XML 28 R13.htm IDEA: XBRL DOCUMENT v3.22.4
Investments in Real Estate
 12 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
During the year ended December 31, 2022, the Company acquired 20 industrial properties with a total initial investment, including acquisition costs, of approximately $422.3 million, of which $316.0 million was recorded to land, $94.4 million to buildings and improvements, and $11.9 million to intangible assets. Additionally, the Company assumed $17.1 million in liabilities.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2022:
Property NameLocationAcquisition DateNumber of
Buildings		Square
Feet
Purchase Price
(in thousands)1
Improved Land Acreage
Countyline #29 & #30Hialeah, FLFebruary 9, 20222 407,000 $73,200 —
33rd PlaceBellevue, WAFebruary 23, 20222 29,000 13,040 1.2
NE 91stRedmond, WAApril 8, 20222 32,000 9,780 —
87 DoremusNewark, NJApril 18, 2022— — 17,300 9.7
3660 Thomas RoadSanta Clara, CAMay 4, 20221 135,000 54,600 —
127 Doremus AvenueNewark, NJMay 19, 2022— — 11,900 2.4
3660 Fee AnaAnaheim, CAMay 24, 2022— — 15,000 2.1
332 Hindry AvenueInglewood, CAMay 25, 20221 19,000 9,280 —
8320-8400 Isis AvenueLos Angeles, CAMay 25, 20221 40,000 17,902 —
TeagardenSan Leandro, CAJune 1, 20225 104,000 34,600 —
293 Roanoke AvenueNewark, NJJune 7, 2022— — 13,000 1.8
8660 Willows RoadRedmond, WAJune 17, 2022— — 19,900 3.5
8050 NW 90th StMedley, FLJuly 5, 2022— — 20,000 6.7
4857 W 147th StHawthorne, CAAugust 2, 2022— — 6,500 1.3
19500 South Alameda StRancho Dominguez, CAAugust 3, 2022— — 32,075 3.0
3091 East Coronado StAnaheim, CASeptember 6, 2022— — 7,325 1.2
7045 NW 46th StMiami, FLOctober 24, 20221 16,000 4,703 —
5401 West 104th StLos Angeles, CANovember 1, 20221 26,000 17,000 —
629 HenryElizabeth, NJNovember 29, 20221 23,000 15,350 —
14805 S Maple AveRancho Dominguez, CADecember 30, 2022— — 22,358 2.8
Total/Weighted Average17 831,000 $414,813 35.7
1Excludes intangible liabilities and mortgage premiums, if any. The total aggregate initial investment was approximately $422.3 million, including $13.0 million in capitalized closing costs and acquisition costs and $14.1 million in assumed intangible liabilities and $19.6 million in other credits related to near term capital expenditures at the Countyline #29 & #30 properties.
The Company recorded revenues and net income for the year ended December 31, 2022 of approximately $11.4 million and $3.2 million, respectively, related to the 2022 acquisitions.
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
Improved Land Acreage
256 Paterson PlankCarlstadt, NJJanuary 13, 20211 16,159 $10,625 —
117th Place NEKirkland, WAFebruary 25, 20211 126,721 33,750 —
Countyline #24 & #25Hialeah, FLMarch 17, 20212 273,577 48,114 —
EdisonSan Leandro, CAMarch 31, 20213 112,392 17,600 —
73rd StreetMiami, FLApril 6, 2021— — 5,800 5.8
68th KentKent, WAApril 13, 20212 67,120 10,000 —
East GishSan Jose, CAApril 22, 2021— — 8,004 2.2
Gramercy PlaceTorrance, CAMay 12, 20211 17,407 6,290 —
Occidental AvenueSeattle, WAMay 12, 20213 51,853 16,450 —
SW 16th StreetRenton, WAJune 14, 2021— — 7,615 2.9
Countyline #26Hialeah, FLJuly 14, 20211 220,942 39,409 —
13020 & 13030 Cerise Hawthorne, CAJuly 14, 20212 21,846 8,075 —
1150 & 1250 W. Trenton AveOrange, CAJuly 30, 20212 34,224 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, 20212 40,504 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, 20211 21,000 7,875 —
WoodinvilleWoodinville, WAOctober 1, 20211 84,238 23,600 —
190 MorganBrooklyn, NYOctober 12, 20211 11,881 4,450 —
San PedroGardena, CAOctober 15, 2021— — 8,800 2.0
228 North AvenueElizabeth, NJOctober 20, 20211 30,978 44,000 —
PickettAlexandria, VAOctober 29, 20211 27,683 9,000 —
BerryessaSan Jose, CAOctober 29, 2021— — 23,000 7.2
768 772 CeresLos Angeles, CANovember 18, 20212 16,887 7,661 —
TuxedoHyattsville, MDNovember 23, 2021— — 8,000 2.9
Maple IIRancho Dominguez, CANovember 30, 2021— — 13,800 2.3
EisenhowerAlexandria, VADecember 10, 20213 199,396 60,750 —
4501 46th StreetBladensburg, MDDecember 13, 2021— — 11,850 4.4
Countyline #27 & #28Hialeah, FLDecember 15, 20212 401,906 74,142 —
Woodinville IIWoodinville, WADecember 23, 20212 118,310 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.
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, 2022, the Company had three properties under redevelopment that, upon completion, will consist of one building of approximately 34,000 square feet and two improved land parcels aggregating approximately 12.1 acres. The following table summarizes certain information with respect to the properties under redevelopment as of December 31, 2022:
Property NameLocation
Total Expected
Investment (in
thousands) 1
Estimated Post-Development AcreageEstimated Post-Development Square Feet
Berryessa
San Jose, CA$25,961 7.2N/A
Paterson Plank III
Carlstadt, NJ25,303 4.9N/A
147th Street
Hawthorne, CA18,060 N/A34,000
Total/Weighted Average$69,324 12.134,000
1Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
During 2022, the Company completed redevelopment of three properties aggregating approximately 0.6 million square feet. The following table summarizes certain information with respect to the completed redevelopment properties as of December 31, 2022:

Property NameLocation
Total
Investment (in
thousands) 1
 Square FeetCompletion Quarter
America's GatewayMiami, FL$7,500 51,800Q1 2022
Countyline #29 & #30Hialeah, FL75,539 407,084Q2/Q3 2022
73rd StreetMiami, FL20,200 128,844Q3 2022
Total/Weighted Average$103,239 587,728
1Total investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.

The Company capitalized interest associated with redevelopment and expansion activities of approximately $2.6 million, $0.7 million and $1.6 million during the years ended December 31, 2022, 2021 and 2020, respectively.