Cole Office & Industrial REIT 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2016	Aug. 09, 2016
Entity Information [Line Items]
Entity Registrant Name	Cole Office & Industrial REIT (CCIT II), Inc.
Entity Central Index Key	1,572,758
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		61.9
Class T Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1.1

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment in real estate assets:
Land	$ 85,574	$ 68,398
Buildings and improvements	867,020	747,357
Intangible lease assets	107,107	99,245
Total real estate investments, at cost	1,059,701	915,000
Less: accumulated depreciation and amortization	(45,048)	(29,820)
Total real estate investments, net	1,014,653	885,180
Cash and cash equivalents	21,068	18,060
Restricted cash	1,165	1,540
Rents and tenant receivables	14,572	11,354
Prepaid expenses, property escrow deposits and other assets	732	1,785
Deferred costs, net	1,894	2,190
Total assets	1,054,084	920,109
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facility and notes payable, net	536,519	514,094
Line of credit with affiliate	0	30,000
Accounts payable and accrued expenses	4,435	5,416
Escrowed investor proceeds	100	238
Due to affiliates	1,290	1,510
Intangible lease liabilities, net	21,461	22,721
Distributions payable	3,007	2,158
Derivative liabilities, deferred rental income and other liabilities	9,351	3,471
Total liabilities	576,163	579,608
Commitments and contingencies
Redeemable common stock	17,054	11,520
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Capital in excess of par value	514,099	360,348
Accumulated distributions in excess of earnings	(47,928)	(32,070)
Accumulated other comprehensive (loss) income	(5,895)	285
Total stockholders’ equity	460,867	328,981
Total liabilities and stockholders’ equity	1,054,084	920,109
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	588	418
Class T Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 3	$ 0

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars 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
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	245,000,000	245,000,000
Common stock, shares issued (in shares)	58,837,276	41,781,519
Common stock, shares outstanding (in shares)	58,837,276	41,781,519
Class T Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	245,000,000	245,000,000
Common stock, shares issued (in shares)	328,871	0
Common stock, shares outstanding (in shares)	328,871	0

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income	$ 18,541	$ 12,555	$ 36,562	$ 24,933
Tenant reimbursement income	2,208	615	4,307	1,814
Assignment fee income	0	0	0	12,767
Total revenues	20,749	13,170	40,869	39,514
Operating expenses:
General and administrative	1,265	1,069	2,490	1,571
Property operating	1,286	884	2,230	1,893
Real estate tax	1,667	290	3,365	880
Advisory fees and expenses	2,105	1,395	3,948	2,644
Acquisition-related	3,162	606	3,310	645
Depreciation and amortization	7,631	5,306	15,166	10,587
Total operating expenses	17,116	9,550	30,509	18,220
Operating income	3,633	3,620	10,360	21,294
Other income (expense):
Interest expense and other, net	(5,005)	(4,434)	(10,244)	(7,875)
Net (loss) income	$ (1,372)	$ (814)	$ 116	$ 13,419
Class A Common Stock
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	55,967,478	28,617,793	50,905,976	27,057,062
Net (loss) income per common share:
Basic and diluted (in dollars per share)	$ (0.02)	$ (0.03)	$ 0	$ 0.50
Distributions declared per common share (in dollars per share)	$ 0.16	$ 0.16	$ 0.31	$ 0.31
Class T Common Stock
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	63,027	0	31,513	0
Net (loss) income per common share:
Basic and diluted (in dollars per share)	$ (0.04)	$ 0	$ (0.03)	$ 0
Distributions declared per common share (in dollars per share)	$ 0.14	$ 0	$ 0.28	$ 0

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,372)	$ (814)	$ 116	$ 13,419
Other comprehensive (loss) income:
Unrealized (loss) gain on interest rate swaps	(2,059)	1,232	(7,374)	459
Amount of loss reclassified from other comprehensive loss into income as interest expense	583	771	1,194	1,085
Total other comprehensive (loss) income	(1,476)	2,003	(6,180)	1,544
Total comprehensive (loss) income	$ (2,848)	$ 1,189	$ (6,064)	$ 14,963

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statement of Stockholder's Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Class A Common Stock	Class T Common Stock	Common StockClass A Common Stock	Common StockClass T Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2015		41,781,519	0	41,781,519
Balance at Dec. 31, 2015	$ 328,981			$ 418		$ 360,348	$ (32,070)	$ 285
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				17,330,822	328,871
Issuance of common stock	178,699			$ 173	$ 3	178,523
Distributions to investors	(15,974)						(15,974)
Commissions, dealer manager and distribution fees	(12,981)					(12,981)
Other offering costs	(3,626)					(3,626)
Redemptions of common stock (in shares)				(275,065)
Redemptions of common stock	(2,634)			$ (3)		(2,631)
Changes in redeemable common stock	(5,534)					(5,534)
Comprehensive income (loss)	(6,064)						116	(6,180)
Balance (in shares) at Jun. 30, 2016		58,837,276	328,871	58,837,276	328,871
Balance at Jun. 30, 2016	$ 460,867			$ 588	$ 3	$ 514,099	$ (47,928)	$ (5,895)

