Cole Office & Industrial REIT 10-K 29 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Cole Office & Industrial REIT (CCIT II), Inc.
Entity Central Index Key	1,572,758
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		49.9
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 303.1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in real estate assets:
Land	$ 68,398	$ 50,549
Buildings and improvements	747,357	528,279
Intangible lease assets	99,245	75,998
Total real estate investments, at cost	915,000	654,826
Less: accumulated depreciation and amortization	(29,820)	(6,300)
Total real estate investments, net	885,180	648,526
Cash and cash equivalents	18,060	11,141
Restricted cash	1,540	0
Rents and tenant receivables	11,354	3,421
Prepaid expenses, derivative asset, property escrow deposits and other assets	1,785	301
Deferred costs, net	2,190	2,816
Total assets	920,109	666,205
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable and credit facility, net	514,094	399,293
Line of credit with affiliate	30,000	30,000
Accounts payable and accrued expenses	5,416	2,548
Escrowed investor proceeds	238	0
Due to affiliates	1,510	23,086
Intangible lease liabilities, net	22,721	8,222
Distributions payable	2,158	1,314
Deferred rental income, derivative liabilities and other liabilities	3,471	1,427
Total liabilities	$ 579,608	$ 465,890
Commitments and contingencies
Redeemable common stock	$ 11,520	$ 2,816
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 490,000,000 shares authorized, 41,781,519 and 24,650,094 shares issued and outstanding, respectively	418	246
Capital in excess of par value	360,348	216,491
Accumulated distributions in excess of earnings	(32,070)	(19,238)
Accumulated other comprehensive income	285	0
Total stockholders’ equity	328,981	197,499
Total liabilities and stockholders’ equity	$ 920,109	$ 666,205

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares issued (in shares)	41,781,519	24,650,094
Common stock, shares outstanding (in shares)	41,781,519	24,650,094

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Rental income	$ 0	$ 55,415	$ 15,781
Tenant reimbursement income	0	5,833	2,065
Assignment fee income	0	12,767	0
Total revenues	0	74,015	17,846
Operating expenses:
General and administrative	100	4,126	1,325
Property operating	0	3,432	1,161
Real estate tax	0	4,694	1,220
Advisory fees and expenses	0	5,929	1,638
Acquisition-related	0	7,561	14,726
Depreciation and amortization	0	23,380	6,300
Total operating expenses	100	49,122	26,370
Operating income (loss)	(100)	24,893	(8,524)
Interest expense and other, net	0	(18,053)	(4,192)
Net income (loss)	$ (100)	$ 6,840	$ (12,716)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	18,576	31,204,356	10,174,511
Net income (loss) per common share:
Basic and diluted (in dollars per share)	$ (5.38)	$ 0.22	$ (1.25)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (100)	$ 6,840	$ (12,716)
Other comprehensive income:
Unrealized loss on interest rate swaps	0	(2,283)	0
Amount of loss reclassified from other comprehensive income into income as interest expense	0	2,568	0
Total other comprehensive income	0	285	0
Total comprehensive income (loss)	$ (100)	$ 7,125	$ (12,716)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income
Balance (in shares) at Feb. 26, 2013		0
Balance at Feb. 26, 2013	$ 0	$ 0	$ 0	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		20,000
Issuance of common stock	200		200
Comprehensive income (loss)	(100)			(100)
Balance (in share) at Dec. 31, 2013		20,000
Balance at Dec. 31, 2013	100	$ 0	200	(100)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		24,631,770
Issuance of common stock	244,906	$ 246	244,660
Distributions to investors	(6,422)			(6,422)
Commissions on stock sales and related dealer manager fees	(20,638)		(20,638)
Other offering costs	$ (4,898)		(4,898)
Redemptions of common stock (in shares)	(1,700)	(1,676)
Redemptions of common stock	$ (17)		(17)
Changes in redeemable common stock	(2,816)		(2,816)
Comprehensive income (loss)	$ (12,716)			(12,716)
Balance (in share) at Dec. 31, 2014	24,650,094	24,650,094
Balance at Dec. 31, 2014	$ 197,499	$ 246	216,491	(19,238)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		17,324,511
Issuance of common stock	171,829	$ 174	171,655
Distributions to investors	(19,672)			(19,672)
Commissions on stock sales and related dealer manager fees	(13,729)		(13,729)
Other offering costs	$ (3,479)		(3,479)
Redemptions of common stock (in shares)	(193,100)	(193,086)
Redemptions of common stock	$ (1,888)	$ (2)	(1,886)
Changes in redeemable common stock	(8,704)		(8,704)
Comprehensive income (loss)	$ 7,125			6,840	285
Balance (in share) at Dec. 31, 2015	41,781,519	41,781,519
Balance at Dec. 31, 2015	$ 328,981	$ 418	$ 360,348	$ (32,070)	$ 285

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss)	$ (100)	$ 6,840	$ (12,716)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization, net	0	22,851	6,212
Amortization of deferred financing costs	0	1,212	602
Straight-line rental income	0	(5,674)	(2,062)
Changes in assets and liabilities:
Rents and tenant receivables	0	(2,259)	(1,359)
Prepaid expenses and other assets	0	(443)	(251)
Accounts payable and accrued expenses	39	2,789	2,509
Deferred rental income and other liabilities	0	1,738	1,427
Due to affiliates	0	(3,266)	4,734
Net cash provided by (used in) operating activities	(61)	23,788	(904)
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	0	(263,283)	(628,164)
Payment of property escrow deposits	0	(1,868)	(60,378)
Refund of property escrow deposits	0	1,368	60,378
Change in restricted cash	0	(1,540)	0
Net cash used in investing activities	0	(265,323)	(628,164)
Cash flows from financing activities:
Proceeds from issuance of common stock	200	161,237	242,073
Redemptions of common stock	0	(1,888)	(17)
Offering costs on issuance of common stock	0	(17,166)	(25,536)
Distributions to investors	0	(8,236)	(2,275)
Proceeds from credit facility and notes payable	0	382,280	462,831
Repayment of credit facility and notes payable	0	(266,882)	(61,915)
Proceeds from line of credit with affiliate	0	0	94,800
Repayment of line of credit with affiliate	0	0	(64,800)
Escrowed investor proceeds	0	238	0
Deferred financing costs paid	(1)	(1,179)	(5,040)
Payment of loan deposits	0	(1,693)	(401)
Refund of loan deposits	0	(1,743)	(351)
Net cash provided by financing activities	199	248,454	640,071
Net increase in cash and cash equivalents	138	6,919	11,003
Cash and cash equivalents, beginning of period	0	11,141	138
Cash and cash equivalents, end of period	$ 138	$ 18,060	$ 11,141

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Cole Office & Industrial REIT (CCIT II), Inc. (the “Company”) is a Maryland corporation, incorporated on February 26, 2013, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in the taxable year ended December 31, 2014. The Company is the sole general partner of, and owns, directly or indirectly, 100% of the partnership interests in Cole Corporate Income Operating Partnership II, LP, a Delaware limited partnership (“CCI II OP”). The Company is externally managed by Cole Corporate Income Advisors II, LLC (“CCI II Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital ® , which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER).VEREIT indirectly owns and/or controls the Company’s external advisor, CCI II Advisors, the Company’s dealer manager, Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. Pursuant to a Registration Statement on Form S-11 (Registration No. 333-187470) (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 17, 2013, the Company commenced its initial public offering on a “best efforts” basis, offering up to a maximum of 250.0 million shares of its common stock at a price of $10.00 per share and up to 50.0 million additional shares to be issued pursuant to a distribution reinvestment plan (the “DRIP”) under which its stockholders may elect to have distributions reinvested in additional shares at a price of $9.50 per share (together, the “Offering”). On January 13, 2014, CREInvestments, LLC (“CREI”), an affiliate of CCI II Advisors, purchased approximately 275,000 shares of the Company’s common stock in the Offering, resulting in gross proceeds of $2.5 million . With such purchase, the Company satisfied the conditions of the escrow agreement regarding the minimum offering amount under the Offering. In connection with such purchase, the Company’s board of directors (the “Board”) granted a waiver of the share ownership limit to CREI and its successors and assigns in accordance with the provisions of the Company’s charter. Such waiver expired automatically on June 30, 2015. As of December 31, 2015, CREI and its successors and assigns did not exceed the share ownership limit. On February 7, 2014, the ownership of all shares of the Company’s common stock owned by CREI was transferred to VEREIT Operating Partnership, L.P., the operating partnership of VEREIT (“VEREIT OP”). As of December 31, 2015 , we had issued approximately 42.0 million shares of common stock in the Offering for gross offering proceeds of $416.7 million before offering costs and selling commissions of $42.7 million . The Company intends to use substantially all of the net proceeds from the Offering to acquire and operate a diversified portfolio of commercial real estate investments primarily consisting of single-tenant, income-producing necessity office and industrial properties, which are leased to creditworthy tenants under long-term leases, including distribution facilities, warehouses, manufacturing plants and corporate or regional headquarters in strategic locations. The Company expects that most of its properties will be subject to “net” leases, whereby the tenant will be primarily responsible for the property’s cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs. As of December 31, 2015 , the Company owned 30 properties, comprising 8.9 million rentable square feet of income-producing necessity corporate office and industrial properties located in 17 states. As of December 31, 2015 , the rentable space at these properties was 100% leased. During the year ended December 31, 2015 , the Board approved the extension of the Offering until September 17, 2016, unless the Board terminates the Offering at an earlier date or all shares being offered have been sold, in which case the Offering will be terminated. If all the shares we are offering have not been sold by September 17, 2016, the Board may further extend the Offering as permitted under applicable law. Notwithstanding the one-year extension of the Offering to September 17, 2016, the Board will continue to evaluate the timing for the close of the Offering, and currently expects the Offering to close during the third quarter of 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statement of cash flows. The Company has also chosen to combine (i) the depreciation of $4.6 million and amortization of $1.7 million for the year ended December 31, 2014 into the line item depreciation and amortization and (ii) the interest and other income of $1,000 and interest expense of $4.2 million for the year ended December 31, 2014 into the line item interest expense and other, net in the consolidated statements of operations. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts. The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 50,549 Buildings and improvements, less accumulated depreciation of $4,574 523,705 Acquired intangible lease assets, less accumulated amortization of $1,726 74,272 Total investment in real estate assets, net $ 648,526 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 50,549 Buildings and improvements 528,279 Intangible lease assets 75,998 Total real estate investments, at cost 654,826 Less: accumulated depreciation and amortization (6,300 ) Total real estate investments, net $ 648,526 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates, or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2015 or 2014, or for the period from February 26, 2013 (Date of Inception) to December 31, 2013. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above-market and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market leases relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Restricted Cash The Company had $1.5 million in restricted cash as of December 31, 2015 . Included in restricted cash was $1.3 million held by lenders in lockbox accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are then disbursed to the Company. In addition, restricted cash included $238,000 of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2015 . Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at four financial institutions, in all of which the Company had deposits in excess of federally insured levels, totaling $18.3 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. These costs were amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs were written off when the associated debt was refinanced or repaid before maturity. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014 , the Company had $2.2 million and $2.8 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. Due to Affiliates Certain affiliates of CCI II Advisors received fees, reimbursements, and compensation in connection with services provided relating to the Offering and the acquisition, management, financing, and leasing of the properties of the Company. As of December 31, 2015 , $1.5 million was due to CCI II Advisors and its affiliates for such services, as discussed in Note 11 — Related-Party Transactions and Arrangements. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2015 and 2014 , the Company did not have an allowance for uncollectible accounts. Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2014. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Earnings (Loss) Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted loss per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for the years ended December 31, 2015 or 2014 , or the period from February 26, 2013 (Date of Inception) to December 31, 2013. Offering and Related Costs CCI II Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offering. A portion of the other organization and offering expenses may be underwriting compensation. As of December 31, 2015 , CCI II Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the Company’s consolidated financial statements because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable. Reportable Segment The Company’s commercial real estate investments consist primarily of single-tenant, income-producing necessity office and industrial properties, which are leased to creditworthy tenants under long-term net leases. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $1.6 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $400.9 million in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as variable interest entities (“VIEs”), was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016, and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) — The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Credit facility, notes payable and line of credit with affiliate — The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs, as discussed in Note 2 — Summary of Significant Accounting Policies. These financial instruments are considered Level 2 inputs. As of December 31, 2015 , the estimated fair value of the Company’s debt was $549.9 million , compared to the carrying value of $546.3 million . The estimated fair value of the Company’s debt was $431.3 million as of December 31, 2014 , compared to the carrying value on that date of $430.9 million . Derivative instruments — The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2015 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 (in thousands). The Company had no financial assets or liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2014. Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 591 $ — $ 591 $ — Financial liabilities: Interest rate swaps $ (306 ) $ — $ (306 ) $ —

