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Chicago & Midwest  + Midwest  + Industrial  |  September 27, 2023
BGO IREIT Acquires Interest in $948M Midwest Portfolio
Jasmine Kilman
By: Jasmine Kilman

BGO IREIT Acquires Interest in $948M Midwest Portfolio

New York-based BGO Industrial Real Estate Income Trust, Inc. (BGO IREIT) has acquired an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets (the “Seed Portfolio”) valued at approximately $948 million, in exchange for 13 million units of its operating partnership. 

The purchase price was approximately $130 million, and the portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha.

“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,” said Michael Glimcher, president, CEO, and Director of BGO IREIT. BGO IREIT is a perpetual-life, monthly NAV REIT that invests primarily in industrial warehouse and logistics properties. BGO IREIT is externally managed by an affiliate of BentallGreenOak, a global leader in real estate investing.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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