O’Donnell Strategic Industrial REIT, Inc. is going to be the next public warehouse REIT. The company has filed its S-11 and the SEC declared it effective as of August 15, 2011.
The public offering is set to be for up to $1.1 billion in common stock, including shares to be sold pursuant to its distribution reinvestment plan.
As far as a use of proceeds, the REIT intends to use the net proceeds from its offering to invest primarily in what it calls “high-quality, income-producing industrial warehouse properties that are net leased to credit worthy tenants and located in and around strategic geographic distribution hubs.”
The shares are being priced at $10.00 per share and will be made available through SC Distributors, LLC, the affiliated dealer manager to the offering and a FINRA member.
This sounds a lot like ProLogis (NYSE: PLD), except smaller. ProLogis has a $13.2 billion market cap and at $28.80, its 52-week range is $22.97 to $37.46.
JON C. OGG
