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Investments in Real Estate
12 Months Ended
Dec. 31, 2021
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
During the year ended December 31, 2021, the Company acquired 34 industrial properties with a total initial investment, including acquisition costs, of approximately $682.0 million, of which $446.3 million was recorded to land, $206.8 million to buildings and improvements, and $28.9 million to intangible assets. Additionally, the Company assumed $37.4 million in liabilities.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2021:
Property NameLocationAcquisition DateNumber of
Buildings
Square
Feet
Purchase Price
(in thousands)1
Acreage
256 Paterson PlankCarlstadt, NJJanuary 13, 202116,159 $10,625 
117th Place NEKirkland, WAFebruary 25, 2021126,721 33,750 
Countyline #24 & #25Hialeah, FLMarch 17, 2021273,577 48,114 
EdisonSan Leandro, CAMarch 31, 2021112,392 17,600 
73rd StreetMiami, FLApril 6, 2021— — 5,800 5.8
68th KentKent, WAApril 13, 202167,120 10,000 
East GishSan Jose, CAApril 22, 2021— — 8,004 2.2
Gramercy PlaceTorrance, CAMay 12, 202117,407 6,290 
Occidental AvenueSeattle, WAMay 12, 202151,853 16,450 
SW 16th StreetRenton, WAJune 14, 2021— — 7,615 2.9
Countyline #26Hialeah, FLJuly 14, 2021220,942 39,409 
13020 & 13030 Cerise Hawthorne, CAJuly 14, 202121,846 8,075 
1150 & 1250 W. Trenton AveOrange, CAJuly 30, 202134,224 9,335 
MLK 9801Seattle, WAAugust 11, 2021— — 11,900 3.1
MLK 9845Seattle, WAAugust 11, 2021— — 15,750 3.4
MLK 9600Seattle, WAAugust 11, 2021— — 22,350 5.2
Foley StreetHayward, CAAugust 26, 202140,504 8,250 
Paterson Plank IIICarlstadt, NJAugust 27, 2021— — 17,850 4.9
97 Third StreetKearny, NJSeptember 27, 2021— — 26,250 5.4
13025 CeriseHawthorne, CASeptember 30, 202121,000 7,875 
WoodinvilleWoodinville, WAOctober 1, 202184,238 23,600 
190 MorganBrooklyn, NYOctober 12, 202111,881 4,450 
San PedroGardena, CAOctober 15, 2021— — 8,800 2.0
228 North AvenueElizabeth, NJOctober 20, 202130,978 44,000 
PickettAlexandria, VAOctober 29, 202127,683 9,000 
BerryessaSan Jose, CAOctober 29, 2021— — 23,000 7.2
768 772 CeresLos Angeles, CANovember 18, 202116,887 7,661 
TuxedoHyattsville, MDNovember 23, 2021— — 8,000 2.9
Maple IIRancho Dominguez, CANovember 30, 2021— — 13,800 2.3
EisenhowerAlexandria, VADecember 10, 2021199,396 60,750 
4501 46th StreetBladensburg, MDDecember 13, 2021— — 11,850 4.4
Countyline #27 & #28Hialeah, FLDecember 15, 2021401,906 74,142 
Woodinville IIWoodinville, WADecember 23, 2021118,310 33,500 
WillowsRedmond, WADecember 27, 2021— — 3,500 0.8
Total/Weighted Average34 1,895,024 $657,345 52.5
1Excludes intangible liabilities and mortgage premiums, if any. The total aggregate initial investment was approximately $682.0 million, including $12.6 million in capitalized closing costs and acquisition costs and $34.2 million in assumed intangible liabilities and $22.1 million in other credits related to near term capital expenditures at the Countyline #24 & #25, Countyline #26 and Countyline #27 & #28 properties.
The Company recorded revenues and net income for the year ended December 31, 2021 of approximately $12.6 million and $4.0 million, respectively, related to the 2021 acquisitions.
During the year ended December 31, 2020, the Company acquired 11 industrial properties with a total initial investment, including acquisition costs, of approximately $100.4 million, of which $78.8 million was recorded to land, $17.0 million to
buildings and improvements, and $4.6 million to intangible assets. Additionally, the Company assumed $2.2 million in liabilities.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2020:
Property NameLocationAcquisition DateNumber of
Buildings
Square
Feet
Purchase Price
(in thousands) 1
Acreage
Old BayshoreSan Jose, CAMarch 12, 2020— — $11,784 2.7
GladwickRancho Dominguez, CAMarch 12, 202065,670 17,950 
84th KentKent, WAApril 17, 2020— — 4,500 2.8
HudsonSeattle, WAMay 31, 202013,000 5,611 
Starlite StreetSouth San Francisco, CAJuly 10, 202022,275 6,300 
Aviation BlvdInglewood, CAOctober 26, 2020— — 10,000 1.9
Porter StreetLos Angeles, CANovember 5, 202012,618 4,400 
SE 32nd StreetBellevue, WANovember 6, 202038,883 11,737 
Maple StreetRancho Dominguez, CADecember 5, 2020— — 9,750 2.5
E. MarginalTukwila, WADecember 30, 2020— — 6,625 2.1
McLarenIrvine, CADecember 30, 202011,348 8,000 
Total/Weighted Average163,794 $96,657 12.0
1Excludes intangible liabilities and mortgage premiums, if any. The total aggregate initial investment was approximately $100.4 million, including $1.6 million in capitalized closing costs and acquisition costs and $2.2 million in assumed intangible liabilities.
The Company recorded revenues and net income for the year ended December 31, 2020 of approximately $2.4 million and $1.1 million, respectively, related to the 2020 acquisitions.
The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The properties were acquired from unrelated third parties using existing cash on hand, proceeds from property sales and the issuance of common stock and borrowings on the revolving credit facility.
As of December 31, 2021, the Company had four properties under redevelopment that, upon completion, will consist of two properties aggregating approximately 0.2 million square feet and two improved land parcels aggregating approximately 12.1 acres with a total expected investment of approximately $75.8 million, including redevelopment costs, capitalized interest and other costs. During the fourth quarter of 2021, the Company completed redevelopment of its Sodo Row - North & South property in Seattle, Washington, an approximately 0.2 million square foot redevelopment property. The total investment was approximately $62.8 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.7 million, $1.6 million and $3.2 million during the years ended December 31, 2021, 2020 and 2019, respectively.