Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and ContingenciesContractual Commitments. As of November 3, 2020, the Company has five outstanding contracts with third-party sellers to acquire three buildings and two improved land parcels consisting of 8.3 acres for a total aggregate anticipated purchase price of $42.5 million. There is no assurance that the Company will acquire the properties under contract because the proposed acquisitions are subject to due diligence and various closing conditions.

The following table summarizes certain information with respect to the properties the Company has under contract:


Market	Number of Buildings	Square Feet	Purchase Price (in thousands)		Assumed Debt (in thousands)
Los Angeles1	1	12,618	$	14,300	$	—
Northern New Jersey/New York City	1	16,159	10,625		—
San Francisco Bay Area	—	—	—		—
Seattle	1	38,883	11,737		—
Miami2	—	—	5,800		—
Washington, D.C.	—	—	—		—
Total	3	67,660	$	42,462	$	—

1 Includes one improved land parcel containing approximately 2.5 acres.

2 Includes one improved land parcel containing approximately 5.8 acres.

As of November 3, 2020, the Company has executed two non-binding letter of intent with third-party sellers to acquire four industrial buildings consisting of approximately 125,000 square feet and one improved land parcel consisting of approximately 2.2 acres for a purchase price of approximately $25.6 million. In the normal course of its business, the Company enters into non-binding letters of intent to purchase properties from third parties that may obligate the Company to make payments or perform other obligations upon the occurrence of certain events, including the execution of a purchase and sale agreement and satisfactory completion of various due diligence matters. There can be no assurance that the Company will enter into a purchase and sale agreement with respect to the property or otherwise complete any such prospective purchase on the terms described or at all.