Real Estate Acquisitions

Real Estate Acquisitions	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2015 Property Acquisitions During the year ended December 31, 2015 , the Company acquired seven properties for an aggregate purchase price of $237.7 million (the “ 2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2015 Land $ 17,849 Buildings and improvements 212,036 Acquired in-place leases 22,956 Intangible lease liabilities (15,167 ) Total purchase price $ 237,674 The Company recorded revenue for the year ended December 31, 2015 of $5.4 million and a net loss for the year ended December 31, 2015 of $5.1 million related to the 2015 Acquisitions. The following table summarizes selected financial information of the Company as if the 2015 Acquisitions were completed on January 13, 2014, the date the Company commenced principal operations. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Period from January 13, 2014 to December 31, 2014 Pro forma basis (unaudited): Revenue $ 86,999 $ 36,244 Net income $ 20,700 $ (10,666 ) The unaudited pro forma information for the year ended December 31, 2015 was adjusted to exclude $7.6 million of acquisition-related expenses recorded during such period related to the 2015 Acquisitions. These expenses were instead recognized in the unaudited pro forma information for the year ended December 31, 2014 . The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014, nor does it purport to represent the results of future operations. Assignment of Purchase and Sales Agreement During the year ended December 31, 2015 , the Company, through an assignment from an affiliate of CCI II Advisors, became a party to a purchase and sale agreement (the “PSA”) with a seller to acquire the right to purchase a property. During the same period, the Company assigned its rights in the PSA to a non-affiliated third party and recognized assignment fee income of $12.8 million , net of approximately $520,000 in transaction expenses. Additional Consideration During the year ended December 31, 2015 , the Company paid additional amounts to sellers in conjunction with contingent consideration arrangements related to two properties. The contingent consideration of $1.6 million is included within acquisition-related expenses in the accompanying consolidated statements of operations. 2014 Property Acquisitions During the year ended December 31, 2014 , the Company acquired 23 properties for an aggregate purchase price of $646.5 million (the “ 2014 Acquisitions”). The Company purchased the 2014 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2014 Land $ 50,549 Buildings and improvements 528,279 Acquired in-place leases 74,436 Acquired above-market lease 1,562 Intangible lease liabilities (8,310 ) Total purchase price $ 646,516 The Company recorded revenue for the year ended December 31, 2014 of $17.8 million and a net loss for the year ended December 31, 2014 of $12.7 million related to the 2014 Acquisitions. In addition, the Company recorded $14.7 million of acquisition-related expenses for the year ended December 31, 2014 . The following table summarizes selected financial information of the Company as if the 2014 Acquisitions were completed on January 13, 2014, the date the Company commenced principal operations. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2014 (in thousands): Period from January 13, 2014 to December 31, 2014 Pro forma basis (unaudited): Revenue $ 53,440 Net income $ 13,618 The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2014 , nor does it purport to represent the results of future operations. Property Concentrations As of December 31, 2015 , two of the Company’s tenants, Keurig Green Mountain and Freeport-McMoRan, accounted for 17% and 13% , respectively, of the Company’s 2015 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of December 31, 2015 , two of the Company’s properties were located in Massachusetts, four properties were located in Ohio, and one property was located in Arizona, which accounted for 17% , 15% , and 13% , respectively, of the Company’s 2015 total gross annualized rental revenues. In addition, the Company had tenants in the manufacturing, wholesale, logistics, and mining and natural resources industries, which comprised 26% , 17% , 14% , and 13% , respectively, of the Company’s 2015 gross annualized rental revenues.

Intangible Lease Assets

Intangible Lease Assets	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
INTANGIBLE LEASE ASSETS	INTANGIBLE LEASE ASSETS The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $8,778 and $1,726, respectively (with a weighted average life remaining of 10.9 and 11.4 years, respectively) $ 88,905 $ 72,710 Acquired above-market leases, net of accumulated amortization of $141 and $0, respectively (with a weighted average life remaining of 11.3 and 12.3 years, respectively) 1,421 1,562 $ 90,326 $ 74,272 Amortization expense related to the in-place lease assets for the years ended December 31, 2015 and 2014 was $7.1 million and $1.7 million , respectively. Amortization expense related to the acquired above-market lease asset for the year ended December 31, 2015 was $141,000 and was recorded as a reduction to rental income in the consolidated statements of operations. No amortization expense was recorded related to the acquired above-market lease for the year ended December 31, 2014. In addition, no amortization expense was incurred or recorded related to intangible lease assets for the period from February 26, 2013 (Date of Inception) to December 31, 2013. Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases Above-Market Leases 2016 $ 8,220 $ 125 2017 $ 8,220 $ 125 2018 $ 8,220 $ 125 2019 $ 8,220 $ 125 2020 $ 8,220 $ 125

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2015 , the Company entered into three interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of December 31, 2014. Outstanding Notional Amounts as of December 31, 2015 Fair Value of Asset and (Liabilities) Balance Sheet Location Interest Rates (1) Effective Dates Maturity Dates December 31, 2015 December 31, 2014 Interest Rate Swap Prepaid expenses, derivative asset, property escrow deposits and other assets $ 200,000 3.79% 2/20/2015 12/12/2019 $ 591 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 54,070 3.29% to 3.35% 2/10/2015 to 3/19/2015 3/2/2020 to 4/1/2020 $ (306 ) $ — ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015 . Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the year ended December 31, 2015 , the amount reclassified was $2.6 million . Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the year ended December 31, 2015 . During the next 12 months, the Company estimates that an additional $1.7 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company has agreements with each of its derivative counterparties that contain provisions whereby, if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions as of December 31, 2015 , it could have been required to settle its obligations under these agreements at an aggregate termination value, inclusive of interest payments and accrued interest, of $378,000 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2015 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of December 31, 2015 , the Company had $544.1 million of debt outstanding, including net deferred financing costs, with a weighted average interest rate of 3.7% and weighted average years to maturity of 3.9 years. The following table summarizes the debt balances as of December 31, 2014 and December 31, 2015 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of Debt Issuances, Net (1) Repayments Accretion Balance as of December 31, 2015 Fixed rate debt $ 35,100 $ 203,465 $ — $ — $ 238,565 Variable rate debt — 9,853 (66 ) — 9,787 Credit facility 365,816 168,962 (266,816 ) — 267,962 Line of credit with affiliates 30,000 — — — 30,000 Total debt 430,916 382,280 (266,882 ) — 546,314 Deferred costs (2) (1,623 ) (1,100 ) — 503 (2,220 ) Total debt, net $ 429,293 $ 381,180 $ (266,882 ) $ 503 $ 544,094 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies. As of December 31, 2015 , the fixed rate debt outstanding of $238.6 million included $54.1 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rate per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.3% to 4.8% per annum and matures on various dates from March 2020 to November 2021. As of December 31, 2015 , the fixed rate debt had a weighted average interest rate of 4.2% . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt was $385.0 million as of December 31, 2015 . Each of the mortgage notes payable, comprising the fixed rate debt, is secured by the respective properties on which the debt was placed. As of December 31, 2015 , the variable rate debt outstanding of $9.8 million had a weighted average interest rate 2.2% . The variable rate debt outstanding matures on various dates between March 2016 and April 2016. The Company has an amended, secured credit facility (the “Credit Facility”), with JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent under the credit agreement (the “Credit Agreement”), that provides for borrowings of up to $400.0 million , which includes a $200.0 million unsecured term loan (the “Term Loan”) and up to $200.0 million in revolving loans (the “Revolving Loans”). The Company had $68.0 million of debt outstanding on the Revolving Loans as of December 31, 2015 . Subject to meeting certain conditions described in the Credit Agreement and the payment of certain fees, aggregate borrowings under the Credit Facility may be increased up to a maximum of $1.25 billion . The Revolving Loans mature on December 12, 2018; however, the Company may elect to extend the maturity dates of such loans to December 12, 2019, subject to satisfying certain conditions described in the Credit Agreement. The Term Loan matures on December 12, 2019. Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”), as elected by the Company, multiplied by the statutory reserve rate (as defined in the Credit Agreement), plus an interest rate spread ranging from 1.60% to 2.45% , depending on the Company’s leverage. For base rate committed loans, the interest rate will be equal to a rate ranging from 0.60% to 1.45% , depending on the Company’s leverage ratio as defined in the Credit Agreement, plus a per annum amount equal to the greatest of: (i) JPMorgan Chase’s Prime Rate (as defined in the Credit Agreement); (ii) the Federal Funds Effective Rate (as defined in the Credit Agreement) plus 0.50% ; and (iii) one-month LIBOR multiplied by the statutory reserve rate. As of December 31, 2015 , the amount outstanding under the Revolving Loans totaled $68.0 million at an interest rate of 2.79% , and the amount outstanding under the Term Loan totaled $200.0 million , which was subject to an interest rate swap agreement (the “Swapped Term Loan”). As of December 31, 2015 , the all-in rate for the Swapped Term Loan was 3.79% . The Company had $132.0 million in unused capacity, subject to borrowing availability, as of December 31, 2015. The Credit Agreement contains customary representations, warranties, borrowing conditions and affirmative, negative and financial covenants, including minimum net worth, debt service coverage and leverage ratio requirements and dividend payout and REIT status requirements. In particular, the Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $194.0 million plus (ii) 75% of the issuance of equity from the date of the Credit Agreement, a leverage ratio less than or equal to 60.0% and a fixed charge coverage ratio greater than 1.50 . Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants of the Credit Agreement as of December 31, 2015 . As of December 31, 2015 , the Company had $30.0 million of debt outstanding under its $60.0 million subordinated loan with Series C, LLC (“Series C”), an affiliate of the Company’s advisor (the “Series C Loan”). The Series C Loan bears interest at a rate per annum equal to the one-month LIBOR plus 2.20% with accrued interest payable monthly in arrears and principal due upon maturity. Subsequent to December 31, 2015, the Company entered into a modification agreement in order to decrease the maximum principal amount of the Series C Loan from $60.0 million to $30.0 million and to extend the maturity date from January 13, 2016 to June 30, 2016 (the “Series C Loan Modification”). Additional disclosures related to the Series C Loan Modification are included in Note 17 — Subsequent Events. The Series C Loan had an interest rate of 2.44% as of December 31, 2015 . In the event that the Series C Loan is not paid off on the maturity date, the loan includes usual and customary default provisions. The Series C Loan was approved by a majority of the Board (including a majority of the independent directors) not otherwise interested in the transaction as fair, competitive and commercially reasonable and no less favorable to the Company than comparable loans between unaffiliated parties under the same circumstances. The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2016 $ 39,787 2017 — 2018 67,962 2019 200,000 2020 203,465 Thereafter 35,100 Total $ 546,314

