Investment in Real Estate

9 Months Ended

Sep. 30, 2019

Acquisitions

During the nine months ended September 30, 2019, we acquired eight industrial properties comprised of approximately 0.5 million square feet of GLA and eight land parcels, one of which was acquired from our Joint Venture (see Note 5). We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major asset class for the industrial properties and land parcels acquired during the nine months ended September 30, 2019:



Land	$	60,352
Building and Improvements	40,481
In-Place Leases	3,419
Below Market Leases	(656		)
Other Assets (leasing commissions)	431
Total Purchase Price	$	104,027

The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant for the nine months ended September 30, 2019.

Real Estate Held for Sale

As of September 30, 2019, we had one industrial property comprised of approximately 0.04 million square feet of GLA held for sale.

Sales

During the nine months ended September 30, 2019, we sold ten industrial properties comprised of approximately 1.7 million square feet of GLA. Gross proceeds from the sales were $106,127. The gain on sale of real estate attributable to these sales was $44,772.

During the three and nine months ended September 30, 2019, we recognized a gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 13 for additional information.