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Black Creek Industrial REIT IV to pay $46M for Calif. building

A Black Creek Industrial REIT IV Inc. unit agreed to acquire a roughly 382,000-square-foot industrial building in the Central Valley market in California for about $45.8 million.

Pescadero Land Holdings LLC will sell the fully occupied Pescadero Distribution Center on a 19.5-acre land parcel in a deal expected to close during the second quarter.

Black Creek will use proceeds from its public offering and borrowings from its corporate line of credit to finance the purchase.