Intangible Lease Liabilities

Intangible Lease Liabilities	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE LEASE LIABILITIES	INTANGIBLE LEASE LIABILITIES Intangible lease liabilities consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 Acquired below-market lease intangibles, net of accumulated amortization of $757 and $88, respectively (with a weighted average life remaining of 12.9 and 12.4 years, respectively) $ 22,721 $ 8,222 Amortization of the intangible lease liabilities during the years ended December 31, 2015 and 2014 was $669,000 and $88,000 , respectively, and was recorded as an addition to rental income in the consolidated statements of operations. Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2016 $ 718 2017 $ 718 2018 $ 718 2019 $ 718 2020 $ 718

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2015 and 2014 , and for the period from February 26, 2013 (Date of Inception) to December 31, 2013 are as follows (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 2,158 $ 1,314 $ — Accrued other offering costs due to affiliate $ 42 $ — $ — Accrued capital expenditures $ 75 $ — $ — Escrow deposit due to affiliate on acquired real estate assets $ — $ 18,352 $ — Accrued deferred financing costs $ 4 $ — $ — Change in fair value of interest rate swaps $ 285 $ — $ — Common stock issued through distribution reinvestment plan $ 10,592 $ 2,833 $ — Supplemental Cash Flow Disclosures: Interest paid $ 15,916 $ 3,031 $ —

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Purchase Commitments As of December 31, 2015 , the Company had entered into a purchase agreement with an unaffiliated third-party seller to acquire a 100% interest in one retail property, subject to meeting certain criteria, for an aggregate purchase price of $ 40.5 million , exclusive of closing costs. As of December 31, 2015 , the Company had $500,000 of property escrow deposits held by escrow agents in connection with this future property acquisition, none of which will be forfeited if the transaction is not completed under certain circumstances. These deposits are included in the consolidated balance sheets in prepaid expenses, derivative asset, property escrow deposits and other assets. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity.

Related-Party Transactions and

Related-Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred, and will continue to incur, commissions, fees and expenses payable to CCI II Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets. Offering In connection with the Offering, CCC, the Company’s dealer manager, which is affiliated with CCI II Advisors, receives, and will continue to receive, selling commissions of up to 7.0% of gross offering proceeds from the primary portion of the Offering before reallowance of selling commissions earned by participating broker-dealers. CCC intends to reallow 100% of selling commissions earned to participating broker-dealers. In addition, up to 2.0% of gross offering proceeds from the primary portion of the Offering before reallowance to participating broker-dealers is paid, and will continue to be paid, to CCC as a dealer manager fee. CCC, in its sole discretion, may reallow all or a portion of its dealer manager fee to participating broker-dealers. No selling commissions or dealer manager fees are paid to CCC or other participating broker-dealers with respect to shares sold pursuant to the DRIP. All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions and dealer manager fees) are paid by CCI II Advisors or its affiliates and are reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses may be considered to be underwriting compensation. As of December 31, 2015 , CCI II Advisors had paid organization and offering costs in excess of the 2.0% of aggregate gross offering proceeds in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable. The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CCI II Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Offering: Selling commissions $ 10,491 $ 15,829 $ — Selling commissions reallowed by CCC $ 10,491 $ 15,829 $ — Dealer manager fees $ 3,238 $ 4,809 $ — Dealer manager fees reallowed by CCC $ 1,434 $ 2,358 $ — Other offering costs $ 3,479 $ 4,898 $ — Of the amounts shown above, $42,000 had been incurred, but not yet paid, for services provided by CCI II Advisors or its affiliates in connection with the offering stage of the Offering during the year ended December 31, 2015 . All amounts related to the year ended December 31, 2014 shown have been paid to CCI II Advisors and its affiliates. As the Company did not commence principal operations until January 13, 2014, the Company did not incur any selling commissions, dealer manager fees or expense reimbursements in connection with the offering stage of the Offering for the period from February 26, 2013 (Date of Inception) to December 31, 2013. Acquisitions and Operations The Company pays CCI II Advisors or its affiliates acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. In addition, the Company reimburses CCI II Advisors or its affiliates for acquisition-related expenses incurred in the process of acquiring a property or the origination or acquisition of a loan, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price. The Company pays CCI II Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 to $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion . The Company reimburses CCI II Advisors or its affiliates for the operating expenses they paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CCI II Advisors or its affiliates for any amount by which the operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of (1) 2.0% of average invested assets, or (2) 25.0% of net income, other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse CCI II Advisors or its affiliates for personnel costs in connection with the services for which CCI II Advisors or its affiliates receive acquisition or disposition fees. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CCI II Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 5,089 $ 13,170 $ — Advisory fees and expenses $ 5,929 $ 1,630 $ — Operating expenses $ 1,966 $ 411 $ — Of the amounts shown above, $1.4 million and $4.7 million had been incurred, but not yet paid, for services provided by CCI II Advisors or its affiliates in connection with the acquisitions and operations activities during the years ended December 31, 2015 and 2014 , respectively, and such amounts were recorded as liabilities of the Company as of such dates. As the Company did not commence principal operations until January 13, 2014, the Company did not incur any fees or expense reimbursements in connection with the acquisitions and operations stage during the period from February 26, 2013 (Date of Inception) to December 31, 2013. During the years ended December 31, 2015 and 2014 , CCI II Advisors permanently waived its rights to expense reimbursements totaling approximately $297,000 and $1.5 million, respectively, and thus the Company is not responsible for these amounts. Liquidation/Listing If CCI II Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CCI II Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid to the Company by a third party on the sale of the property, not to exceed 1.0% of the contract price of each property sold; provided, however, in no event may the disposition fee paid to CCI II Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. In addition, if CCI II Advisors or its affiliates provides a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more assets other than properties, the Company may separately compensate CCI II Advisors or its affiliates at such rates and in such amounts as the Board, including a majority of the Company’s independent directors, and CCI II Advisors agree upon, not to exceed an amount equal to 1.0% of the contract price of the asset sold. If the Company is sold or its assets are liquidated, CCI II Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CCI II Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CCI II Advisors may be entitled to a subordinated performance fee similar to the fee to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the years ended December 31, 2015 and 2014 , and the period from February 26, 2013 (Date of Inception) to December 31, 2013, no commissions or fees were incurred for any such services provided by CCI II Advisors and its affiliates related to the liquidation/listing stage. Due to Affiliates As of December 31, 2015 , $1.5 million had been incurred by CCI II Advisors or its affiliates, primarily for other offering costs, insurance, advisory, operating and acquisition-related expenses, but had not yet been reimbursed by the Company, and was included in due to affiliates on the consolidated balance sheets. As of December 31, 2014 , $23.1 million had been incurred, but not yet reimbursed, primarily for property escrow deposits and acquisition costs due to CCI II Advisors or its affiliates for properties that the Company purchased during the year ended December 31, 2014 . Transactions The Company incurred $726,000 of interest expense related to the Series C Loan during the year ended December 31, 2015 , of which $63,000 had been incurred, but not yet paid, and was included in due to affiliates on the consolidated balance sheets as of December 31, 2015 . The Company incurred $280,000 of interest expense related to the Series C Loan during the year ended December 31, 2014. During the period from February 26, 2013 (Date of Inception) to December 31, 2013, the Company did not enter into any loan agreements with affiliates of CCI II Advisors.

Economic Dependency

Economic Dependency	12 Months Ended
	Dec. 31, 2015
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage CCI II Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CCI II Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY As of December 31, 2015 , the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On February 26, 2013, CREI acquired 20,000 shares of common stock, at $10.00 per share. On February 7, 2014, the ownership of such shares was transferred to VEREIT OP. Pursuant to the Company’s charter, VEREIT OP is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that VEREIT OP may transfer ownership of all or a portion of these 20,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price per share under the DRIP is $9.50 per share. The Board may terminate or amend the DRIP at the Company’s discretion at any time upon ten days prior written notice to the stockholders. During the years ended December 31, 2015 and 2014 , approximately 1.1 million and 298,000 shares were purchased under the DRIP for $10.6 million and $2.8 million , respectively. During the year ended December 31, 2013, no shares were purchased under the DRIP. Share Redemption Program The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately one-fourth of 5% ( 1.25% ) of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. During the term of the Offering, and until such time as the Board determines a per share estimated net asset value, the redemption price per share (other than for shares purchased pursuant to the DRIP) will depend on the price paid for the shares and the length of time the stockholder has held such shares as follows: after one year from the purchase date, 95% of the amount paid for each share; after two years from the purchase date, 97.5% of the amount paid for each share; and after three years from the purchase date, 100% of the amount paid for each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be the amount paid for such shares (in each case, the redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company’s common stock). Accordingly, the redemption price will reflect a stockholder’s reduced purchase price if such stockholder received discounted or waived selling commissions and/or a waived dealer manager fee. At any time the Company is engaged in an offering of shares, the per share price for shares purchased under the redemption program will always be equal to or lower than the applicable per share offering price. Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ notice to the stockholders. During the years ended December 31, 2015 and 2014 , the Company redeemed approximately 193,100 and 1,700 , shares under the share redemption program for approximately $1.9 million and $17,000 , respectively. Distributions Payable and Distribution Policy The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.0017260274 per share (which equates to approximately 6.30% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015 . In addition, the Board authorized a daily distribution, based on 366 days in the calendar year, of $0.0017213115 per share (which equates to approximately 6.30% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016. As of December 31, 2015 , the Company had distributions payable of $2.2 million .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2015 and 2014 . Year Ended December 31, Character of Distributions (Unaudited): 2015 2014 Ordinary dividends 87 % 55 % Nontaxable distributions 13 % 45 % Total 100 % 100 % During the years ended December 31, 2015 and 2014 , the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2015 and 2014 , the Company incurred state and local income and franchise taxes of $223,000 and $110,000 , respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2015 and 2014 . Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2015 , the leases had a weighted-average remaining term of 10.9 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2016 $ 62,783 2017 64,183 2018 65,304 2019 66,310 2020 67,297 Thereafter 411,701 Total $ 737,578

