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Investments in Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2025
Real Estate [Abstract] |
Schedule of Properties Under and Completed Redevelopment | The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of March 31, 2025:
Property Name |  | Location |  | Total Expected Investment (in thousands) 1 |  | Estimated Post-Development Square Feet |  |  |  |  |  |
Properties under development or redevelopment: |  |  |  |  |  |  |  |  |  |  |  |
Countyline Phase IV 2 |  |  |  |  |  |  |  |  |  |  |  |
Countyline Building 32 |  | Hialeah, FL |  | $ | 40,100 |  |  | 164,300 |  |  |  |  |  |
Countyline Building 33 |  | Hialeah, FL |  | 39,900 |  |  | 158,000 |  |  |  |  |  |
Countyline Building 34 |  | Hialeah, FL |  | 55,900 |  |  | 219,900 |  |  |  |  |  |  |
Paterson Plank III |  | Carlstadt, NJ |  | 35,200 |  |  | 47,300 |  |  |  |  |  |
139th Street 3 |  | Gardena, CA |  | 104,600 |  |  | 223,500 |  |  |  |  |  |
Total |  |  |  | $ | 275,700 |  |  | 813,000 |  |  |  |  |  |
Land for future development: |  |  |  |  |  |  |  |  |  |  |  |
Countyline Phase IV 2 |  |  |  |  |  |  |  |  |  |  |  |
Countyline Phase IV Land |  | Hialeah, FL |  | $ | 117,100 |  |  | 433,200 |  |  |  |  |  |
Total |  |  |  | $ | 117,100 |  |  | 433,200 |  |  |  |  |  |
1 Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization. 2“Countyline Phase IV” is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion. 3 This redevelopment property was initially acquired in 2017 for a total initial investment, including closing costs and acquisition costs, of approximately $39.9 million. The property was in the operating portfolio until January 2024 when redevelopment commenced. The amount spent to date includes the total initial investment and capital expenditures incurred prior to redevelopment and excludes accumulated depreciation recorded since acquisition. The Company expects a total incremental investment of approximately $64.0 million. The following table summarizes certain information with respect to the redevelopment property completed during the three months ended March 31, 2025:
Property Name |  | Location |  | Total Expected Investment (in thousands) 1 |  | Post-Development Square Feet |  |  |  | Completion Quarter
East Garry Avenue |  | Santa Ana, CA |  | $ | 41,300 |  |  | 91,500 |  |  |  |  | Q1 2025
1 Total investment for the property includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.

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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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