Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has purchased the I-80 Distribution Center, a 795,000-square-foot, four-building industrial property located in the Reno, Nevada market, for $72.3 million, excluding closing costs.
The I-80 Distribution Center sits on 51.7 acres of land and is 86.9 percent occupied by three tenants with a weighted-average remaining lease term of approximately six years. The REIT funded the acquisition with proceeds from the its public offering and borrowings under its corporate line of credit.
In addition, early last month, the company purchased 395 Distribution Center, a fully-leased two-building, 627,000-square-foot property also located in Reno, for $53.9 million, according to a recent corporate filing.
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 $605.3 million portfolio comprised of 34 industrial buildings totaling approximately 35.7 million square feet, as of the second quarter of 2019.