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS (UNAUDITED)	QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 26,344 $ 13,170 $ 14,901 $ 19,600 Acquisition-related expenses $ 39 $ 606 $ 4,161 $ 2,755 Operating income $ 17,674 $ 3,620 $ 776 $ 2,823 Net income (loss) $ 14,233 $ (814 ) $ (3,794 ) $ (2,785 ) Basic and diluted net income (loss) per common share (1) $ 0.56 $ (0.03 ) $ (0.12 ) $ (0.07 ) Distributions declared per common share (1) $ 0.16 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 458 $ 1,428 $ 5,589 $ 10,371 Acquisition-related expenses $ 563 $ 4,167 $ 2,236 $ 7,760 Operating loss $ (523 ) $ (3,927 ) $ (187 ) $ (3,887 ) Net loss $ (803 ) $ (4,304 ) $ (1,305 ) $ (6,304 ) Basic and diluted net loss per common share (1) $ (2.08 ) $ (1.15 ) $ (0.10 ) $ (0.27 ) Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Status of the Offering As of March 24, 2016 , the Company had received $497.6 million in gross offering proceeds through the issuance of approximately 50.2 million shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Series C Loan On January 13, 2016, CCI II OP entered into a modification agreement in order to decrease the maximum principal amount of the Series C Loan from $60.0 million to $30.0 million and to extend the maturity date from January 13, 2016 to June 30, 2016 . The modification agreement to the Series C Loan was approved by a majority of the Company’s directors (including a majority of the independent directors) not otherwise interested in the transaction as fair, competitive and commercially reasonable and no less favorable to the Company than a comparable loan between unaffiliated parties under the same circumstances. As of March 24, 2016 , the amount outstanding under the Series C Loan was $30.0 million . Notes Payable and Credit Facility On January 27, 2016, Moody’s Investors Services, Inc. downgraded the debt of Freeport Mineral Corporation (“Freeport”), a wholly-owned subsidiary of Freeport-McMoRan Inc. and one of the Company’s tenants at a multi-tenant commercial property that is 99% leased to Freeport (the “Freeport Property”). The Freeport Property collateralizes a loan in the principal amount of $71.5 million (the “Freeport Loan”). As described in the loan agreement, the Freeport Loan provides that in the event Freeport’s credit rating is downgraded below certain thresholds, the Company’s cash flow in excess of approved operating expenses, management fees and debt service payments from Freeport’s lease payments would be swept to a cash management account to be held in reserve for approved leasing expenses. On February 5, 2016, the Company entered into a modification agreement to the Freeport Loan to provide that the lender would accept a letter of credit in lieu of any cash sweep related to the Freeport Loan (the “Modification”). Also on February 5, 2016, in connection with the Modification, a letter of credit in the aggregate amount of approximately $4.9 million was issued for the benefit of the lender. This letter of credit will be held for and applied to any approved leasing expenses, and is subject to renewal on an annual basis. Under the terms of the Modification, if Freeport’s credit rating continues to be below the thresholds provided in the Freeport Loan on the date that the cash management account would have accrued approximately $4.9 million had the cash sweep been put into effect as originally contemplated by the Freeport Loan, then the amount of the letter of credit will be increased at that time by the total amount that would be expected to accrue in the cash management account in the next twelve months if the cash sweep had been put into effect, less any approved leasing expenses previously paid by the Company. Subsequent future adjustments would be made annually thereafter based upon a similar process. All other material terms of the Freeport Loan remain unchanged by the Modification. As of March 24, 2016 , $71.5 million was outstanding under the Freeport Loan, as amended. On March 18, 2016, the Company entered into a second modification agreement to the Credit Agreement, which removed the provision of the Credit Agreement that the maturity date of the outstanding loans would be September 30, 2017 if the Company does not reach $1.0 billion in total asset value, as defined in the Credit Agreement, prior to March 31, 2016. As of March 24, 2016, the Company had $210.0 million outstanding under the Credit Facility. Engagement of Independent Valuation Firm (Unaudited) On February 1 , 2016, pursuant to the prior approval of a valuation committee of the Board solely comprised of the Company’s independent directors, in accordance with the valuation policies previously adopted by the Board, the Company engaged Cushman & Wakefield of Illinois, Inc., Valuation & Advisory group (“Cushman & Wakefield”) to assist with determining the estimated per share value of our common stock. The valuation will be performed in accordance with the valuation guidelines established by the Investment Program Association Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs. The Company currently expects to announce the estimated per share value in early April 2016. The estimated value per share will ultimately be determined by the Board. Charter Amendment to Classify Class A/Class T Shares and Amendment to Distribution Reinvestment Plan Effective as of March 4, 2016, the Company changed the designation of its common stock to Class A shares of common stock (the “Class A Shares”) and then reclassified a portion of its Class A Shares as Class T shares of common stock (the “Class T Shares”). The Class A Shares and Class T Shares have similar voting rights, although distributions are expected to differ to pay any distribution and stockholder servicing fees, as defined in the Company’s Articles of Amendment and as supplemented by the Articles Supplementary, that may be associated with the Class T Shares. In addition, the Company’s charter provides that, in the event of a liquidation of the Company’s assets, distributions will be allocated between the share classes pursuant to the portion of the aggregate assets available for distribution to each class. Each holder of shares of a particular class of common stock will be entitled to receive, ratably with each other holder of shares of the same class, that portion of such aggregate assets available for distribution as the number of outstanding shares of such class held by such holder bears to the total number of outstanding shares of such class then outstanding. All shares of common stock issued and outstanding prior to the filing of the Articles of Amendment and the Articles Supplementary were designated as Class A Shares following the filing of the Articles of Amendment and the Articles Supplementary. On March 28, 2016, the Board adopted an Amended and Restated Distribution Reinvestment Plan to allow for the reinvestment of distributions paid on Class T Shares once they become available. The Amended and Restated Distribution Reinvestment Plan becomes effective as of May 1, 2016, however no Class T Shares may be offered or sold pursuant to the Amended and Restated Distribution Reinvestment Plan unless and until such offering is registered under the Securities Act.

Schedule III - Real Estate Asse

Schedule III - Real Estate Assets And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION	SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (in thousands) Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment 31-Dec-15 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Real Estate Held for Investment the Company has Invested in Under Operating Leases 3 Phoenix, Inc.: Wake Forest, NC (f) $ 973 $ 8,330 $ — $ 9,303 $ 275 9/30/2014 2014 3D Systems: Rock Hill, SC (f) 780 8,082 — 8,862 279 9/30/2014 1992 Amazon.com, Inc.: Petersburg, VA $ 38,280 3,866 48,404 — 52,270 1,728 10/15/2014 2012 Amcor Rigid Plastics USA, Inc.: Franklin, IN (f) 1,373 16,530 — 17,903 662 6/27/2014 1973 Bellevue, OH (f) 611 9,171 — 9,782 319 9/26/2014 1998 Bellevue, OH (f) 498 7,960 — 8,458 277 9/26/2014 1998 Avnet, Inc.: San Antonio, TX (f) 1,619 9,611 — 11,230 334 12/19/2014 2014 BTS Procter & Gamble Distributing: Union, OH (f) 3,537 68,961 — 72,498 1,861 12/23/2014 2014 Cott Beverages: Greer, SC (f) 666 11,184 — 11,850 38 11/5/2015 2015 Joplin, MO (f) 571 11,161 — 11,732 138 7/21/2015 2014 County of Santa Clara: San Jose, CA 14,314 4,561 17,508 — 22,069 962 1/13/2014 1997 Dometic: Goshen, IN (f) 871 8,794 — 9,665 48 10/1/2015 2005 E.I. DuPont de Nemours and Company: Johnston, CO (f) 1,587 33,027 — 34,614 983 12/19/2014 2014 Express Scripts: Lincoln Hill, PA (f) 2,873 14,064 — 16,937 70 11/9/2015 2015 FedEx Ground Package System, Inc.: St. Joseph, MO (f) 414 4,304 — 4,718 182 5/30/2014 2014 Fort Dodge, IA (f) 123 2,414 — 2,537 97 6/2/2014 2014 Las Vegas, NV 11,541 1,838 16,439 — 18,277 705 6/5/2014 2010 Johnstown, CO (f) 1,285 12,182 — 13,467 435 9/30/2014 2014 Freeport-McMoRan Corporation: Phoenix, AZ 71,500 — 96,553 — 96,553 2,944 11/4/2014 2010 Keurig Green Mountain Coffee: Burlington (63 South Ave), MA 25,577 4,612 31,175 — 35,787 1,408 6/30/2014 2013 Burlington (53 South Ave), MA 77,895 5,190 116,453 — 121,643 1,103 8/18/2015 2014 Lennar Homes: Houston, TX (f) 1,368 15,045 — 16,413 19 12/9/2015 2015 ODW: Columbus, OH (f) 3,052 22,096 — 25,148 924 6/30/2014 1992 Owens Corning: Fuera Bush, NY (f) 1,134 10,218 — 11,352 409 7/29/2014 1986 Protein Simple: San Jose, CA (f) 10,797 21,611 25 32,433 803 10/23/2014 1982 RF Micro Devices: Greensboro, NC 9,245 865 11,155 — 12,020 443 6/12/2014 1999 State of Alabama: Birmingham, AL (f) 1,950 26,831 81 28,862 1,213 4/30/2014 2010 Gross Amount at Which Initial Costs to Company Total Carried At Accumulated Buildings & Adjustment 31-Dec-15 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Subaru of America: Lebanon, IN (f) $ 3,042 $ 27,333 $ 6,934 $ 37,309 $ 1,128 6/23/2014 2014 UPS: Londonderry, NH (f) 6,309 35,337 — 41,646 285 9/30/2015 2015 Wyle CAS Group: Huntsville, AL (f) 2,033 18,384 — 20,417 829 7/9/2014 2013 TOTAL: $ 248,352 $ 68,398 $ 740,317 $ 7,040 $ 815,755 $ 20,901 ____________________________________ (a) As of December 31, 2015 , we owned 29 single-tenant properties and one multi-tenant commercial property. (b) The aggregate cost for federal income tax purposes was approximately $815.8 million . (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2015 and December 31, 2014 : Year Ended December 31, 2015 2014 Balance, beginning of period $ 578,829 $ — Additions Acquisitions 229,885 578,829 Improvements 7,041 — Total additions 236,926 578,829 Deductions — — Cost of real estate sold — — Total deductions — — Balance, end of period $ 815,755 $ 578,829 (d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2015 and December 31, 2014 : Year Ended December 31, 2015 2014 Balance, beginning of period $ 4,574 $ — Additions Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired 16,327 4,574 Improvements - Depreciation Expense for Tenant Improvements & Building Equipment — — Total additions 16,327 4,574 Deductions — — Cost of real estate sold — — Total deductions — — Balance, end of period $ 20,901 $ 4,574 (e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter. (f) Part of the Credit Facility’s unencumbered borrowing base. As of December 31, 2015 , the Company had $268.0 million outstanding under the Credit Facility.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation	The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of consolidation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statement of cash flows. The Company has also chosen to combine (i) the depreciation of $4.6 million and amortization of $1.7 million for the year ended December 31, 2014 into the line item depreciation and amortization and (ii) the interest and other income of $1,000 and interest expense of $4.2 million for the year ended December 31, 2014 into the line item interest expense and other, net in the consolidated statements of operations. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real estate investments, Recoverability of real estate assets, and Assets held for sale	Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates, or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value will be determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2015 or 2014, or for the period from February 26, 2013 (Date of Inception) to December 31, 2013. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.
Allocation of purchase price of real estate assets	Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above-market and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above-market and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above-market or below-market leases relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company may acquire certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrow funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, will be recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value, subsequent to acquisition, will be reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company will estimate the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable will initially be recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance will be amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations.
Restricted cash and Cash concentrations	Restricted Cash The Company had $1.5 million in restricted cash as of December 31, 2015 . Included in restricted cash was $1.3 million held by lenders in lockbox accounts. As part of certain debt agreements, rent from certain of the Company’s tenants is deposited directly into a lockbox account, from which the monthly debt service payments are disbursed to the lender and the excess funds are then disbursed to the Company. In addition, restricted cash included $238,000 of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2015 . Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at four financial institutions, in all of which the Company had deposits in excess of federally insured levels, totaling $18.3 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
Deferred financing costs	Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. These costs were amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs were written off when the associated debt was refinanced or repaid before maturity. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014 , the Company had $2.2 million and $2.8 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close.
Due to affiliates	Due to Affiliates Certain affiliates of CCI II Advisors received fees, reimbursements, and compensation in connection with services provided relating to the Offering and the acquisition, management, financing, and leasing of the properties of the Company. As of December 31, 2015 , $1.5 million was due to CCI II Advisors and its affiliates for such services, as discussed in Note 11 — Related-Party Transactions and Arrangements.
Derivative instruments and hedging activities	Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Redeemable common stock	Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value.
Revenue recognition	Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2015 and 2014 , the Company did not have an allowance for uncollectible accounts.
Income taxes	Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2014. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Earnings (loss) per share	Earnings (Loss) Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted loss per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for the years ended December 31, 2015 or 2014 , or the period from February 26, 2013 (Date of Inception) to December 31, 2013.
Offering and related costs	Offering and Related Costs CCI II Advisors funds all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and may be reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offering. A portion of the other organization and offering expenses may be underwriting compensation. As of December 31, 2015 , CCI II Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the Company’s consolidated financial statements because such costs were not a liability of the Company as they exceeded 2.0% of gross proceeds from the Offering. As the Company raises additional proceeds from the Offering, these excess costs may become payable.
Reportable segment	Reportable Segment The Company’s commercial real estate investments consist primarily of single-tenant, income-producing necessity office and industrial properties, which are leased to creditworthy tenants under long-term net leases. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
Recent accounting pronouncements	Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $1.6 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $400.9 million in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as variable interest entities (“VIEs”), was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) — The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016, and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) — The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) — The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense.
Property concentrations	Property Concentrations As of December 31, 2015 , two of the Company’s tenants, Keurig Green Mountain and Freeport-McMoRan, accounted for 17% and 13% , respectively, of the Company’s 2015 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of December 31, 2015 , two of the Company’s properties were located in Massachusetts, four properties were located in Ohio, and one property was located in Arizona, which accounted for 17% , 15% , and 13% , respectively, of the Company’s 2015 total gross annualized rental revenues. In addition, the Company had tenants in the manufacturing, wholesale, logistics, and mining and natural resources industries, which comprised 26% , 17% , 14% , and 13% , respectively, of the Company’s 2015 gross annualized rental revenues.
Distributions payable and distribution policy	Distributions Payable and Distribution Policy The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.0017260274 per share (which equates to approximately 6.30% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015 . In addition, the Board authorized a daily distribution, based on 366 days in the calendar year, of $0.0017213115 per share (which equates to approximately 6.30% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of reclassifications	The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 50,549 Buildings and improvements, less accumulated depreciation of $4,574 523,705 Acquired intangible lease assets, less accumulated amortization of $1,726 74,272 Total investment in real estate assets, net $ 648,526 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 50,549 Buildings and improvements 528,279 Intangible lease assets 75,998 Total real estate investments, at cost 654,826 Less: accumulated depreciation and amortization (6,300 ) Total real estate investments, net $ 648,526
Investment in and valuation of real estate	The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value of Company's financial assets and liabilities required to be measured on a recurring basis	In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 (in thousands). The Company had no financial assets or liabilities that were required to be measured at fair value on a recurring basis as of December 31, 2014. Balance as of Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2015 (Level 1) (Level 2) (Level 3) Financial asset: Interest rate swap $ 591 $ — $ 591 $ — Financial liabilities: Interest rate swaps $ (306 ) $ — $ (306 ) $ —

