Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase Park 429 Logistics Center in the Orlando market for $45.7 million.
Park 429 Logistics Center is comprised of two industrial buildings totaling approximately 441,000 square feet on 25 acres. The property is 96 percent occupied by three customers with a weighted-average remaining lease term of approximately 8.7 years.
The acquisition is expected to close during the second quarter of 2018.
Earlier this month, The DI Wire reported that the company agreed to purchase the Ontario Distribution Center and the Pompano Industrial Center in two separate transactions for a combined $38.3 million, which are also expected to close in the second quarter.
Black Creek Industrial REIT IV launched its $1.5 billion initial public offering in February 2016 and had raised approximately $51.6 million in investor equity, as of March 2018. As of the fourth quarter 2017, the company held no real estate assets in its portfolio.