Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has purchased Pescadero Distribution Center in California’s Central Valley for $45.8 million.
Built in 2017, Pescadero Distribution Center is an industrial building totaling approximately 382,000 square feet on nearly 20 acres that is fully occupied by two transportation and logistics companies, Excel Inc. and Pactra USA Inc. The average remaining lease term is approximately 5.4 years.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017 and raised approximately $40 million in investor equity, as of the second quarter of 2018. The company’s portfolio is comprised of one property purchased for $11.1 million, according to Summit Investment Research.