Real Estate Acquisitions (Table

Real Estate Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Acquisitions, 2015
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation (in thousands): December 31, 2015 Land $ 17,849 Buildings and improvements 212,036 Acquired in-place leases 22,956 Intangible lease liabilities (15,167 ) Total purchase price $ 237,674
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Period from January 13, 2014 to December 31, 2014 Pro forma basis (unaudited): Revenue $ 86,999 $ 36,244 Net income $ 20,700 $ (10,666 )
Acquisitions, 2014
Business Acquisition [Line Items]
Schedule of purchase price allocation	The following table summarizes the purchase price allocation (in thousands): December 31, 2014 Land $ 50,549 Buildings and improvements 528,279 Acquired in-place leases 74,436 Acquired above-market lease 1,562 Intangible lease liabilities (8,310 ) Total purchase price $ 646,516
Business acquisition, pro forma information	The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the year ended December 31, 2014 (in thousands): Period from January 13, 2014 to December 31, 2014 Pro forma basis (unaudited): Revenue $ 53,440 Net income $ 13,618

Intangible Lease Assets (Tables

Intangible Lease Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of finite-lived intangible assets	The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $8,778 and $1,726, respectively (with a weighted average life remaining of 10.9 and 11.4 years, respectively) $ 88,905 $ 72,710 Acquired above-market leases, net of accumulated amortization of $141 and $0, respectively (with a weighted average life remaining of 11.3 and 12.3 years, respectively) 1,421 1,562 $ 90,326 $ 74,272
Schedule of finite-lived intangible assets, future amortization expense	Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases Above-Market Leases 2016 $ 8,220 $ 125 2017 $ 8,220 $ 125 2018 $ 8,220 $ 125 2019 $ 8,220 $ 125 2020 $ 8,220 $ 125

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 (in thousands). The Company did not have any executed interest rate swap agreements as of December 31, 2014. Outstanding Notional Amounts as of December 31, 2015 Fair Value of Asset and (Liabilities) Balance Sheet Location Interest Rates (1) Effective Dates Maturity Dates December 31, 2015 December 31, 2014 Interest Rate Swap Prepaid expenses, derivative asset, property escrow deposits and other assets $ 200,000 3.79% 2/20/2015 12/12/2019 $ 591 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 54,070 3.29% to 3.35% 2/10/2015 to 3/19/2015 3/2/2020 to 4/1/2020 $ (306 ) $ — ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015 .

Notes Payable and Credit Faci32

Notes Payable and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the debt balances as of December 31, 2014 and December 31, 2015 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of Debt Issuances, Net (1) Repayments Accretion Balance as of December 31, 2015 Fixed rate debt $ 35,100 $ 203,465 $ — $ — $ 238,565 Variable rate debt — 9,853 (66 ) — 9,787 Credit facility 365,816 168,962 (266,816 ) — 267,962 Line of credit with affiliates 30,000 — — — 30,000 Total debt 430,916 382,280 (266,882 ) — 546,314 Deferred costs (2) (1,623 ) (1,100 ) — 503 (2,220 ) Total debt, net $ 429,293 $ 381,180 $ (266,882 ) $ 503 $ 544,094 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies.
Schedule of maturities of long-term debt	The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2016 $ 39,787 2017 — 2018 67,962 2019 200,000 2020 203,465 Thereafter 35,100 Total $ 546,314

Intangible Lease Liabilities (T

Intangible Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible liabilities	Intangible lease liabilities consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 Acquired below-market lease intangibles, net of accumulated amortization of $757 and $88, respectively (with a weighted average life remaining of 12.9 and 12.4 years, respectively) $ 22,721 $ 8,222
Schedule of finite-lived intangible liabilities, future amortization expense	Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2016 $ 718 2017 $ 718 2018 $ 718 2019 $ 718 2020 $ 718

Supplemental Cash Flow Disclo34

Supplemental Cash Flow Disclosures (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental cash flow disclosures	Supplemental cash flow disclosures for the years ended December 31, 2015 and 2014 , and for the period from February 26, 2013 (Date of Inception) to December 31, 2013 are as follows (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 2,158 $ 1,314 $ — Accrued other offering costs due to affiliate $ 42 $ — $ — Accrued capital expenditures $ 75 $ — $ — Escrow deposit due to affiliate on acquired real estate assets $ — $ 18,352 $ — Accrued deferred financing costs $ 4 $ — $ — Change in fair value of interest rate swaps $ 285 $ — $ — Common stock issued through distribution reinvestment plan $ 10,592 $ 2,833 $ — Supplemental Cash Flow Disclosures: Interest paid $ 15,916 $ 3,031 $ —

Related-Party Transactions an35

Related-Party Transactions and Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	The Company incurred commissions, fees and expense reimbursements as shown in the table below for services provided by CCI II Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Offering: Selling commissions $ 10,491 $ 15,829 $ — Selling commissions reallowed by CCC $ 10,491 $ 15,829 $ — Dealer manager fees $ 3,238 $ 4,809 $ — Dealer manager fees reallowed by CCC $ 1,434 $ 2,358 $ — Other offering costs $ 3,479 $ 4,898 $ — The Company recorded fees and expense reimbursements as shown in the table below for services provided by CCI II Advisors and its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, Period from February 26, 2013 (Date of Inception) to December 31, 2013 2015 2014 Acquisition and Operations: Acquisition fees and expenses $ 5,089 $ 13,170 $ — Advisory fees and expenses $ 5,929 $ 1,630 $ — Operating expenses $ 1,966 $ 411 $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of dividends and distributions	The following table shows the character of the distributions paid on a percentage basis for the years ended December 31, 2015 and 2014 . Year Ended December 31, Character of Distributions (Unaudited): 2015 2014 Ordinary dividends 87 % 55 % Nontaxable distributions 13 % 45 % Total 100 % 100 %

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of future minimum rental payments for operating leases	The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2016 $ 62,783 2017 64,183 2018 65,304 2019 66,310 2020 67,297 Thereafter 411,701 Total $ 737,578

