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Investment in Real Estate (Tables)
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Schedule of Investment in Real Estate, Net

Investment in real estate, net consisted of the following at June 30, 2024 and December 31, 2023:

 

 

 

June 30, 2024

 

 

December 31, 2023

 

Building and building improvements

 

$

896,828,266

 

 

$

895,144,029

 

Land

 

 

108,980,432

 

 

 

108,980,432

 

Total

 

 

1,005,808,698

 

 

 

1,004,124,461

 

Accumulated depreciation

 

 

(75,261,086

)

 

 

(62,780,887

)

Investment in real estate, net

 

$

930,547,612

 

 

$

941,343,574

 

 
Schedule of Interest in Real Properties

As of June 30, 2024, the Company owned interests in 19 real properties and a plot of land as described below:

 

Portfolio

 

Ownership
Percentage

 

Location

 

Number of
Properties

 

Square
Feet/ Acre

 

 

Remaining
Lease
Term(1)

 

Annualized
Rental
Income(3)

 

 

Acquisition
Date

 

Purchase
Price(4)

 

Walgreens Grand Rapids ("GR Property")

 

100

%

 

Grand Rapids, MI

 

1

 

 

14,552

 

 

13.1 years(2)

 

$

 

500,000

 

 

July 2017

 

$

 

7,936,508

 

Daimler Trucks North America Office Building ("FM Property")

 

100

%

 

Fort Mill, SC

 

1

 

 

150,164

 

 

4.5 years

 

$

 

2,670,638

 

 

February 2018

 

$

 

40,000,000

 

Alliance Data Systems Office Building ("CO Property")

 

100

%

 

Columbus, OH

 

1

 

 

241,493

 

 

8.2 years

 

$

 

3,362,844

 

 

July 2018

 

$

 

46,950,000

 

Hoya Optical Labs of America ("Lewisville Property")

 

100

%

 

Lewisville, TX

 

1

 

 

89,473

 

 

4.0 years

 

$

 

937,060

 

 

November 2018

 

$

 

14,120,000

 

Williams Sonoma Office Building ("SF Property")

 

75

%

 

San Francisco, CA

 

1

 

 

13,907

 

 

0.0 years(6)

 

$

 

0

 

 

September 2019

 

$

 

11,600,000

 

Martin Brower Industrial Buildings ("Buchanan Property")

 

100

%

 

Phoenix, AZ

 

1

 

 

93,302

 

 

7.7 years

 

$

 

1,083,444

 

 

November 2019

 

$

 

17,300,000

 

Multifamily Residential Property ("Keller Property")

 

97

%

 

Carrolton, TX

 

1

 

 

255,627

 

 

multiple(5)

 

$

 

5,638,361

 

 

February 2021

 

$

 

56,500,000

 

Multifamily Residential Property ("Summerfield Property")

 

25

%

 

Landover, MD

 

1

 

 

452,876

 

 

multiple(5)

 

$

 

10,595,447

 

 

March 2021

 

$

 

115,500,000

 

Amazon Last Mile Cleveland ("Madison Ave Property")

 

100

%

 

Cleveland, OH

 

1

 

 

168,750

 

 

6.8 years

 

$

 

1,555,254

 

 

May 2021

 

$

 

30,800,000

 

Valencia California ("Valencia Property")

 

10

%

 

Santa Clarita, CA

 

1

 

 

180,415

 

 

11.5 years

 

$

 

5,323,193

 

 

July 2021

 

$

 

92,000,000

 

De Anza Plaza Office Buildings ("De Anza Property")

 

100

%

 

Cupertino, CA

 

1

 

 

83,959

 

 

7.1 years

 

$

 

4,206,056

 

 

July 2021

 

$

 

63,750,000

 

Multifamily Residential Property ("Kacey Property")

 

10

%

 

Kingwood, TX

 

1

 

 

296,991

 

 

multiple(5)

 

$

 

5,341,050

 

 

November 2021

 

$

 

67,000,000

 

Multifamily Residential Property ("Industry Property")

 

10

%

 

Columbus, OH

 

1

 

 

187,678

 

 

multiple(5)

 

$

 

4,772,799

 

 

December 2021

 

$

 

81,000,000

 

Mars Petcare Dry/Cold Storage Facility ("Fisher Road Property")

 

100

%

 

Columbus, OH

 

1

 

 

465,256

 

 

2.9 years

 

$

 

2,984,877

 

 

March 2022

 

$

 

58,000,000

 

Multifamily Residential Property ("Longmire Property")

 

96.46

%

 

Conroe, TX

 

1

 

 

231,720

 

 

multiple(5)

 

$

 

3,211,114

 

 

April 2022

 

$

 

43,400,000

 

Office Tower ("ON3 Property")

 

10

%

 

Nutley, NJ

 

1

 

 

332,818

 

 

14.5 years

 

$

 

7,245,828

 

 

April 2022

 

$

 

131,667,000

 

Multifamily Residential Property ("West End Property")

 

10

%

 

Lenexa, KS

 

1

 

 

299,813

 

 

multiple(5)

 

$

 

5,166,260

 

 

August 2022

 

$

 

69,375,000

 

Multifamily Residential Property ("Palms Property")

 

10

%

 

Houston, TX

 

1

 

 

222,672

 

 

multiple(5)

 

$

 

4,010,775

 

 

August 2022

 

$

 

48,000,000

 

Land ("Mount Comfort Land")

 

100

%

 

Greenfield, IN

 

0

 

1 - acre

 

 

11.8 years

 

$

 

53,140

 

 

October 2022

 

$

 

445,000

 

Multifamily Residential Property ("Pearland Property")

 

5

%

 

Pearland, TX

 

1

 

 

219,624

 

 

multiple(5)

 

$

 

4,383,498

 

 

June 2023

 

$

 

40,500,000

 

 

(1)
Reflects number of years remaining until the tenant’s first termination option.
(2)
On March 14, 2022, the tenant (Walgreens) of the GR Property SPE waived the lease termination option and extended the non-cancelable term of the lease by five years to July 31, 2037.
(3)
Reflects the average annualized rental income for the lease(s). Annualized rental income for the Keller Property, the Summerfield Property, the Kacey Property, the Industry Property, the Longmire Property, the West End Property, the Palms Property, and the Pearland Property is based on full occupancy.
(4)
Reflects the contract purchase price at 100% ownership as opposed to adjusted for current ownership percentage as applicable.
(5)
Indicates individual tenant leases (with a 1-year average lease term) for the multifamily residential properties.
(6)
The lease with William Sonoma expired on December 31, 2021. As of August 13, 2024, the SF Property is vacant.