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 116	$ 13,419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net	13,968	10,336
Amortization of deferred financing costs	663	617
Straight-line rental income	(2,866)	(3,486)
Changes in assets and liabilities:
Rents and tenant receivables	(352)	(146)
Prepaid expenses and other assets	178	10
Accounts payable and accrued expenses	(919)	(457)
Deferred rental income and other liabilities	291	1,171
Due to affiliates	(47)	(4,234)
Net cash provided by operating activities	11,032	17,230
Cash flows from investing activities:
Investment in real estate assets and capital expenditures	(144,759)	(18,725)
Payment of property escrow deposits	(2,216)	0
Return of escrowed funds for acquisition of real estate	2,500	0
Change in restricted cash	375	(1,897)
Net cash used in investing activities	(144,100)	(20,622)
Cash flows from financing activities:
Proceeds from issuance of common stock	170,531	55,626
Offering costs on issuance of common stock	(16,780)	(6,069)
Redemptions of common stock	(2,634)	(915)
Distributions to investors	(6,957)	(3,618)
Proceeds from credit facility and notes payable	130,000	135,423
Repayments of credit facility and notes payable	(107,749)	(165,816)
Repayment of line of credit with affiliate	(30,000)	0
Change in escrowed investor proceeds	(138)	59
Deferred financing costs paid	(197)	(891)
Payment of loan deposits	0	(50)
Refund of loan deposits	0	100
Net cash provided by financing activities	136,076	13,849
Net increase in cash and cash equivalents	3,008	10,457
Cash and cash equivalents, beginning of period	18,060	11,141
Cash and cash equivalents, end of period	$ 21,068	$ 21,598

