BGO Industrial Real Estate Income Trust Inc. (BGO IREIT), a New York City-based non-traded real estate investment trust focused on income-oriented U.S. industrial warehouse and logistics properties, has acquired an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets valued at approximately $948 million, in exchange for 13 million units of its operating partnership.
The acquired portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wisconsin. Developed between 2012 and 2023, the portfolio is currently 90% leased to multiple tenants with a weighted average remaining lease term of approximately five years.
The purchase price of the portfolio was approximately $130 million. The acquisition was completed on July 7 but was not announced until today.
Michael Glimcher, president, CEO, and director of BGO IREIT, remarked. “This 29-building portfolio is well-occupied by institutional-grade tenants in the heart of a thriving industrial region and is the keystone in what we believe will be a premier portfolio of income-producing U.S. industrial properties.”
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