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Investments in Real Estate | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
Investments in Real Estate | Investments in Real Estate 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 Name |  | Location |  | Acquisition Date |  | Number of Buildings |  | Square Feet |  | Purchase Price (in thousands)1 |  | Acreage
256 Paterson Plank |  | Carlstadt, NJ |  | January 13, 2021 |  | 1 |  |  | 16,159 |  |  | $ | 10,625 |  |  | —
117th Place NE |  | Kirkland, WA |  | February 25, 2021 |  | 1 |  |  | 126,721 |  |  | 33,750 |  |  | —
Countyline #24 & #25 |  | Hialeah, FL |  | March 17, 2021 |  | 2 |  |  | 273,577 |  |  | 48,114 |  |  | —
Edison |  | San Leandro, CA |  | March 31, 2021 |  | 3 |  |  | 112,392 |  |  | 17,600 |  |  | —
73rd Street |  | Miami, FL |  | April 6, 2021 |  | — |  |  | — |  |  | 5,800 |  |  | 5.8
68th Kent |  | Kent, WA |  | April 13, 2021 |  | 2 |  |  | 67,120 |  |  | 10,000 |  |  | —
East Gish |  | San Jose, CA |  | April 22, 2021 |  | — |  |  | — |  |  | 8,004 |  |  | 2.2
Gramercy Place |  | Torrance, CA |  | May 12, 2021 |  | 1 |  |  | 17,407 |  |  | 6,290 |  |  | —
Occidental Avenue |  | Seattle, WA |  | May 12, 2021 |  | 3 |  |  | 51,853 |  |  | 16,450 |  |  | —
SW 16th Street |  | Renton, WA |  | June 14, 2021 |  | — |  |  | — |  |  | 7,615 |  |  | 2.9
Countyline #26 |  | Hialeah, FL |  | July 14, 2021 |  | 1 |  |  | 220,942 |  |  | 39,409 |  |  | —
13020 & 13030 Cerise |  | Hawthorne, CA |  | July 14, 2021 |  | 2 |  |  | 21,846 |  |  | 8,075 |  |  | —
1150 & 1250 W. Trenton Ave |  | Orange, CA |  | July 30, 2021 |  | 2 |  |  | 34,224 |  |  | 9,335 |  |  | —
MLK 9801 |  | Seattle, WA |  | August 11, 2021 |  | — |  |  | — |  |  | 11,900 |  |  | 3.1
MLK 9845 |  | Seattle, WA |  | August 11, 2021 |  | — |  |  | — |  |  | 15,750 |  |  | 3.4
MLK 9600 |  | Seattle, WA |  | August 11, 2021 |  | — |  |  | — |  |  | 22,350 |  |  | 5.2
Foley Street |  | Hayward, CA |  | August 26, 2021 |  | 2 |  |  | 40,504 |  |  | 8,250 |  |  | —
Paterson Plank III |  | Carlstadt, NJ |  | August 27, 2021 |  | — |  |  | — |  |  | 17,850 |  |  | 4.9
97 Third Street |  | Kearny, NJ |  | September 27, 2021 |  | — |  |  | — |  |  | 26,250 |  |  | 5.4
13025 Cerise |  | Hawthorne, CA |  | September 30, 2021 |  | 1 |  |  | 21,000 |  |  | 7,875 |  |  | —
Woodinville |  | Woodinville, WA |  | October 1, 2021 |  | 1 |  |  | 84,238 |  |  | 23,600 |  |  | —
190 Morgan |  | Brooklyn, NY |  | October 12, 2021 |  | 1 |  |  | 11,881 |  |  | 4,450 |  |  | —
San Pedro |  | Gardena, CA |  | October 15, 2021 |  | — |  |  | — |  |  | 8,800 |  |  | 2.0
228 North Avenue |  | Elizabeth, NJ |  | October 20, 2021 |  | 1 |  |  | 30,978 |  |  | 44,000 |  |  | —
Pickett |  | Alexandria, VA |  | October 29, 2021 |  | 1 |  |  | 27,683 |  |  | 9,000 |  |  | —
Berryessa |  | San Jose, CA |  | October 29, 2021 |  | — |  |  | — |  |  | 23,000 |  |  | 7.2
768 772 Ceres |  | Los Angeles, CA |  | November 18, 2021 |  | 2 |  |  | 16,887 |  |  | 7,661 |  |  | —
Tuxedo |  | Hyattsville, MD |  | November 23, 2021 |  | — |  |  | — |  |  | 8,000 |  |  | 2.9
Maple II |  | Rancho Dominguez, CA |  | November 30, 2021 |  | — |  |  | — |  |  | 13,800 |  |  | 2.3
Eisenhower |  | Alexandria, VA |  | December 10, 2021 |  | 3 |  |  | 199,396 |  |  | 60,750 |  |  | —
4501 46th Street |  | Bladensburg, MD |  | December 13, 2021 |  | — |  |  | — |  |  | 11,850 |  |  | 4.4
Countyline #27 & #28 |  | Hialeah, FL |  | December 15, 2021 |  | 2 |  |  | 401,906 |  |  | 74,142 |  |  | —