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2016
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 elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning in its 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 $2.5 billion in shares of a single class of common stock (now referred to as Class A Shares, as defined below) at a price of $10.00 per share until April 8, 2016 and $10.99 per share effective April 11, 2016, as well as up to $475 million in additional shares to be issued pursuant to a distribution reinvestment plan (the “Original DRIP”) at a price of $9.50 per share until April 8, 2016 and $10.00 per share effective April 11, 2016 (together with the Class T Shares as defined below, the “Offering”). In connection with Post-Effective Amendment No. 6 to the Company’s Registration Statement, which was declared effective by the SEC on April 29, 2016, the Company began offering up to $1.0 billion , of the $2.5 billion in shares that make up the primary portion of the Offering, in Class T shares of the Company’s common stock (the “Class T Shares”) at a price of $10.53 per share in the primary portion of the Offering, along with up to $1.5 billion in Class A Shares at a price of $10.99 per share in the primary portion of the Offering. The Company reserves the right to reallocate the shares being offered in the Offering among the classes of shares and between the primary offering and the DRIP, as defined below. 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 June 30, 2016 , 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 June 30, 2016 , the Company had issued approximately 59.6 million shares of common stock in the Offering for gross offering proceeds of $595.4 million ( $591.9 million in Class A Shares and $3.5 million in Class T Shares) before offering costs, selling commissions and dealer manager fees of $59.2 million . Effective as of March 4, 2016, the Company changed the designation of its common stock to Class A common stock (the “Class A Shares”) and then reclassified a portion of its Class A Shares as Class T Shares pursuant to filings of Articles of Amendment (“Articles of Amendment”) and Articles Supplementary (“Articles Supplementary”) to the Company’s Articles of Amendment and Restatement. 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. The Class A Shares and Class T Shares have similar voting rights, although the amount of the distributions are expected to differ due to the distribution and stockholder servicing fees, as defined in the Company’s charter, as amended, that are payable in connection 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 cash available for distribution as the number of outstanding shares of such class held by such holder as compared to the total number of outstanding shares of such class then outstanding. On March 28, 2016, the Board adopted an Amended and Restated Distribution Reinvestment Plan (the “Amended and Restated DRIP” and collectively with the Original DRIP, the “DRIP”), to allow for the reinvestment of distributions paid on Class T Shares. The Amended and Restated DRIP became effective as of May 1, 2016. On April 11, 2016, the Company announced that the Board established an estimated per share net asset value (“NAV”) of the Company’s common stock, as of February 29, 2016, of $10.00 per share for purposes of assisting broker-dealers participating in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Commencing on April 11, 2016, the offering price for shares pursuant to the primary offering portion of the Offering reflects the $10.00 estimated per share NAV plus selling commissions and dealer manager fees applicable to the class of shares being purchased. Commencing on April 11, 2016, distributions are reinvested in shares of the Company’s common stock at $10.00 per share, the estimated per share NAV as determined by the Board. Pursuant to the terms of the Company’s share redemption program, commencing on April 11, 2016, the estimated per share NAV of $10.00 serves as the most recent estimated per share value for purposes of share redemptions. Going forward, the Company intends to publish an updated estimated per share NAV on at least an annual basis. The Board approved the close of the primary offering on or about August 31, 2016. The Company will accept subscription agreements only if they are received by the Company’s transfer agent on or before the close of the primary offering. The Company intends to continue to issue shares of its common stock pursuant to the DRIP following the termination of the primary offering. 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 June 30, 2016 , the Company owned 32 properties, comprising approximately 10.4 million rentable square feet of income-producing necessity corporate office and industrial properties located in 18 states. As of June 30, 2016 , the rentable space at these properties was 100% leased.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 condensed consolidated unaudited 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 condensed consolidated unaudited financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The condensed consolidated unaudited 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 condensed consolidated unaudited 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 condensed consolidated unaudited statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated unaudited statements of cash flows. The Company has also chosen to combine depreciation of $3.7 million and $7.3 million and amortization of $1.6 million and $3.3 million for the three and six months ended June 30, 2015 , respectively, into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the condensed consolidated unaudited statements of other comprehensive income into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense. These reclassifications had no effect on previously reported totals or subtotals. 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 condensed consolidated unaudited 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, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, 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 six months ended June 30, 2016 or 2015. 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 its 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 June 30, 2016 or December 31, 2015 . 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- 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 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 $1.2 million and $1.5 million in restricted cash as of June 30, 2016 and December 31, 2015 , respectively. Included in restricted cash was $1.0 million and $1.3 million held by lenders in lockbox accounts as of June 30, 2016 and December 31, 2015 , respectively. 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. Restricted cash included $98,000 and $76,000 held by a lender in an escrow account for a certain property in accordance with the respective loan agreement as of June 30, 2016 and December 31, 2015 , respectively. In addition, restricted cash included $100,000 and $238,000 of escrowed investor proceeds for which shares of common stock had not been issued as of June 30, 2016 and December 31, 2015 , respectively. Distribution and Stockholder Servicing Fees The Company pays CCC a distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis in the amount of 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease 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, including any unbilled straight-line rent, 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 condensed consolidated unaudited statements of operations and comprehensive (loss) income. As of June 30, 2016 and December 31, 2015 , the Company did not have an allowance for uncollectible accounts. Earnings per Share We have two classes of common stock. Accordingly, we utilize the two-class method to determine our earnings per share, which results in different earnings per share for each of the classes. Diluted (loss) income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and six months ended June 30, 2016 or 2015 . Recent Accounting Pronouncements Accounting Standards Update (“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. The Company has evaluated the effect of ASU 2015-16 and believes its adoption was not significant 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 — 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. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. 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. 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 Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . 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. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
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 under current market conditions. 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. These financial instruments are valued using Level 2 inputs. As of June 30, 2016 , the estimated fair value of the Company’s debt was $552.8 million , compared to the carrying value of $538.6 million . The estimated fair value of the Company’s debt was $549.9 million as of December 31, 2015 , compared to the carrying value on that date of $546.3 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 respective 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 June 30, 2016 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and 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 June 30, 2016 , 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 tables show 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 June 30, 2016 and as of December 31, 2015 (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of June 30, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (5,895 ) $ — $ (5,895 ) $ — Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of 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	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
REAL ESTATE ACQUISITIONS	REAL ESTATE ACQUISITIONS 2016 Property Acquisitions During the six months ended June 30, 2016 , the Company acquired two office and industrial properties for an aggregate purchase price of $144.1 million (the “2016 Acquisitions”). The Company purchased the 2016 Acquisitions with net proceeds from the Offering and available borrowings. The purchase price allocation for each of the Company’s acquisitions is preliminary and subject to change as the Company finalizes the allocation, which will be prior to the end of the current fiscal year. The Company preliminarily allocated the purchase price of these properties to the fair value of the assets acquired. The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the six months ended June 30, 2016 (in thousands): June 30, 2016 Land $ 17,176 Buildings and improvements 119,030 Acquired in-place leases (1) 7,862 Total purchase price $ 144,068 ______________________ (1) The weighted average amortization period for acquired in-place leases is 14.1 years for acquisitions completed during the six months ended June 30, 2016. Because the 2016 Acquisitions were acquired during the three months ended June 30, 2016 , the Company recorded revenue for both the three and six months ended June 30, 2016 of $780,000 and a net loss of $2.6 million related to the 2016 Acquisitions. The following table summarizes selected financial information of the Company as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 22,466 $ 15,668 $ 45,084 $ 44,510 Net income $ 2,585 $ 500 $ 5,387 $ 13,018 The pro forma information for the six months ended June 30, 2016 was adjusted to exclude $3.0 million of acquisition-related expenses recorded during such period related to the 2016 Acquisitions. No acquisition-related expenses were recorded during the three months ended June 30, 2016 related to the 2016 Acquisitions. Accordingly, these costs were instead recognized in the pro forma information for the six months ended June 30, 2015. The 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 the period, nor does it purport to represent the results of future operations. 2015 Property Acquisitions During the six months ended June 30, 2015 , the Company did not acquire any properties. Assignment of Purchase and Sales Agreement During the six months ended June 30, 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 $520,000 in transaction expenses. Additional Consideration During the six months ended June 30, 2015 , the Company paid additional consideration related to a property that was purchased during the year ended December 31, 2014. The additional consideration of approximately $491,000 is included within acquisition-related expenses in the accompanying condensed consolidated unaudited statements of operations. Property Concentrations As of June 30, 2016 , three of the Company’s tenants, Keurig Green Mountain, Amazon, and Freeport-McMoRan, accounted for 15% , 14% , and 11% , respectively, of the Company’s 2016 gross annualized rental revenues. The Company also had certain geographic concentrations in its property holdings. In particular, as of June 30, 2016 , 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 15% , 13% , and 11% , respectively, of the Company’s 2016 gross annualized rental revenues. In addition, the Company had tenants in the manufacturing, wholesale, retail-internet, logistics, and mining and natural resources industries, which comprised 27% , 15% , 14% , 12% , and 11% , respectively, of the Company’s 2016 gross annualized rental revenues.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITES	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. The Company did not enter into any interest rate swap agreements during the six months ended June 30, 2016 . The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of June 30, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of Balance Sheet Location June 30, 2016 June 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income and other liabilities (2) $ 254,070 3.3% to 3.8% 2/10/2015 to 3/19/2015 12/12/2019 to 4/1/2020 $ (5,895 ) $ (306 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2016 . (2) As of December 31, 2015, one of the interest rate swaps with an outstanding notional amount of $200.0 million was in an asset position with a fair value balance of $591,000 and is included in prepaid expenses, property escrow deposits and other assets in the accompanying condensed consolidated unaudited balance sheets, 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 (loss) income, 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 three and six months ended June 30, 2016 , the amounts reclassified were $583,000 and $1.2 million , respectively, and for the three and six months ended June 30, 2015 , the amounts reclassified were $771,000 and $1.1 million , respectively. 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 three and six months ended June 30, 2016 and 2015. During the next 12 months, the Company estimates that an additional $2.2 million will be reclassified from other comprehensive (loss) income 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 June 30, 2016 , 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 $6.1 million . 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 June 30, 2016 .

