BGO Industrial Real Estate Income Trust, Inc. (“BGO IREIT”), an externally managed, non-traded real estate investment trust focused on investing in primarily stabilized, income-oriented industrial warehouse and logistics properties primarily located in the United States, announced the acquisition of an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets (the “Seed Portfolio”) valued at approximately $948 million (as of March 31, 2023), in exchange for 13 million units of its operating partnership. The purchase price of the Seed Portfolio was approximately $130 million. The acquisition was completed on July 7, 2023.
The Seed Portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wisconsin. Developed between 2012 and 2023, the portfolio is currently 90% leased to multiple tenants with a weighted average remaining lease term of approximately five years. Moreover, the properties house a dynamic and diverse tenant roster, featuring nationally recognized leaders in the distribution, logistics, and manufacturing sectors.
“The Seed Portfolio highlights our portfolio construction strategy of aggregating modern industrial warehouse and logistics assets that connect global supply chains to consumers,” said Michael Glimcher, president, CEO, and Director of BGO IREIT. “This 29-building portfolio is well-occupied by institutional-grade tenants in the heart of a thriving industrial region and is the keystone in what we believe will be a premier portfolio of income-producing U.S. industrial properties.”
