was not an easy transaction, but with their valuable assistance, the project closed on time with all involved honoring their commitments.

We welcome any future opportunity to work with Sperry Equities. Thank you so much for your diligent attention to the details in this project.

Manager | Etkin Johnson Group

We completed a $49 million sale of 15 buildings to Sperry Equities. They were a pleasure to work with and they proved themselves to be very credible during the due diligence and closing process – honoring their written and verbal commitments and working hard to get the deal done. In this complicated transaction, they worked to find solutions that were beneficial to both SVN Equities and First Industrial. I welcome the opportunity to work with SVN Equities again.

Investment Officer | First Industrial

I have personally known Burton Young and the professionals at Sperry Equities for over six years and have completed several transactions totaling nearly $100MM in financing. Morgan Stanley values its relationship with Sperry Equities as we have actively strived to increase our volume of business with this group. Sperry Equities has proven itself to be a savvy investor finding value added acquisitions in both established markets as well as less competitive submarkets. Their understanding of real estate and inherent values gives me much comfort as a lender. In addition, their proactive management style has increased the underlying value of our collateral in many instances. I look forward to more successful transactions with this fine organization.

Morgan Stanley Mortgage Capital, Inc.

I consider Sperry Equities as my best client because of two reasons: 1) you are good business people and 2) you are just good people. It’s no wonder why Sperry Equities is successful – I hope we can find more ways to do business in 2008. Thanks again!

Investment Specialist | NAI Utah

I have been practicing as a CPA for more than 20 years and in all my years of practice, I place your ethics and method of business operation at the top of the list. In a business that is extremely “cut-throat,” you have proven beyond a shadow of doubt that “the cream always rises to the top.”

CPA

After the first buyer tried to re-trade the deal, it was a pleasure to work with someone who was honorable and did exactly what they said they would do, while still accomplishing the tight timetable for a year end close.

Senior Vice President & Senior Vice President | City Leader | Transwestern Commercial Services

Congrats on the closings this week. Just a passing note. Twelve years ago you guys were in the middle of the deal cycle on a lot of profitable projects and from a tax and control of investor standpoint 1031 exchanges made sense. As you recall some of the up-leg properties a few years later hit the death zone starting in 2008 thanks to 2000-2007 Wall Street chicaneries and “smoke and mirrors”. My “good” syndication clients that did the same up-leg exchanges did not know how to fight and deal with foreclosing-minded lenders. These clients avoided securities law violations and securities regulator audits because I had their up-legs papered like we just did with Union Park. That is the good news in this story. The bad news-- these same “good syndicator” clients did not have the capabilities to deal with their investor base and corporate cash flow issues and more importantly have the tenacity /skill/smarts to stand up to the lenders during those tough times. It took “great” syndicators like SE to work with the problem deals on the one hand while on the other hand to take advantage of syndicating in the buyers- market of the recession. If this Covid climate or Trump collapse in November happens, I suspect SE will be staring at a full-blown buyers- market again (the interest rate alone makes everyone salivate). I have enjoyed immensely being on your vendor team.

Legal Advisor

We are all very happy over here with our relationship with you all over the last six years. The Sperry Team has certainly exceeded expectations.

Investor since 2016

I invested with Sperry in June of 2008. Maybe one of the worst times in the last 30 years. Although there were some tense days, they always keep me informed and answered every question. They stayed focused and never gave up. We pulled through and it looks like it's going to turn out to be a great investment. Any firm can do great in a good market, what really matters is how can they do in a bad market.

Investor since 2008

Our firm has invested over twenty million dollars with Sperry. Sperry has been our business partners thru both up and down real estate cycles. What has and will continue to attract us to Sperry is the integrity and intelligence in how they run their business. Quality people, Quality partners, Profitable Investments.

Investor since 2012

I wanted to give you a big thank you for the call today. Like you, I work with several people in different companies and it is rare that I find a company that is that proactive, that organized, and know their business that well. It was really enjoyable. It gives me comfort to know that I am in a partnership with an organization like yours and thought it was spectacularly represented. I look forward to bigger and better things to come as we come out of this recession.

Investor since 2003

I really enjoyed the event on Saturday. You guys did a great job highlighting the rewards and challenges facing the investors. Your sincerity, expertise, and commitment really came through. The audience clearly noticed. This is a very difficult market. It took courage to stand in front of your investors and tell it like it is. Luka and I were both reminded again why we enjoy doing business with you.

Investor since 2003

Thank you so much for these excellent results. Few investment professions have generated positive returns for their investors in recent times. Your double-digit positive annual gains are a standout! Thanks for all of your hard work Burton. It's been a real blessing to me and my family to invest with you.

Investor since 2000

I want to thank you for the great job you have done investing my money. You always wait for the right deal and then invest at the right price. You are not fee driven but look for value. You have handled the records and distributions impeccably. All in all, I could not ask for more. I look forward to many more opportunities in the future

Investor since 2000

The Sperry team is available and accessible. They are willing to invest time and knowledge to help investors understand the opportunities & challenges of the real estate market. Their team has access to off-market and institutional deals that we could not find. Great group with a long-term investor centric view of the market.

Investor since 2008

Thank you for all your effort and time you spent with me in our recent acquisitions. It's a pleasure to work with someone who has the knowledge of the industry as you, and the enthusiasm you bring to your work.

Investor since 1998

One of the reasons why I like working with Sperry is that they believe in quality over quantity.

Investor since 2015

Thank you so much for serving again as our distinguished CEO speaker for the USC Special Access: Real Estate Industry Night yesterday evening at the USC Orange County Center. Your wealth of knowledge and wisdom regarding the realities of the ever-changing real estate industry was amazing. The content you provided was exactly what our USC alumni needed to hear. The event was well received by our alumni population and I received numerous comments of praise regarding your contribution to the discussion. Also, the donation of your valuable time to USC is sincerely appreciated. You were so kind to stay very late and speak with all of the attendees.

Senior Director | Alumni & Student Career Services - USC

It was a pleasure working with you during the sale of North East Executive Center. I appreciate the hard work of you and your staff and I respect your ability to perform under the terms and conditions of the Purchase Agreement.

Principal | Icon Investment Group

My partner and I would like to commend you and your staff for honoring all your commitments in the Purchase and Sale Agreement and closing the subject transaction in a timely manner. We appreciate your efficiency, hard work and cooperation.

Principal | Matrix Group, Inc.