Notes Payable and Credit Facili

Notes Payable and Credit Facility	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT FACILITY	NOTES PAYABLE AND CREDIT FACILITY As of June 30, 2016 , the Company had $536.5 million of debt outstanding, including net deferred financing costs, with a weighted average interest rate of 3.8% and weighted average years to maturity of 3.6 years. The following table summarizes the debt balances as of December 31, 2015 and June 30, 2016 and the debt activity for the six months ended June 30, 2016 (in thousands): During the Six Months Ended June 30, 2016 Balance as of Debt Issuance, Net (1) Repayments Accretion and (Amortization) Balance as of June 30, 2016 Fixed rate debt $ 238,565 $ — $ — $ — $ 238,565 Variable rate debt 9,787 — (9,787 ) — — Credit Facility 267,962 130,000 (97,962 ) — 300,000 Line of credit with affiliate 30,000 — (30,000 ) — — Total debt 546,314 130,000 (137,749 ) — 538,565 Deferred costs (2) (2,220 ) (111 ) — 285 (2,046 ) Total debt, net $ 544,094 $ 129,889 $ (137,749 ) $ 285 $ 536,519 ______________________ (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 of June 30, 2016 , 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 June 30, 2016 , 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 June 30, 2016 . Each of the mortgage notes payable, comprising the fixed rate debt, is secured by the respective properties on which the debt was placed. 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 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) the 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 June 30, 2016 , the amount outstanding under the Revolving Loans totaled $100.0 million at an interest rate of 3.0% , 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 June 30, 2016 , the all-in rate for the Swapped Term Loan was 3.8% . The Company had $95.1 million in unused capacity, subject to borrowing availability, as of June 30, 2016 . During the six months ended June 30, 2016 , the Company entered into a 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 did not reach $1.0 billion in total asset value, as defined in the Credit Agreement, prior to March 31, 2016. 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% and a fixed charge coverage ratio greater than 1.50 . The Company believes it was in compliance with the covenants of the Credit Agreement as of June 30, 2016 . 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 of June 30, 2016 . The Freeport Loan provided 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 and issued a letter of credit of $4.9 million . As of June 30, 2016 , the Company had no amounts outstanding under its $30.0 million subordinated loan with an affiliate of the Company’s advisor (the “Series C Loan”). The Series C Loan matured on June 30, 2016 . 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.

