Nuveen Global Cities REIT Expands Property Portfolio
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, reported recent property acquisitions totaling $59.8 million.
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, reported recent property acquisitions totaling $59.8 million in a filing with the Securities and Exchange Commission.
The REIT purchased Bucks Town Medical Campus, a medical office portfolio located in the Philadelphia suburb of Langhorne, Pennsylvania, for $26 million. The portfolio consists of five single-story medical office buildings totaling 141,920 square feet that is 89 percent leased with an average remaining lease term of approximately five years.
Nuveen Global Cities REIT also purchased 1110 Perimeter’s Edge, a research and development office property located in the Raleigh-Durham submarket of North Carolina, for $21.3 million. The property is a flexible/research and development office building consisting of 84,748 square feet that is 97 percent leased with an average remaining lease term of more than five years.
Lastly, the REIT purchased 35 single family homes for $12.5 million in conjunction with its relationship with Sparrow, a single-family home rental platform. The properties are located in various markets throughout the United States, including Arizona, Florida, Georgia, North Carolina, Tennessee, and Texas.
Last September, Nuveen Real Estate, the real estate investment management division of the REIT’s sponsor, announced that it would enter the single-family rental market and invest up to $400 million through Sparrow, targeting “high-growth markets” across the Sun Belt states.
In other news, Nuveen Global Cities REIT has updated its monthly net asset value per share, as reported by The DI Wire.
Nuveen Global Cities REIT’s initial offering launched in January 2018 and closed in July 2021 after raising $394.4 million in investor equity. The $5 billion follow-on offering has raised $128.6 million.
The REIT is externally managed its advisor, Nuveen Real Estate Global Cities Advisors LLC, an investment advisory affiliate of Nuveen Real Estate. Nuveen Real Estate is the real estate investment management division of the REIT’s sponsor, Nuveen LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America.
