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Real Estate Acquisitions | 9 Months Ended
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Sep. 30, 2019
Real Estate Acquisitions |
Real Estate Acquisitions | Note 5 – Real Estate Acquisitions The charts below detail the Company’s acquisitions of real estate and the allocation of the purchase price during the nine months ended September 30, 2019 (amounts in thousands). The Company determined that with respect to each of these acquisitions, the gross assets acquired are concentrated in a single identifiable asset. Therefore, these transactions do not meet the definition of a business and are accounted for as asset acquisitions. As such, direct transaction costs associated with these asset acquisitions have been capitalized to real estate assets and depreciated over their respective useful lives. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Capitalized
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Third Party
​ | ​ | ​ | ​ | Contract | ​ | ​ | ​ | Real Estate
​ | ​ | ​ | ​ | Purchase | ​ | Terms of | ​ | Acquisition
Description of Property |  | Date Acquired |  | Price |  | Payment |  | Costs
Zwanenberg Food Group/Metro Carpets industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nashville, Tennessee | ​ | May 30, 2019 | ​ | $ | 8,000 |  | All cash (a) | ​ | $ | 77
Echo, Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wauconda, Illinois | ​ | May 30, 2019 | ​ | ​ | 3,800 | ​ | All cash |  | ​ | 26
Tinicum Mechanical Supply/Philly Motors industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bensalem, Pennsylvania | ​ | June 18, 2019 | ​ | ​ | 6,200 | ​ | All cash (b) |  | ​ | 168
International Flora Technologies industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Chandler, Arizona | ​ | June 26, 2019 | ​ |  | 8,650 |  | All cash (c) |  |  | 57
Nissan North America industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LaGrange, Georgia | ​ | July 24, 2019 | ​ | ​ | 5,200 | ​ | All cash (d) | ​ | ​ | 73
Continental Hydraulics industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shakopee, Minnesota | ​ | September 13, 2019 | ​ | ​ | 8,000 | ​ | All cash | ​ | ​ | 55
Totals | ​ |  | ​ | $ | 39,850 |  |  | ​ | $ | 456
| (a) | In July 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 3.95% and matures August 2029.
| (b) | In September 2019, the Company obtained new mortgage debt of $4,075 which bears interest at 4.05% and matures October 2029.
| (c) | In October 2019, the Company obtained new mortgage debt of $5,200 which bears interest at 4.10% and matures November 2030.
| (d) | In October 2019, the Company obtained new mortgage debt of $3,200 which bears interest at 4.00% and matures December 2028.
​ Note 5 – Real Estate Acquisitions (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Building & | ​ | Intangible Lease | ​ | ​ | ​
Description of Property |  | Land |  | Improvements |  | Asset |  | Liability |  | Total
Zwanenberg Food Group/Metro Carpets industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nashville, Tennessee | ​ | $ | 1,058 | ​ | $ | 6,350 | ​ | $ | 750 | ​ | $ | (81) | ​ | $ | 8,077
Echo, Inc. industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Wauconda, Illinois | ​ |  | 67 | ​ |  | 3,424 | ​ |  | 339 | ​ |  | (4) | ​ |  | 3,826
Tinicum Mechanical Supply/Philly Motors industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bensalem, Pennsylvania | ​ | ​ | 1,602 | ​ | ​ | 4,322 | ​ |  | 664 | ​ |  | (220) | ​ | ​ | 6,368
International Flora Technologies industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Chandler, Arizona | ​ | ​ | 1,334 | ​ | ​ | 7,373 | ​ |  | — | ​ |  | — | ​ | ​ | 8,707
Nissan North America industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LaGrange, Georgia | ​ | ​ | 298 | ​ | ​ | 4,499 | ​ | ​ | 627 | ​ | ​ | (151) | ​ | ​ | 5,273
Continental Hydraulics industrial facility, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shakopee, Minnesota | ​ | ​ | 1,875 | ​ | ​ | 5,457 | ​ | ​ | 944 | ​ | ​ | (221) | ​ | ​ | 8,055
Totals | ​ | $ | 6,234 | ​ | $ | 31,425 | ​ | $ | 3,324 | ​ | $ | (677) | ​ | $ | 40,306
​ Property Acquisitions Subsequent to September 30, 2019 On October 3, 2019, the Company acquired an industrial property located in Rincon, Georgia for $6,400,000. The initial term of the lease expires in 2029. On October 23, 2019, the Company acquired an industrial property located in Chandler, Arizona for $3,000,000. The initial term of the lease expires in 2024.

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