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the six months ended June 30, 2016 and 2015 are as follows (in thousands): Six Months Ended June 30, 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 3,007 $ 1,556 Accrued capital expenditures $ 17 $ 127 Change in fair value of interest rate swaps $ (6,180 ) $ 1,544 Accrued financing costs $ — $ 10 Common stock issued through distribution reinvestment plan $ 8,168 $ 4,597 Accrued distribution and stockholder servicing fees due to affiliates $ 131 $ — Supplemental Cash Flow Disclosures: Interest paid $ 9,768 $ 6,926

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 , the Company had entered into a purchase agreement with an unaffiliated third-party seller to acquire a 100% interest in one office and industrial property, subject to meeting certain criteria, for a purchase price of $21.6 million , exclusive of closing costs. As of June 30, 2016 , the Company had $216,000 of property escrow deposits held by escrow agents in connection with this future property acquisition. This deposit is included in the condensed consolidated unaudited balance sheets in prepaid expenses, property escrow deposits and other assets. As of June 30, 2016 , this escrow deposit had not been forfeited. 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	6 Months Ended
	Jun. 30, 2016
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. Selling commissions and dealer manager fees 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% and 3.0% of gross offering proceeds from the primary portion of the Offering for Class A Shares and Class T Shares, respectively, and 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 for both Class A Shares and Class T Shares 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. Other organization and offering expenses 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 June 30, 2016 , CCI II Advisors had paid organization and offering expenses in excess of the 2.0% of aggregate gross offering proceeds in connection with the Offering. These excess amounts were not included in the condensed consolidated unaudited financial statements of the Company because such amounts 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 amounts may become payable. Distribution and stockholder servicing fees The Company pays CCC a distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis in the amount of 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears from cash flow from operations or, if the Company’s cash flow from operations is not sufficient to pay the distribution and stockholder servicing fee, from borrowings in anticipation of future cash flow. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value. The Company will cease paying the distribution and stockholder servicing fee with respect to Class T Shares at the earliest of (i) the end of the month in which the transfer agent, on behalf of the Company, determines that total selling commissions and distribution and stockholder servicing fees paid by a stockholder within his or her individual account would be equal to 7.0% of the stockholder’s total gross investment amount at the time of the purchase of the primary Class T Shares held in such account; (ii) the date on which the aggregate underwriting compensation from all sources equals 10.0% of the gross proceeds from the sale of the Company’s shares in the Offering, excluding shares sold pursuant to the DRIP; (iii) the fifth anniversary of the last day of the month in which the Offering (excluding the offering of shares pursuant to the DRIP) terminates; (iv) the date such Class T Share is no longer outstanding; and (v) the date the Company effects a liquidity event. CCC may, in its discretion, reallow to participating broker-dealers all or a portion of the distribution and stockholder servicing fee for services that such participating broker-dealers perform in connection with the distribution of Class T Shares. No distribution and stockholder servicing fees are paid to CCC or other participating broker-dealers with respect to shares sold pursuant to the DRIP. Acquisition fees and expenses The Company pays CCI II Advisors or its affiliates acquisition fees of up to 2.0% of: (i) the contract purchase price of each property or asset the Company acquires; (ii) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (iii) the purchase price of any loan the Company acquires; and (iv) 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. Advisory fees and expenses The Company pays CCI II Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective March 1, 2016, is based on the estimated market value of the Company’s real estate assets used to determine the Company’s per share NAV, as discussed in Note 1 — Organization and Business. The monthly advisory fee is equal to the following amounts: (i) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 to $2.0 billion ; (ii) 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 (iii) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion . Operating expenses 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 (i) 2.0% of average invested assets, or (ii) 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. Disposition fees 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 by the Company to third parties on the sale of such properties, not to exceed 1.0% of the contract price of the properties sold; provided, however, in no event may the total disposition fees paid to CCI II Advisors, its affiliates, and 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 assets sold. During the three and six months ended June 30, 2016 and 2015 , no disposition fees were incurred for any such services provided by CCI II Advisors or its affiliates. Subordinated performance fees 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 the three and six months ended June 30, 2016 and 2015 , no subordinated performance fees were incurred related to any such events. 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): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling commissions $ 4,400 $ 2,550 $ 9,392 $ 3,752 Selling commissions reallowed by CCC $ 4,400 $ 2,550 $ 9,392 $ 3,752 Dealer manager fees $ 1,677 $ 760 $ 3,456 $ 1,113 Dealer manager fees reallowed by CCC $ 655 $ 337 $ 1,404 $ 486 Other organization and offering costs $ 1,773 $ 809 $ 3,626 $ 1,204 Distribution and stockholder servicing fees $ 1 (1) $ — $ 1 (1) $ — Distribution and stockholder servicing fees reallowed by CCC $ 1 (1) $ — $ 1 (1) $ — Acquisition fees and expenses (2) $ 3,014 $ 106 3,135 $ 156 Advisory fees and expenses (2) $ 2,104 $ 1,394 3,948 $ 2,641 Operating expenses (2) $ 532 $ 412 1,082 $ 623 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $130,000 , which is included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 – Summary of Significant Accounting Policies. (2) During the six months ended June 30, 2015 , CCI II Advisors permanently waived its rights to expense reimbursements totaling $297,000 , which are excluded from the table above as the Company is not responsible for this amount. No such amounts were waived during the six months ended June 30, 2016 . Due to Affiliates As of June 30, 2016, $1.3 million was recorded for services and expenses incurred, but not yet reimbursed to CCI II Advisors, or its affiliates, and the estimated liability for future distribution and stockholder servicing fees payable to CCC. The amount is primarily for advisory and operating fees and expenses and distribution and stockholder servicing fees. As of December 31, 2015 , $1.5 million had been incurred by CCI II Advisors, or its affiliates, primarily for advisory, operating and acquisition-related expenses, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the condensed consolidated unaudited balance sheets of such periods. Transactions The Company incurred $197,000 and $358,000 of interest expense related to the Series C Loan during the six months ended June 30, 2016 and 2015, respectively. The Series C Loan matured on June 30, 2016 .