Woodinville II |  | Woodinville, WA |  | December 23, 2021 |  | 2 |  |  | 118,310 |  |  | 33,500 |  |  | —
Willows |  | Redmond, WA |  | December 27, 2021 |  | — |  |  | — |  |  | 3,500 |  |  | 0.8
Total/Weighted Average |  |  |  |  |  | 34 |  |  | 1,895,024 |  |  | $ | 657,345 |  |  | 52.5
1 Excludes 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. During the year ended December 31, 2020, the Company acquired 11 industrial properties with a total initial investment, including acquisition costs, of approximately $100.4 million, of which $78.8 million was recorded to land, $17.0 million to buildings and improvements, and $4.6 million to intangible assets. Additionally, the Company assumed $2.2 million in liabilities. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2020:
Property Name |  | Location |  | Acquisition Date |  | Number of Buildings |  | Square Feet |  | Purchase Price (in thousands) 1 |  | Acreage
Old Bayshore |  | San Jose, CA |  | March 12, 2020 |  | — |  |  | — |  |  | $ | 11,784 |  |  | 2.7
Gladwick |  | Rancho Dominguez, CA |  | March 12, 2020 |  | 1 |  |  | 65,670 |  |  | 17,950 |  |  | —
84th Kent |  | Kent, WA |  | April 17, 2020 |  | — |  |  | — |  |  | 4,500 |  |  | 2.8
Hudson |  | Seattle, WA |  | May 31, 2020 |  | 1 |  |  | 13,000 |  |  | 5,611 |  |  | —
Starlite Street |  | South San Francisco, CA |  | July 10, 2020 |  | 1 |  |  | 22,275 |  |  | 6,300 |  |  | —
Aviation Blvd |  | Inglewood, CA |  | October 26, 2020 |  | — |  |  | — |  |  | 10,000 |  |  | 1.9
Porter Street |  | Los Angeles, CA |  | November 5, 2020 |  | 1 |  |  | 12,618 |  |  | 4,400 |  |  | —
SE 32nd Street |  | Bellevue, WA |  | November 6, 2020 |  | 1 |  |  | 38,883 |  |  | 11,737 |  |  | —
Maple Street |  | Rancho Dominguez, CA |  | December 5, 2020 |  | — |  |  | — |  |  | 9,750 |  |  | 2.5
E. Marginal |  | Tukwila, WA |  | December 30, 2020 |  | — |  |  | — |  |  | 6,625 |  |  | 2.1
McLaren |  | Irvine, CA |  | December 30, 2020 |  | 1 |  |  | 11,348 |  |  | 8,000 |  |  | —
Total/Weighted Average |  |  |  |  |  | 6 |  |  | 163,794 |  |  | $ | 96,657 |  |  | 12.0
1 Excludes intangible liabilities and mortgage premiums, if any. The total aggregate initial investment was approximately $100.4 million, including $1.6 million in capitalized closing costs and acquisition costs and $2.2 million in assumed intangible liabilities. The Company recorded revenues and net income for the year ended December 31, 2020 of approximately $2.4 million and $1.1 million, respectively, related to the 2020 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, 2021, the Company had four properties under redevelopment that, upon completion, will consist of two properties aggregating approximately 0.2 million square feet and two improved land parcels aggregating approximately 12.1 acres with a total expected investment of approximately $75.8 million, including redevelopment costs, capitalized interest and other costs. During the fourth quarter of 2021, the Company completed redevelopment of its Sodo Row - North & South property in Seattle, Washington, an approximately 0.2 million square foot redevelopment property. The total investment was approximately $62.8 million. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0.7 million, $1.6 million and $3.2 million during the years ended December 31, 2021, 2020 and 2019, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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