Nuveen Global Cities REIT Acquires Grocery-Anchored Asset to Close Out 2024
At the end of 2024, Nuveen Global Cities REIT Inc. acquired Short Pump Station, a grocery-anchored retail property located in the Short Pump submarket of Richmond, Va. The purchase price was $55 million, which included the assumption of a mortgage of $24 million. The 91,396-square-foot property is 97% leased.
The company, a publicly registered non-traded real estate investment trust, had a total aggregate net asset value of approximately $2.15 billion as of Dec. 31, 2024, an increase of 0.5% month-over-month, as the NAV was approximately $2.14 billion as of Nov. 30.
The transaction price for each class of common stock for subscriptions accepted as of Feb. 1, 2025 (and repurchases as of Jan. 31) is as follows:
Class T shares had a NAV per share of $11.61, compared to $11.68 the previous month, a decrease of nearly 0.6%.
Class S shares had a NAV per share of $11.47, compared to $11.54 the previous month, a decrease of approximately 0.61%.
Class D shares had a NAV per share of $11.64, compared to $11.70 the previous month, a decrease of approximately 0.51%.
Class I shares had a NAV per share of $11.59, compared to $11.66 the previous month, a decrease of 0.6%.
Class N shares had a NAV per share of $12.07, compared to $12.14 the previous month, a decrease of 0.58%.
The REIT had approximately 184.9 million shares outstanding at the end of December.
Nuveen Global Cities REIT is diversified across several sectors including industrial, healthcare, multifamily, grocery-anchored retail, single-family housing, office, and self-storage. More than half of its properties are located in the southern United States, although it has assets across the United States, Canada, Europe, and Asia.
Formed in May 2017, the company launched its initial offering in January 2018 and raised $394.4 million in investor equity before closing in July 2021. Its $5 billion second offering raised approximately $2.21 billion before terminating Nov. 6, 2024. With the REIT’s third public offering, which was declared effective by the U.S. Securities and Exchange Commission on Nov. 6, 2024, it is offering on a continuous basis up to $5 billion in shares of common stock, consisting of up to $4 billion in shares in its primary offering and up to $1 billion in shares pursuant to its distribution reinvestment plan. As of Jan. 16, 2025, the Nuveen REIT has issued and sold 6,453,246 shares of common stock, resulting in gross offering proceeds of nearly $75.2 million.