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2016
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage CCI II Advisors or 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 or 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Status of the Offering As of August 9, 2016 , the Company had received gross offering proceeds of $631.2 million ( $619.5 million in Class A Shares and $11.7 million in Class T Shares) through the issuance of approximately 63.0 million ( 61.9 million Class A Shares and 1.1 million Class T Shares) shares of its common stock in the Offering (including shares issued pursuant to the DRIP). Redemption of Shares of Common Stock Subsequent to June 30, 2016 , the Company redeemed approximately 97,000 shares for $946,000 at an average per share price of $9.73 . Notes Payable and Credit Facility As of August 9, 2016 , the Company had $260.0 million outstanding under the Credit Facility and $135.1 million in unused capacity, subject to borrowing availability.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2015 , and related notes thereto set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated unaudited financial statements should also be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q.
Principles of Consolidation	The condensed consolidated unaudited 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 condensed consolidated unaudited 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 condensed consolidated unaudited statements of operations and (ii) straight-line rental income in the Company’s condensed consolidated unaudited statements of cash flows. The Company has also chosen to combine depreciation of $3.7 million and $7.3 million and amortization of $1.6 million and $3.3 million for the three and six months ended June 30, 2015 , respectively, into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the condensed consolidated unaudited statements of other comprehensive income into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense. These reclassifications had no effect on previously reported totals or subtotals.
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 condensed consolidated unaudited 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 assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All acquisition-related expenses, 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 six months ended June 30, 2016 or 2015. 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 its 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 June 30, 2016 or December 31, 2015 .
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- 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 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 $1.2 million and $1.5 million in restricted cash as of June 30, 2016 and December 31, 2015 , respectively. Included in restricted cash was $1.0 million and $1.3 million held by lenders in lockbox accounts as of June 30, 2016 and December 31, 2015 , respectively. 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. Restricted cash included $98,000 and $76,000 held by a lender in an escrow account for a certain property in accordance with the respective loan agreement as of June 30, 2016 and December 31, 2015 , respectively. In addition, restricted cash included $100,000 and $238,000 of escrowed investor proceeds for which shares of common stock had not been issued as of June 30, 2016 and December 31, 2015 , respectively.
Distribution and Stockholder Servicing Fees	The Company pays CCC a distribution and stockholder servicing fee for Class T Shares that is calculated on a daily basis in the amount of 1/365th of 0.8% of the per share NAV of the Class T Shares sold in the primary portion of the Offering. The distribution and stockholder servicing fee is paid monthly in arrears. An estimated liability for future distribution and stockholder servicing fees payable to CCC is recognized at the time each Class T Share is sold and included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease 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, including any unbilled straight-line rent, 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 condensed consolidated unaudited statements of operations and comprehensive (loss) income. As of June 30, 2016 and December 31, 2015 , the Company did not have an allowance for uncollectible accounts.
Earnings per Share	We have two classes of common stock. Accordingly, we utilize the two-class method to determine our earnings per share, which results in different earnings per share for each of the classes. Diluted (loss) income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the three and six months ended June 30, 2016 or 2015 .
Recent Accounting Pronouncements	Accounting Standards Update (“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. The Company has evaluated the effect of ASU 2015-16 and believes its adoption was not significant 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 — 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. The revised standard also clarifies that an entity should evaluate whether it is the principal or the agent for each specified good or service promised in a contract to a customer. 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. 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 Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . 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. The provisions of ASC 842 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018 and are required to be applied on a modified retrospective approach. Early adoption is permitted. ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) — The amendments in this update clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. These provisions are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Investment in and valuation of real estate and related assets	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)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of the fair value of the company's financial assets and liabilities	In accordance with the fair value hierarchy described above, the following tables show 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 June 30, 2016 and as of December 31, 2015 (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of June 30, 2016 (Level 1) (Level 2) (Level 3) Financial liabilities: Interest rate swaps $ (5,895 ) $ — $ (5,895 ) $ — Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of 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)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of preliminary purchase price allocation	The following table summarizes the preliminary purchase price allocation for acquisitions purchased during the six months ended June 30, 2016 (in thousands): June 30, 2016 Land $ 17,176 Buildings and improvements 119,030 Acquired in-place leases (1) 7,862 Total purchase price $ 144,068 ______________________ (1) The weighted average amortization period for acquired in-place leases is 14.1 years for acquisitions completed during the six months ended June 30, 2016.
Schedule of estimated revenue and net loss, on a pro forma basis	The following table summarizes selected financial information of the Company as if all of the 2016 Acquisitions were completed on January 1, 2015 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the three and six months ended June 30, 2016 and 2015, respectively (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Pro forma basis: Revenue $ 22,466 $ 15,668 $ 45,084 $ 44,510 Net income $ 2,585 $ 500 $ 5,387 $ 13,018

