BGO Industrial REIT believes that most of the industrial space that was built pre-2000 is increasingly obsolete and, therefore, intends to primarily focus on the acquisition, and to a lesser extent, the development of new construction.
"We anticipate that industrial tenants will desire to relocate from older, outdated properties to more efficient, modern facilities to improve their profit margins," its CEO Michael Glimcher, said in prepared remarks.
To that end, BGO IREIT announced this week its acquisition of an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets valued at approximately $948 million (as of March 31) for $130 million in exchange for 13 million units of its operating partnership.
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