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Investment in Real Estate
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Investment in Real Estate

Note 3 – Investment in Real Estate

Investment in real estate, net consisted of the following at September 30, 2021 and December 31, 2020:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Building and building improvements

 

$

427,751,806

 

 

$

140,185,153

 

Land

 

 

68,820,193

 

 

 

23,195,885

 

Total

 

 

496,571,999

 

 

 

163,381,038

 

Accumulated depreciation

 

 

(14,853,693

)

 

 

(8,590,986

)

Investment in real estate, net

 

$

481,718,306

 

 

$

154,790,052

 

 

 

As of September 30, 2021, the Company owned interests in 18 real properties as described below:

 

Portfolio

 

Ownership

Percentage

 

Location

 

Number of

Properties

 

Square

Feet

 

 

Remaining

Lease

Term(1)

 

Annualized

Rental

Income(2)

 

 

Acquisition

Date

 

Purchase

Price(3)

 

Walgreens Grand Rapids ("GR Property")

 

100

%

 

Grand Rapids, MI

 

1

 

 

14,552

 

 

10.8 years

 

$

 

500,000

 

 

July 2017

 

$

 

7,936,508

 

CF Net Lease Portfolio IV DST ("DST Properties")

 

100

%

 

Various

 

7

 

 

103,537

 

 

15.2 years

 

$

 

2,323,749

 

 

September 2017

 

$

 

35,706,642

 

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

 

100

%

 

Fort Mill, SC

 

1

 

 

150,164

 

 

7.3 years

 

$

 

2,670,638

 

 

February 2018

 

$

 

40,000,000

 

Alliance Data Systems Office Building ("CO Property")

 

100

%

 

Columbus, OH

 

1

 

 

241,493

 

 

11.0 years

 

$

 

3,362,844

 

 

July 2018

 

$

 

46,950,000

 

Hoya Optical Labs of America ("Lewisville Property")

 

100

%

 

Lewisville, TX

 

1

 

 

89,473

 

 

6.8 years

 

$

 

937,060

 

 

November 2018

 

$

 

14,120,000

 

Williams Sonoma Office Building ("SF Property")

 

75

%

 

San Francisco, CA

 

1

 

 

13,907

 

 

0.3 years

 

$

 

582,860

 

 

September 2019

 

$

 

11,600,000

 

Martin Brower Industrial Buildings ("Buchanan Property")

 

100

%

 

Phoenix, AZ

 

1

 

 

93,302

 

 

10.5 years

 

$

 

1,083,444

 

 

November 2019

 

$

 

17,300,000

 

Multifamily Residential Property ("Keller Property")

 

77.85

%

 

Carrolton, TX

 

1

 

 

255,627

 

 

multiple(4)

 

$

 

4,647,552

 

 

February 2021

 

$

 

56,500,000

 

Multifamily Residential Property ("Summerfield Property")

 

25

%

 

Landover, MD

 

1

 

 

452,876

 

 

multiple(4)

 

$

 

9,590,592

 

 

March 2021

 

$

 

115,500,000

 

Amazon Last Mile Cleveland ("Madison Ave Property")

 

100

%

 

Cleveland, OH

 

1

 

 

168,750

 

 

9.5 years

 

$

 

1,555,254

 

 

May 2021

 

$

 

30,800,000

 

Valencia California ("Valencia Property")

 

9.91

%

 

Santa Clarita, CA

 

1

 

 

180,415

 

 

14.3 years

 

$

 

5,323,193

 

 

July 2021

 

$

 

92,000,000

 

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

 

100

%

 

Cupertino, CA

 

1

 

 

83,959

 

 

9.8 years

 

$

 

3,713,171

 

 

July 2021

 

$

 

63,750,000

 

 

 

(1)

Reflects number of years remaining until the tenant’s first termination option.

 

On March 9, 2021, the tenant (Walgreens) of the DST waived the lease termination option and extended the first-term lease maturity by five years to November 30, 2036.

 

(2)

Reflects the average annualized rental income for the lease(s). Annualized rental income for Keller Property and Summerfield Property is based on full occupancy.

 

 

(3)

Reflects the contract purchase price at 100% ownership as opposed to adjusted for current ownership percentage as applicable.

 

 

(4)

Indicates individual tenant leases (with a 1-year average lease term) for the multifamily residential properties.