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Black Creek Industrial REIT IV to acquire Calif. distribution center for $42M

Black Creek Industrial REIT IV Inc., through its BCI IV Acquisitions LLC unit, agreed to buy a 100% fee interest in an approximately 318,000-square-foot industrial building in Southern California from Boyd Properties Inc. for $42.2 million.

The Fontana Distribution Center, which sits on about 13.5 acres, is fully occupied by two customers with an approximately 1.5-year weighted-average remaining lease term.

The warehouse real estate investment trust said it will use proceeds from its public offering and borrowings from its corporate line of credit to fund the acquisition, which is slated to close in the fourth quarter.

The REIT said the entire property will be re-leased to Boyd Flotation Inc. until Nov. 30, 2021. Boyd Flotation, an affiliate of the seller, will sublease the property to the second customer.