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	In the opinion of management, the information for the interim periods presented includes all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 26,344 $ 13,170 $ 14,901 $ 19,600 Acquisition-related expenses $ 39 $ 606 $ 4,161 $ 2,755 Operating income $ 17,674 $ 3,620 $ 776 $ 2,823 Net income (loss) $ 14,233 $ (814 ) $ (3,794 ) $ (2,785 ) Basic and diluted net income (loss) per common share (1) $ 0.56 $ (0.03 ) $ (0.12 ) $ (0.07 ) Distributions declared per common share (1) $ 0.16 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 458 $ 1,428 $ 5,589 $ 10,371 Acquisition-related expenses $ 563 $ 4,167 $ 2,236 $ 7,760 Operating loss $ (523 ) $ (3,927 ) $ (187 ) $ (3,887 ) Net loss $ (803 ) $ (4,304 ) $ (1,305 ) $ (6,304 ) Basic and diluted net loss per common share (1) $ (2.08 ) $ (1.15 ) $ (0.10 ) $ (0.27 ) Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The sum of the quarterly net income (loss) per share amounts does not agree to the full year net loss per share amounts. The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Jan. 13, 2014USD ($)shares	Feb. 26, 2013$ / sharesshares	Dec. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)ft²statesproperty$ / sharesshares	Dec. 31, 2014USD ($)shares	Sep. 17, 2013$ / sharesshares
Organization and business [Line Items]
Common stock, shares authorized (in shares)				490,000,000	490,000,000
Share price (in dollars per share) | $ / shares				$ 10
Common stock, shares outstanding (in shares)				41,781,519	24,650,094
Issuance of common stock | $			$ 200,000	$ 171,829,000	$ 244,906,000
Number of states in which entity owns properties | states				17
Percentage of rentable space leased				100.00%
Common Stock
Organization and business [Line Items]
Share price (in dollars per share) | $ / shares		$ 10
Issuance of common stock, shares (in shares)		20,000	20,000	17,324,511	24,631,770
Common stock, shares outstanding (in shares)		0	20,000	41,781,519	24,650,094
Issuance of common stock | $				$ 174,000	$ 246,000
CCI II OP
Organization and business [Line Items]
General partner partnership interest percentage				100.00%
Consolidated Properties
Organization and business [Line Items]
Number of real estate properties | property				30
Net rentable square feet | ft²				8.9
Initial public offering
Organization and business [Line Items]
Common stock, shares authorized (in shares)						250,000,000
Share price (in dollars per share) | $ / shares						$ 10
Common stock, shares outstanding (in shares)				42,000,000
Initial public offering | Common Stock
Organization and business [Line Items]
Issuance of common stock | $				$ 416,700,000
Offering costs and selling commissions | $				$ 42,700,000
Initial public offering | Escrow deposits | Common Stock
Organization and business [Line Items]
Issuance of common stock, shares (in shares)	275,000
Initial public offering | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized (in shares)						50,000,000
Share price (in dollars per share) | $ / shares				$ 9.50		$ 9.50
Initial public offering | Distribution reinvestment plan | Escrow deposits
Organization and business [Line Items]
Common stock, value, subscriptions | $	$ 2,500,000

Summary of Significant Accoun40

Summary of Significant Accounting Policies - Narrative (Details)	10 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)segmentfinancial_institutionspropertyshares	Dec. 31, 2014USD ($)propertyshares
Class of Stock [Line Items]
Depreciation			$ 4,600,000
Amortization			1,700,000
Interest and other income			1,000
Interest expense	$ 0	$ 18,053,000	4,192,000
Impairment	$ 0	$ 0	$ 0
Assets held for sale | property		0	0
Restricted cash		$ 1,540,000	$ 0
Restricted cash held in lender cash management accounts		1,300,000
Escrowed investor proceeds		$ 238,000	0
Number of financial institutions | financial_institutions		4
Deferred costs, net		$ 2,190,000	2,816,000
Deferred financing costs, offset		2,220,000	1,623,000
Due to affiliates		1,500,000	23,100,000
Allowance for uncollectible accounts		$ 0	$ 0
Antidilutive securities (in shares) | shares	0	0	0
Number of reportable segments | segment		1
Long-term debt		$ 544,094,000	$ 429,293,000
Maximum | Advisors | Other offering expenses
Class of Stock [Line Items]
Organization and offering expense limit, percent		2.00%
Demand deposits | Credit concentration risk
Class of Stock [Line Items]
Deposits in excess of federally insured levels		$ 18,300,000
As Previously Reported
Class of Stock [Line Items]
Long-term debt			400,900,000
Buildings
Class of Stock [Line Items]
Acquired real estate asset, useful life (in years)		40 years
Notes Payable and Credit Facility, Net
Class of Stock [Line Items]
Deferred financing costs, offset			1,600,000
Other Assets
Class of Stock [Line Items]
Deferred financing costs, offset			$ (1,600,000)

Summary of Significant Accoun41

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land	$ 68,398	$ 50,549
Buildings and improvements	747,357	528,279
Acquired intangible lease assets, less accumulated amortization of $1,726	90,326	74,272
Intangible lease assets	99,245	75,998
Total real estate investments, at cost	915,000	654,826
Less: accumulated depreciation and amortization	(29,820)	(6,300)
Total real estate investments, net	885,180	648,526
Accumulated depreciation	$ 29,820	6,300
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Land		50,549
Buildings and improvements, less accumulated depreciation of $4,574		523,705
Acquired intangible lease assets, less accumulated amortization of $1,726		74,272
Less: accumulated depreciation and amortization		(4,574)
Total real estate investments, net		648,526
Accumulated depreciation		4,574
Accumulated amortization		$ 1,726

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Affiliated entity - Fair value, inputs, level 2 - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Estimate of fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 549.9	$ 431.3
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	$ 546.3	$ 430.9

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Interest rate swaps - Fair Value, Measurements, Recurring $ in Thousands	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset	$ 591
Financial liability	(306)
Fair value, inputs, level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset	0
Financial liability	0
Fair value, inputs, level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset	591
Financial liability	(306)
Fair value, inputs, level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset	0
Financial liability	$ 0

Real Estate Acquisitions (Detai

Real Estate Acquisitions (Details) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)tenantproperty	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)tenantproperty	Dec. 31, 2014USD ($)	Dec. 31, 2014USD ($)property
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Revenues	$ 19,600	$ 14,901	$ 13,170	$ 26,344	$ 10,371	$ 5,589	$ 1,428	$ 458	$ 0	$ 74,015		$ 17,846
Acquisition-related expenses	2,755	$ 4,161	$ 606	$ 39	7,760	$ 2,236	$ 4,167	$ 563	0	7,561		14,726
Pro forma basis
Assignment fee income									$ 0	12,767		$ 0
Transaction expenses related to assignment fee										$ 520
Acquisitions, 2015
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property										7
Aggregate purchase price										$ 237,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	17,849									17,849
Buildings and improvements	212,036									212,036
Intangible lease liabilities	(15,167)									(15,167)
Total purchase price	237,674									237,674
Revenues										5,400
Net loss since acquisition date										(5,100)
Acquisition-related expenses										1,600
Pro forma basis
Revenue										86,999	$ 36,244
Net income										$ 20,700	(10,666)
Number of properties related to contingent consideration arrangements | property										2
Acquisitions, 2015 | Acquired in-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired leases	$ 22,956									$ 22,956
Acquisitions, 2014
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property												23
Aggregate purchase price												$ 646,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land					50,549						50,549	50,549
Buildings and improvements					528,279						528,279	528,279
Intangible lease liabilities					(8,310)						(8,310)	(8,310)
Total purchase price					646,516						646,516	646,516
Revenues												17,846
Net loss since acquisition date												12,700
Acquisition-related expenses												14,726
Pro forma basis
Revenue											53,440
Net income											13,618
Acquisitions, 2014 | Acquired in-place leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired leases					74,436						74,436	74,436
Acquisitions, 2014 | Acquired above-market leases
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Acquired leases					$ 1,562						$ 1,562	$ 1,562
Customer concentration risk | Sales revenue, services, net
Pro forma basis
Number of tenants | tenant	2									2
Keurig Green Mountain | Customer concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										17.00%
Freeport-McMoRan | Customer concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										13.00%
Massachusetts | Geographic concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										17.00%
Number of real estate properties | property	2									2
Ohio | Geographic concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										15.00%
Number of real estate properties | property	4									4
Arizona | Geographic concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										13.00%
Number of real estate properties | property	1									1
Manufacturing industry | Credit concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										26.00%
Wholesale industry | Credit concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										17.00%
Logistics industry | Credit concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										14.00%
Mining and natural resources industry | Credit concentration risk | Sales revenue, services, net
Pro forma basis
Concentration risk percentage										13.00%

Intangible Lease Assets (Detail

Intangible Lease Assets (Details) - USD ($)	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Liabilities, Net [Abstract]
Intangible lease assets		$ 90,326,000	$ 74,272,000
Amortization expense	$ 0
Acquired in-place leases
Finite-Lived Intangible Liabilities, Net [Abstract]
Intangible lease assets		88,905,000	72,710,000
Accumulated amortization		$ 8,778,000	$ 1,726,000
Useful life		10 years 10 months 24 days	11 years 4 months 24 days
Amortization expense		$ 7,100,000	$ 1,700,000
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016		8,220,000
2,017		8,220,000
2,018		8,220,000
2,019		8,220,000
2,020		8,220,000
Acquired above-market leases
Finite-Lived Intangible Liabilities, Net [Abstract]
Intangible lease assets		1,421,000	1,562,000
Accumulated amortization		$ 141,000	$ 0
Useful life		11 years 3 months 18 days	12 years 3 months 18 days
Amortization expense		$ 141,000	$ 0
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016		125,000
2,017		125,000
2,018		125,000
2,019		125,000
2,020		$ 125,000

Derivative Instruments and He46

Derivative Instruments and Hedging Activities (Details) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)swap_agreement	Dec. 31, 2014USD ($)swap_agreement
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive income into income as interest expense	$ 0	$ 2,568	$ 0
Interest rate swaps
Derivatives, Fair Value [Line Items]
Number of instruments held | swap_agreement		3	0
Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next twelve months		$ 1,700
Derivative liability, event of default, termination amount		378
Cash Flow Hedging | Interest rate swaps | Prepaid expenses, derivative asset, property escrow deposits and other assets
Derivatives, Fair Value [Line Items]
Outstanding notional amount		$ 200,000
Interest rate (percentage)		3.79%
Fair Value of Asset		$ 591	$ 0
Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount		54,070
Fair Value of (Liabilities)		$ (306)	$ 0
Minimum | Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)		3.29%
Maximum | Cash Flow Hedging | Interest rate swaps | Deferred rental income, derivative liabilities and other liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)		3.35%

Notes Payable and Credit Faci47

Notes Payable and Credit Facility - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Mar. 24, 2016USD ($)	Jan. 13, 2016USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 544,094,000			$ 429,293,000
Debt, weighted average interest rate	3.70%
Weighted average remaining term	3 years 10 months 24 days
Long-term debt outstanding	$ 546,314,000			430,916,000
Loans payable | JPMorgan Chase, revolving credit facility | Term Loan
Debt Instrument [Line Items]
Effective interest rate	3.79%
Line of credit facility, maximum borrowing capacity	$ 200,000,000
Debt outstanding	$ 200,000,000
Notes payable | Fixed rate debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	4.20%
Long-term debt outstanding	$ 238,600,000			35,100,000
Notes payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps
Debt Instrument [Line Items]
Long-term debt outstanding	54,100,000
Notes payable | JPMorgan Chase, revolving credit facility
Debt Instrument [Line Items]
Gross real estate assets, net of gross intangible lease liabilities	$ 385,000,000
Notes payable | Variable rate debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.20%
Long-term debt outstanding	$ 9,787,000			0
Line of credit | JPMorgan Chase, revolving credit facility | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	200,000,000
Line of credit | JPMorgan Chase, credit facility | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt outstanding	$ 267,962,000			365,816,000
Effective interest rate	2.79%
Line of credit facility, maximum borrowing capacity	$ 400,000,000
Debt outstanding	68,000,000
Line of credit facility potential borrowing capacity	1,250,000,000
Line of credit facility, remaining available borrowing capacity	132,000,000
Line of credit | JPMorgan Chase, credit facility | Term Loan and Revolving Line of Credit
Debt Instrument [Line Items]
Minimum consolidated net worth required by debt covenant	$ 194,000,000
Line of credit facility, covenant, minimum consolidated net worth (percentage)	75.00%
Line of credit | JPMorgan Chase, credit facility, base rate committed loan | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Line of credit | Affiliated Line of Credit, Series C Loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt outstanding	$ 30,000,000			$ 30,000,000
Interest rate spread (percentage)	2.44%
Line of credit facility, current borrowing capacity	$ 60,000,000
Line of credit | Affiliated Line of Credit, Series C Loan | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.20%
Minimum | Notes payable | Fixed rate debt
Debt Instrument [Line Items]
Interest rate spread (percentage)	3.285%
Minimum | Line of credit | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread (percentage)	1.60%
Minimum | Line of credit | JPMorgan Chase, credit facility | Term Loan and Revolving Line of Credit
Debt Instrument [Line Items]
Debt covenant fixed charge coverage ratio	1.50
Minimum | Line of credit | JPMorgan Chase, credit facility, base rate committed loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.60%
Maximum | Notes payable | Fixed rate debt
Debt Instrument [Line Items]
Interest rate spread (percentage)	4.766%
Maximum | Line of credit | Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest rate spread (percentage)	2.45%
Maximum | Line of credit | JPMorgan Chase, credit facility | Term Loan and Revolving Line of Credit
Debt Instrument [Line Items]
Debt covenant leverage ratio	60.00%
Maximum | Line of credit | JPMorgan Chase, credit facility, base rate committed loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.45%
Subsequent Event | Line of credit | JPMorgan Chase, credit facility
Debt Instrument [Line Items]
Debt outstanding		$ 210,000,000
Subsequent Event | Line of credit | Affiliated Line of Credit, Series C Loan | Revolving credit facility
Debt Instrument [Line Items]
Long-term debt outstanding		$ 30,000,000
Line of credit facility, current borrowing capacity			$ 30,000,000

