NetREIT, a diversified REIT repositioning its portfolio to focus on office and industrial properties, filed on Monday
with the SEC to raise up to $69 million in an initial public offering.
The company's current portfolio consists of 1,695,000 square feet comprised of 15 office properties, two industrial properties and five retail properties. In addition, the company owns interests, through its subsidiaries, in 129 model homes subject to triple-net leases. Its commercial properties are located in Southern California, Colorado and North Dakota.
Going forward, management plans to shed its retail assets and primarily focus on acquiring office and industrial properties with a purchase price between $10 million and $30 million. The company has identified several regionally dominant target markets, including: Columbus, Kansas City, Minneapolis, Pittsburgh, Salt Lake City, Colorado Springs, Denver and San Diego.
The Escondido, CA-based company was founded in 1999 and booked $33 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol SQFT. Janney Montgomery Scott is the sole bookrunner on the deal. No pricing terms were disclosed.