Derivative Instruments and He23

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 (in thousands): Outstanding Notional Amount as of Interest Rate (1) Effective Date Maturity Date Fair Value of Liabilities as of Balance Sheet Location June 30, 2016 June 30, 2016 December 31, 2015 Interest Rate Swaps Derivative liabilities, deferred rental income and other liabilities (2) $ 254,070 3.3% to 3.8% 2/10/2015 to 3/19/2015 12/12/2019 to 4/1/2020 $ (5,895 ) $ (306 ) ______________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2016 . (2) As of December 31, 2015, one of the interest rate swaps with an outstanding notional amount of $200.0 million was in an asset position with a fair value balance of $591,000 and is included in prepaid expenses, property escrow deposits and other assets in the accompanying condensed consolidated unaudited balance sheets, as of December 31, 2015.

Notes Payable and Credit Faci24

Notes Payable and Credit Facility (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt	The following table summarizes the debt balances as of December 31, 2015 and June 30, 2016 and the debt activity for the six months ended June 30, 2016 (in thousands): During the Six Months Ended June 30, 2016 Balance as of Debt Issuance, Net (1) Repayments Accretion and (Amortization) Balance as of June 30, 2016 Fixed rate debt $ 238,565 $ — $ — $ — $ 238,565 Variable rate debt 9,787 — (9,787 ) — — Credit Facility 267,962 130,000 (97,962 ) — 300,000 Line of credit with affiliate 30,000 — (30,000 ) — — Total debt 546,314 130,000 (137,749 ) — 538,565 Deferred costs (2) (2,220 ) (111 ) — 285 (2,046 ) Total debt, net $ 544,094 $ 129,889 $ (137,749 ) $ 285 $ 536,519 ______________________ (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.

Supplemental Cash Flow Disclo25

Supplemental Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow disclosures	Supplemental cash flow disclosures for the six months ended June 30, 2016 and 2015 are as follows (in thousands): Six Months Ended June 30, 2016 2015 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 3,007 $ 1,556 Accrued capital expenditures $ 17 $ 127 Change in fair value of interest rate swaps $ (6,180 ) $ 1,544 Accrued financing costs $ — $ 10 Common stock issued through distribution reinvestment plan $ 8,168 $ 4,597 Accrued distribution and stockholder servicing fees due to affiliates $ 131 $ — Supplemental Cash Flow Disclosures: Interest paid $ 9,768 $ 6,926

Related-Party Transactions an26

Related-Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2016
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): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling commissions $ 4,400 $ 2,550 $ 9,392 $ 3,752 Selling commissions reallowed by CCC $ 4,400 $ 2,550 $ 9,392 $ 3,752 Dealer manager fees $ 1,677 $ 760 $ 3,456 $ 1,113 Dealer manager fees reallowed by CCC $ 655 $ 337 $ 1,404 $ 486 Other organization and offering costs $ 1,773 $ 809 $ 3,626 $ 1,204 Distribution and stockholder servicing fees $ 1 (1) $ — $ 1 (1) $ — Distribution and stockholder servicing fees reallowed by CCC $ 1 (1) $ — $ 1 (1) $ — Acquisition fees and expenses (2) $ 3,014 $ 106 3,135 $ 156 Advisory fees and expenses (2) $ 2,104 $ 1,394 3,948 $ 2,641 Operating expenses (2) $ 532 $ 412 1,082 $ 623 ______________________ (1) Amounts are calculated for the respective period in accordance with the dealer manager agreement and exclude the estimated liability for future distribution and stockholder servicing fees payable to CCC of $130,000 , which is included in due to affiliates in the condensed consolidated unaudited balance sheets with a corresponding decrease to capital in excess of par value, as described in Note 2 – Summary of Significant Accounting Policies. (2) During the six months ended June 30, 2015 , CCI II Advisors permanently waived its rights to expense reimbursements totaling $297,000 , which are excluded from the table above as the Company is not responsible for this amount. No such amounts were waived during the six months ended June 30, 2016 .