Notes Payable and Credit Faci48

Notes Payable and Credit Facility - Schedule of Debt (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015
Debt [Roll Forward]
Long-term debt, gross, beginning balance		$ 430,916
Deferred costs, beginning of period		(1,623)
Total debt, net, beginning of period		429,293
Debt issuances, net	$ 0	382,280	$ 462,831
Payments of debt issuance costs		(1,100)
Proceeds from debt, net of issuance costs		381,180
Repayments		(266,882)
Accretion		503
Amortization of deferred financing costs		503
Long-term debt, gross, ending balance		546,314	430,916
Deferred costs, end of period		(2,220)	(1,623)
Total debt, net, end of period		429,293	429,293	$ 544,094
Notes payable | Fixed rate debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance		35,100
Debt issuances, net		203,465
Repayments		0
Long-term debt, gross, ending balance		238,600	35,100
Notes payable | Variable rate debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance		0
Debt issuances, net		9,853
Repayments		(66)
Long-term debt, gross, ending balance		9,787	0
Revolving credit facility | Line of credit | JPMorgan Chase, credit facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance		365,816
Debt issuances, net		168,962
Repayments		(266,816)
Long-term debt, gross, ending balance		267,962	365,816
Revolving credit facility | Line of credit | Affiliated Line of Credit, Series C Loan
Debt [Roll Forward]
Long-term debt, gross, beginning balance		30,000
Debt issuances, net		0
Repayments		0
Long-term debt, gross, ending balance		$ 30,000	$ 30,000

Notes Payable and Credit Faci49

Notes Payable and Credit Facility - Future Debt Repayments Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 39,787
2,017	0
2,018	67,962
2,019	200,000
2,020	203,465
Thereafter	35,100
Total long-term debt outstanding	$ 546,314	$ 430,916

Intangible Lease Liabilities (D

Intangible Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Liabilities, Net [Abstract]
Finite-lived intangible liabilities, net	$ 22,721	$ 8,222
Acquired below-market leases
Finite-Lived Intangible Liabilities, Net [Abstract]
Finite-lived intangible liabilities, accumulated amortization	$ 757	$ 88
Finite-live intangible liabilities, useful life	12 years 10 months 24 days	12 years 4 months 24 days
Amortization of intangible liabilities	$ 669	$ 88
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	718
2,017	718
2,018	718
2,019	718
2,020	$ 718

Supplemental Cash Flow Disclo51

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions payable	$ 0	$ 2,158	$ 1,314
Accrued other offering costs due to affiliate	0	42	0
Accrued capital expenditures	0	75	0
Escrow deposit due to affiliate on acquired real estate assets	0	0	18,352
Accrued deferred financing costs	0	4	0
Change in fair value of interest rate swaps	0	285	0
Common stock issued through distribution reinvestment plan	0	10,592	2,833
Supplemental Cash Flow Disclosures:
Interest paid	$ 0	$ 15,916	$ 3,031

Commitments and Contingencies (

Commitments and Contingencies (Details) - Capital addition purchase commitments $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)property
Unrecorded Unconditional Purchase Obligation [Line Items]
Ownership interest acquired	100.00%
Number of businesses acquired (in properties) | property	1
Aggregate purchase price	$ 40,500
Escrow deposit, property acquisition	$ 500

Related-Party Transactions an53

Related-Party Transactions and Arrangements (Details) - USD ($)	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to affiliates		$ 1,510,000	$ 23,086,000
Due to affiliates		$ 1,500,000	23,100,000
Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset		0.75%
Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset		0.70%
Average invested assets over $4 bilion
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset		0.65%
Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets		$ 2,000,000,000
Maximum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets		4,000,000,000
Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets		0
Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets		2,000,000,000
Minimum | Average invested assets over $4 bilion
Related Party Transaction [Line Items]
Average invested assets		$ 4,000,000,000
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return		8.00%
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percent		2.00%
Operating expense reimbursement percent of net income		25.00%
Waived fees and expense reimbursements | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party		$ 297,000	1,500,000
Selling commissions | Dealer manager commission | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees		7.00%
Selling commissions | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	$ 10,491,000	15,829,000
Selling commissions reallowed by CCC | Dealer manager commission reallowed
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees		100.00%
Selling commissions reallowed by CCC | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 10,491,000	15,829,000
Dealer manager fee | Dealer manager
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees		2.00%
Dealer manager fee | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 3,238,000	4,809,000
Dealer manager fee reallowed by CCC | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	1,434,000	2,358,000
Other offering expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	3,479,000	4,898,000
Due to affiliates		$ 42,000
Other offering expenses | Advisors | Maximum
Related Party Transaction [Line Items]
Organization and offering expense limit, percent		2.00%
Acquisition fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 5,089,000	13,170,000
Acquisition fees and expenses | Advisors | Maximum
Related Party Transaction [Line Items]
Acquisition and advisory fee		6.00%
Acquisition fees and expenses | Advisors | Maximum | Contract purchase price of each asset
Related Party Transaction [Line Items]
Acquisition and advisory fee		2.00%
Advisory fees and expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	0	$ 5,929,000	1,630,000
Operating expenses | Advisors
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	1,966,000	411,000
Acquisitions and operations costs | Advisors
Related Party Transaction [Line Items]
Due to affiliates		$ 1,400,000	4,700,000
Property sales commission | Advisors | Contract sale price of each property | Gross revenue for single-tenant properties
Related Party Transaction [Line Items]
Commissions performance and other fees percent		1.00%
Property portfolio | Advisors | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent		6.00%
Performance fee | Advisors
Related Party Transaction [Line Items]
Commissions performance and other fees percent		15.00%
Performance fee | Advisors | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent		15.00%
Brokerage commission fee | Advisors | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent		50.00%
Revolving credit facility | Affiliated Line of Credit, Series C Loan | Line of credit | Series C, LLC
Related Party Transaction [Line Items]
Due to affiliates		$ 63,000
Interest expense due		$ 726,000	$ 280,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 26, 2013	Jun. 30, 2016	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 17, 2013
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)					490,000,000	490,000,000
Preferred stock, shares authorized (in shares)					10,000,000	10,000,000
Common stock, par value (in usd per share)					$ 0.01	$ 0.01
Preferred stock, par value (in usd per share)					0.01	$ 0.01
Share price (in dollars per share)					$ 10
Dividend reinvestment plan, termination notice period					10 days
Common stock issued through distribution reinvestment plan			$ 0		$ 10,592	$ 2,833
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding					5.00%
Stock redemption program, redemption price per share, percentage of amount paid per share, after one year					95.00%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year					97.50%
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year					100.00%
Stock redemption program, termination notice period					30 days
Stock redeemed during period (in shares)					193,100	1,700
Stock redeemed during period, value					$ 1,888	$ 17
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution					365 days
Daily distributions payable amount per share (in usd per share)					$ 0.0017260274
Dividends, yield					6.30%
Distributions payable			$ 0	$ 0	$ 2,158	$ 1,314	$ 0
Maximum
Equity, Class of Treasury Stock [Line Items]
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding					1.25%
Stock redemption program, redemption priority (in shares)					250
Initial public offering
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)								250,000,000
Share price (in dollars per share)								$ 10
Initial public offering | Distribution reinvestment plan
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares)								50,000,000
Share price (in dollars per share)					$ 9.50			$ 9.50
Common Stock
Equity, Class of Treasury Stock [Line Items]
Issuance of common stock, shares (in shares)	20,000			20,000	17,324,511	24,631,770
Share price (in dollars per share)	$ 10
Stock issued during period, distribution reinvestment plan (in shares)					1,100,000	298,000	0
Common stock issued through distribution reinvestment plan					$ 10,600	$ 2,800
Stock redeemed during period (in shares)					193,086	1,676
Stock redeemed during period, value					$ 2
Scenario, forecast
Equity, Class of Treasury Stock [Line Items]
Share price (in dollars per share)		$ 10
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution		366 days
Daily distributions payable amount per share (in usd per share)		$ 0.0017213115
Dividends, yield		6.30%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Ordinary dividends	87.00%	55.00%
Nontaxable distributions	13.00%	45.00%
Total dividends	100.00%	100.00%
State and local income tax and franchise tax expense	$ 223,000	$ 110,000
Unrecognized tax benefits	$ 0	$ 0

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Leases [Abstract]
Operating Leases of lessor, weighted average remaining lease term	10 years 10 months 24 days
2,016	$ 62,783
2,017	64,183
2,018	65,304
2,019	66,310
2,020	67,297
Thereafter	411,701
Total	$ 737,578

