Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has agreed to purchase two industrial properties, the Ontario Distribution Center and the Pompano Industrial Center, in two separate transactions for a combined $38.3 million, according to filings with the Securities and Exchange Commission. Both acquisitions are expected to close in the second quarter of 2018.
The company plans to purchase the Ontario Distribution Center, a 247,000-square-foot industrial building located in Ontario, California, for approximately $30.9 million. Situated on nearly six acres, the property is located in the Southern California market and is 100 percent occupied by one tenant with a remaining lease term of approximately 5.1 years.
Black Creek Industrial REIT IV also agreed to purchase the 57,000-square-foot Pompano Industrial Center located in the South Florida market for approximately $7.4 million. The property is fully occupied by a single tenant and has a remaining lease term of nearly seven years.
The REIT plans to fund both purchases with proceeds from its public offering and borrowings under its corporate line of credit.
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.