Ultimate acquired Palmeto Grove, a 63,000 square foot Small-Bay industrial facility in Fort Meyers, Florida. It sits on 4.6 acres and is in close proximity to I-75 & US 41. The property is comprised of seven fully occupied buildings which at the time of acquisition were leased at 50% of market rent with a WALT of 14 months.  The acquisition was made at discount of 15% to replacement cost. Within 6 moths Ultimate has repositioned many of the 27 units at market rent, slightly above projections and is on track to completing its business plan.