UNLOCK THE POWER OF THE VAULT

Black Creek Industrial REIT IV Purchases Pescadero Distribution Center

June 27, 2018

Black Creek Industrial REIT IV Purchases Pescadero Distribution Center

June 27, 2018 | James Sprow | Blue Vault

On June 20, 2018, Black Creek Industrial REIT IV Inc., through its wholly-owned subsidiary, acquired a 100% fee interest in one industrial building totaling approximately 382,000 square feet on approximately 19.5 acres. The purchase price was $45.75 million, exclusive of closing costs. The Pescadero Distribution Center is located in the Central Valley market in California and is 100% occupied by two customers with a weighted-average remaining lease term (based on square feet) of approximately 5.4 years. The Pescadero Distribution Center was completed in 2017.

Black Creek Industrial REIT IV is a nontraded REIT that broke escrow in November 2016 and had raised $40.3 million in its public offering of Class I, Class T and Class W shares as of March 31, 2018. On June 15, 2018, the REIT announced an updated estimated NAV per share of $10.0032 for each share class.

The REIT had declared distributions at the rate of 5.45% as of March 31, 2018, based upon the $10.00 original offering price and before applicable fees for Class T and Class W shares. 

The Company has now purchased four properties, including a 441,000 square foot warehouse/distribution center in Ocoee, Florida, a 57,000 square foot industrial building in Pompano Beach, Florida, and an 86,000 square foot industrial building in Ontario, California. The REIT has two other pending acquisitions, Gothard Industrial Center (59,000 sq. ft.) in Huntington Beach, California, and Ontario Distribution Center (247,000 sq. ft.) in Ontario, California, according to S&P Global.

Sources:  SEC, Blue Vault

 

Learn more about Black Creek Group on the Blue Vault Sponsor Focus page

 

FIRST PERSON: Dwight Merriman of Black Creek Group

Black Creek Group Names Raj Dhanda as First CEO

Industrial Property Trust Inc. Explores Full-Cycle Options

Print Friendly, PDF & Email
Go Back
Derek Hayes
Blue Vault's Services
April 14, 2016

BlueVault saves a lot of time and effort in obtaining good numbers for analysis and provides good insights to compare against my own.