Quarterly Results (Unaudited)57

Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 19,600	$ 14,901	$ 13,170	$ 26,344	$ 10,371	$ 5,589	$ 1,428	$ 458	$ 0	$ 74,015	$ 17,846
Acquisition-related expenses	2,755	4,161	606	39	7,760	2,236	4,167	563	0	7,561	14,726
Operating income (loss)	2,823	776	3,620	17,674	(3,887)	(187)	(3,927)	(523)	(100)	24,893	(8,524)
Net income (loss)	$ (2,785)	$ (3,794)	$ (814)	$ 14,233	$ (6,304)	$ (1,305)	$ (4,304)	$ (803)	$ (100)	$ 6,840	$ (12,716)
Basic and diluted net income (loss) per common share (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.03)	$ 0.56	$ (0.27)	$ (0.10)	$ (1.15)	$ (2.08)	$ (5.38)	$ 0.22	$ (1.25)
Distributions declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions	3 Months Ended	10 Months Ended	12 Months Ended
	Mar. 24, 2016	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Mar. 18, 2016	Feb. 05, 2016	Jan. 27, 2016	Jan. 13, 2016
Subsequent Event [Line Items]
Issuance of common stock		$ 200,000	$ 171,829,000	$ 244,906,000
Long-term debt outstanding			$ 546,314,000	430,916,000
Percentage of rentable space leased			100.00%
Long-term debt			$ 544,094,000	429,293,000
Line of credit | Affiliated Line of Credit, Series C Loan | Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, current borrowing capacity			60,000,000
Long-term debt outstanding			30,000,000	30,000,000
Line of credit | JPMorgan Chase, credit facility | Revolving credit facility
Subsequent Event [Line Items]
Long-term debt outstanding			267,962,000	$ 365,816,000
Credit facility outstanding			$ 68,000,000
Subsequent Event | Line of credit | Affiliated Line of Credit, Series C Loan | Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, current borrowing capacity								$ 30,000,000
Long-term debt outstanding	$ 30,000,000
Subsequent Event | Line of credit | JPMorgan Chase, credit facility
Subsequent Event [Line Items]
Line of credit facility minimum value of total assets required to avoid early repayment					$ 1,000,000,000
Credit facility outstanding	210,000,000
Initial public offering | Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock	$ 497,600,000
Issuance of common stock (in shares)	50.2
Freeport | Subsequent Event
Subsequent Event [Line Items]
Percentage of rentable space leased							99.00%
Freeport | Subsequent Event
Subsequent Event [Line Items]
Letter of credit outstanding						$ 4,900,000
Freeport | Subsequent Event | Loan collateralized by Freeport Property | Freeport Loan
Subsequent Event [Line Items]
Principal amount							$ 71,500,000
Long-term debt	$ 71,500,000

Schedule III - Real Estate As59

Schedule III - Real Estate Assets And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)multi-tenant_propertysingle_tenant_property	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			$ 248,352
Initial Costs to Company
Land			68,398
Buildings & Improvements			740,317
Total Adjustments to Basis			7,040
Gross Amount at Which Carried at December 31, 2015	$ 578,829	$ 0	815,755
Accumulated Depreciation	$ 4,574	0	20,901
Number of single-tenant commercial properties owned | single_tenant_property	29
Number of multi-tenant commercial properties owned | multi-tenant_property	1
Aggregate cost for federal income tax purposes			815,800
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of period	$ 578,829	0
Additions
Acquisitions	229,885	578,829
Improvements	7,041	0
Total additions	236,926	578,829
Deductions
Deductions	0	0
Cost of real estate sold	0	0
Total deductions	0	0
Balance, end of period	815,755	578,829
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of period	4,574	0
Additions
Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired	16,327	4,574
Improvements - Depreciation Expense for Tenant Improvements & Building Equipment	0	0
Total additions	16,327	4,574
Deductions
Deductions	0	0
Cost of real estate sold	0	0
Total deductions	0	0
Balance, end of period	$ 20,901	$ 4,574
Line of credit
Deductions
Debt, Long-term and Short-term, Combined Amount			268,000
Buildings
Deductions
Acquired real estate asset, useful life (in years)	40 years
3 Phoenix, Inc | Wake Forest, NC
Initial Costs to Company
Land			973
Buildings & Improvements			8,330
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	$ 9,303		9,303
Accumulated Depreciation	275		275
Deductions
Balance, end of period	9,303
Deductions
Balance, end of period	275
3D Systems | Rock Hill, SC
Initial Costs to Company
Land			780
Buildings & Improvements			8,082
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	8,862		8,862
Accumulated Depreciation	279		279
Deductions
Balance, end of period	8,862
Deductions
Balance, end of period	279
Amazon.com, Inc | Petersburg, VA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			38,280
Initial Costs to Company
Land			3,866
Buildings & Improvements			48,404
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	52,270		52,270
Accumulated Depreciation	1,728		1,728
Deductions
Balance, end of period	52,270
Deductions
Balance, end of period	1,728
Amcor Rigid Plastics USA, Inc | Franklin, IN
Initial Costs to Company
Land			1,373
Buildings & Improvements			16,530
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	17,903		17,903
Accumulated Depreciation	662		662
Deductions
Balance, end of period	17,903
Deductions
Balance, end of period	662
Amcor Rigid Plastics USA, Inc | Bellevue, OH 1
Initial Costs to Company
Land			611
Buildings & Improvements			9,171
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	9,782		9,782
Accumulated Depreciation	319		319
Deductions
Balance, end of period	9,782
Deductions
Balance, end of period	319
Amcor Rigid Plastics USA, Inc | Bellevue, OH 2
Initial Costs to Company
Land			498
Buildings & Improvements			7,960
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	8,458		8,458
Accumulated Depreciation	277		277
Deductions
Balance, end of period	8,458
Deductions
Balance, end of period	277
Avnet, Inc | San Antonio, TX
Initial Costs to Company
Land			1,619
Buildings & Improvements			9,611
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	11,230		11,230
Accumulated Depreciation	334		334
Deductions
Balance, end of period	11,230
Deductions
Balance, end of period	334
BTS Procter & Gamble Distributing | Union, OH
Initial Costs to Company
Land			3,537
Buildings & Improvements			68,961
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	72,498		72,498
Accumulated Depreciation	1,861		1,861
Deductions
Balance, end of period	72,498
Deductions
Balance, end of period	1,861
Cott Beverages | Greer, SC
Initial Costs to Company
Land			666
Buildings & Improvements			11,184
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	11,850		11,850
Accumulated Depreciation	38		38
Deductions
Balance, end of period	11,850
Deductions
Balance, end of period	38
Cott Beverages | Joplin, MO
Initial Costs to Company
Land			571
Buildings & Improvements			11,161
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	11,732		11,732
Accumulated Depreciation	138		138
Deductions
Balance, end of period	11,732
Deductions
Balance, end of period	138
County of Santa Clara | San Jose, CA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			14,314
Initial Costs to Company
Land			4,561
Buildings & Improvements			17,508
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	22,069		22,069
Accumulated Depreciation	962		962
Deductions
Balance, end of period	22,069
Deductions
Balance, end of period	962
Dometic | Goshen, IN
Initial Costs to Company
Land			871
Buildings & Improvements			8,794
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	9,665		9,665
Accumulated Depreciation	48		48
Deductions
Balance, end of period	9,665
Deductions
Balance, end of period	48
E.I. Dupont de Nemours and Company | Johnston, CO
Initial Costs to Company
Land			1,587
Buildings & Improvements			33,027
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	34,614		34,614
Accumulated Depreciation	983		983
Deductions
Balance, end of period	34,614
Deductions
Balance, end of period	983
Express Scripts | Lincoln Hill, PA
Initial Costs to Company
Land			2,873
Buildings & Improvements			14,064
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	16,937		16,937
Accumulated Depreciation	70		70
Deductions
Balance, end of period	16,937
Deductions
Balance, end of period	70
FedEx Ground Package System, Inc | St. Joseph, MO
Initial Costs to Company
Land			414
Buildings & Improvements			4,304
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	4,718		4,718
Accumulated Depreciation	182		182
Deductions
Balance, end of period	4,718
Deductions
Balance, end of period	182
FedEx Ground Package System, Inc | Fort Dodge, IA
Initial Costs to Company
Land			123
Buildings & Improvements			2,414
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	2,537		2,537
Accumulated Depreciation	97		97
Deductions
Balance, end of period	2,537
Deductions
Balance, end of period	97
FedEx Ground Package System, Inc | Las Vegas, NV
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			11,541
Initial Costs to Company
Land			1,838
Buildings & Improvements			16,439
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	18,277		18,277
Accumulated Depreciation	705		705
Deductions
Balance, end of period	18,277
Deductions
Balance, end of period	705
FedEx Ground Package System, Inc | Johnstown, CO
Initial Costs to Company
Land			1,285
Buildings & Improvements			12,182
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	13,467		13,467
Accumulated Depreciation	435		435
Deductions
Balance, end of period	13,467
Deductions
Balance, end of period	435
Freeport-Mcmoran Corporation | Phoenix, AZ
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			71,500
Initial Costs to Company
Land			0
Buildings & Improvements			96,553
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	96,553		96,553
Accumulated Depreciation	2,944		2,944
Deductions
Balance, end of period	96,553
Deductions
Balance, end of period	2,944
Keurig Green Mountain Coffee | Burlington (63 South Ave), MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			25,577
Initial Costs to Company
Land			4,612
Buildings & Improvements			31,175
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	35,787		35,787
Accumulated Depreciation	1,408		1,408
Deductions
Balance, end of period	35,787
Deductions
Balance, end of period	1,408
Keurig Green Mountain Coffee | Burlington (53 South Ave), MA
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			77,895
Initial Costs to Company
Land			5,190
Buildings & Improvements			116,453
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	121,643		121,643
Accumulated Depreciation	1,103		1,103
Deductions
Balance, end of period	121,643
Deductions
Balance, end of period	1,103
Lennar Homes | Houston, TX
Initial Costs to Company
Land			1,368
Buildings & Improvements			15,045
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	16,413		16,413
Accumulated Depreciation	19		19
Deductions
Balance, end of period	16,413
Deductions
Balance, end of period	19
ODW | Columbus, OH
Initial Costs to Company
Land			3,052
Buildings & Improvements			22,096
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	25,148		25,148
Accumulated Depreciation	924		924
Deductions
Balance, end of period	25,148
Deductions
Balance, end of period	924
Owens Corning | Fuera Bush, NY
Initial Costs to Company
Land			1,134
Buildings & Improvements			10,218
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	11,352		11,352
Accumulated Depreciation	409		409
Deductions
Balance, end of period	11,352
Deductions
Balance, end of period	409
Protein Simple | San Jose, CA
Initial Costs to Company
Land			10,797
Buildings & Improvements			21,611
Total Adjustments to Basis			25
Gross Amount at Which Carried at December 31, 2015	32,433		32,433
Accumulated Depreciation	803		803
Deductions
Balance, end of period	32,433
Deductions
Balance, end of period	803
RF Micro Devices | Greensboro, NC
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances			9,245
Initial Costs to Company
Land			865
Buildings & Improvements			11,155
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	12,020		12,020
Accumulated Depreciation	443		443
Deductions
Balance, end of period	12,020
Deductions
Balance, end of period	443
State of Alabama | Birmingham, AL
Initial Costs to Company
Land			1,950
Buildings & Improvements			26,831
Total Adjustments to Basis			81
Gross Amount at Which Carried at December 31, 2015	28,862		28,862
Accumulated Depreciation	1,213		1,213
Deductions
Balance, end of period	28,862
Deductions
Balance, end of period	1,213
Subaru of America | Lebanon, IN
Initial Costs to Company
Land			3,042
Buildings & Improvements			27,333
Total Adjustments to Basis			6,934
Gross Amount at Which Carried at December 31, 2015	37,309		37,309
Accumulated Depreciation	1,128		1,128
Deductions
Balance, end of period	37,309
Deductions
Balance, end of period	1,128
UPS | Londonderry, NH
Initial Costs to Company
Land			6,309
Buildings & Improvements			35,337
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	41,646		41,646
Accumulated Depreciation	285		285
Deductions
Balance, end of period	41,646
Deductions
Balance, end of period	285
Wyle CAS Group | Huntsville, AL
Initial Costs to Company
Land			2,033
Buildings & Improvements			18,384
Total Adjustments to Basis			0
Gross Amount at Which Carried at December 31, 2015	20,417		20,417
Accumulated Depreciation	829		$ 829
Deductions
Balance, end of period	20,417
Deductions
Balance, end of period	$ 829