Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has purchased an industrial property near Boston and two medical office properties in Georgia and Illinois, for a combined $74.4 million.
Nuveen Global Cities purchased 1 National Street, a newly renovated Class A light industrial property located in the Boston suburb of Milford, Massachusetts, for $52.9 million. The 300,000-square-foot property is fully leased to a single e-commerce tenant, which plans to use the property as a middle-mile sorting facility. The acquisition is the fifth industrial property in the REIT’s portfolio.
In addition, the REIT purchased Locust Grove, a newly constructed single-story medical office property located in Locust Grove, Georgia, for $10.2 million. The 40,000-square-foot property is a multi-specialty ambulatory center that is 100 percent leased to one tenant.
The REIT also purchased Linden Oaks, a 43,300-square-foot medical office property located in Naperville, Illinois, for $11.3 million. The property was built in 1986, renovated in 2012, and is 100 percent leased to one tenant.
Including Locust Grove and Linden Oaks, the REIT currently owns three medical office properties.
Nuveen Global Cities REIT is externally advised by TH Real Estate Global Cities Advisors, an affiliate of TH Real Estate. The company’s $5 billion offering was declared effective by the Securities and Exchange Commission in January 2018, and as August 2020, the REIT had raised $107 million in investor equity.
As of September 30, 2020, the REIT’s portfolio included 12 properties purchased for $364.8 million, as well investments in international affiliated funds totaling $49.2 million and 92 holdings in real estate-related securities valued at $35.5 million.