Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase a five-building industrial totaling approximately 1.4 million square feet for $115 million.
Situated on approximately 71.1 acres, the portfolio is located in the Dallas market and is 98.3 percent occupied by 15 customers with a weighted-average remaining lease term of approximately 3.7 years. Tenants include Automotive Parts Distribution International LLC, an automotive parts distributor, and Cardone Industries Inc., an automotive parts manufacturer.
The REIT plans to fund the acquisition using proceeds from its public offering and the assumption of two fixed-rate mortgages. The transaction is expected to close during the third quarter of 2019.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017. The company has raised approximately $362.8 million in investor equity in the private and public offerings, including DRIP proceeds, as of May 8, 2019. The company oversees a $356.9 million portfolio comprised of 17 industrial buildings totaling approximately 3.2 million square feet, as of March 31, 2019.