Organization and Business (Deta

Organization and Business (Details) $ / shares in Units, ft² in Millions	Jan. 13, 2014USD ($)shares	Jun. 30, 2016USD ($)ft²propertystatesshares	Apr. 29, 2016USD ($)$ / shares	Apr. 11, 2016$ / shares	Sep. 17, 2013USD ($)$ / shares
Organization and business [Line Items]
Issuance of common stock		$ 178,699,000
Number of states in which entity operates | states		18
Percentage of rentable space leased		100.00%
Consolidated properties
Organization and business [Line Items]
Number of real estate properties | property		32
Net rentable area (in square feet) | ft²		10.4
Common Stock
Organization and business [Line Items]
Net asset value per share (in dollars per share) | $ / shares				$ 10
Class A Common Stock | Common Stock
Organization and business [Line Items]
Issuance of common stock (in shares) | shares		17,330,822
Issuance of common stock		$ 173,000
Class T Common Stock | Common Stock
Organization and business [Line Items]
Issuance of common stock (in shares) | shares		328,871
Issuance of common stock		$ 3,000
IPO | Common Stock
Organization and business [Line Items]
Issuance of common stock (in shares) | shares		59,600,000
Issuance of common stock		$ 595,400,000
Organization and offering costs, selling commissions and dealer manager fees		59,200,000
IPO | Escrow deposits
Organization and business [Line Items]
Common stock, value, subscriptions	$ 2,500,000
IPO | Escrow deposits | Common Stock
Organization and business [Line Items]
Issuance of common stock (in shares) | shares	275,000
IPO | Class A Common Stock
Organization and business [Line Items]
Common stock, shares authorized, value (up to)			$ 1,500,000,000		$ 2,500,000,000
Share price (in dollars per share) | $ / shares			$ 10.99	10.99	$ 10
IPO | Class A Common Stock | Common Stock
Organization and business [Line Items]
Issuance of common stock		591,900,000
IPO | Class A Common Stock | Distribution reinvestment plan
Organization and business [Line Items]
Common stock, shares authorized, value (up to)					$ 475,000,000
Share price (in dollars per share) | $ / shares				$ 10	$ 9.50
IPO | Class T Common Stock
Organization and business [Line Items]
Common stock, shares authorized, value (up to)			$ 1,000,000,000
Share price (in dollars per share) | $ / shares			$ 10.53
IPO | Class T Common Stock | Common Stock
Organization and business [Line Items]
Issuance of common stock		$ 3,500,000
CCC II OP
Organization and business [Line Items]
General partner partnership interest percentage		100.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)propertyclass_of_stockshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)propertyclass_of_stockshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)property
Class of Stock [Line Items]
Depreciation		$ 3,700,000		$ 7,300,000
Amortization		$ 1,600,000		3,300,000
Impairment			$ 0	$ 0
Assets held for sale | property	0		0		0
Restricted cash	$ 1,165,000		$ 1,165,000		$ 1,540,000
Restricted cash held in lender cash management accounts	1,000,000		1,000,000		1,300,000
Restricted cash, held in lender escrow accounts for property	98,000		98,000		76,000
Distribution and stockholder fees payable	130,000		130,000
Escrowed investor proceeds	100,000		100,000		238,000
Allowance for doubtful accounts	$ 0		$ 0		$ 0
Classes of common stock | class_of_stock	2		2
Weighted average number diluted shares outstanding adjustment (in shares) | shares	0	0	0	0
Class T Common Stock | Advisors
Class of Stock [Line Items]
Distribution and stockholder servicing fee calculated on daily basis, percent			0.00022%
Building
Class of Stock [Line Items]
Acquired real estate asset, useful life (in years)			40 years

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Significant Other Observable Inputs (Level 2) - Affiliated entity - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Estimate of fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 552.8	$ 549.9
Carrying (reported) amount, fair value disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 538.6	$ 546.3

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset		$ 591
Financial liability	$ (5,895)	(306)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset		0
Financial liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset		591
Financial liability	(5,895)	(306)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial asset		0
Financial liability	$ 0	$ 0

Real Estate Acquisitions - Narr

Real Estate Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)property
Property Acquisitions, 2016
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property		2
Aggregate purchase price		$ 144,100
Weighted average amortization period (in years)		14 years 1 month 6 days
Revenue recorded	$ 780	$ 780
Loss recorded	$ 2,600	$ 2,600
Property Acquisitions, 2015
Business Acquisition [Line Items]
Number of businesses acquired (in properties) | property			0
Acquisition-related Expenses | Property Acquisitions, 2014
Business Acquisition [Line Items]
Aggregate purchase price			$ 491

Real Estate Acquisitions - Sche

Real Estate Acquisitions - Schedule of Preliminary Purchase Price Allocation (Details) - Property Acquisitions, 2016 $ in Thousands	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Land	$ 17,176
Buildings and improvements	119,030
Total purchase price	144,068
Acquired in-place leases
Business Acquisition [Line Items]
Acquired in-place leases	$ 7,862

Real Estate Acquisitions - Sc33

Real Estate Acquisitions - Schedule of Pro Forma Revenue and Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Acquisition-related costs	$ 3,162,000	$ 606,000	$ 3,310,000	$ 645,000
Property Acquisitions, 2016
Business Acquisition [Line Items]
Revenue	22,466,000	15,668,000	45,084,000	44,510,000
Net income	2,585,000	$ 500,000	5,387,000	$ 13,018,000
Acquisition-related costs	$ 0		$ 3,000,000

Real Estate Acquisitions - Assi

Real Estate Acquisitions - Assignment of Purchase and Sales Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business Combinations [Abstract]
Assignment fee income	$ 0	$ 0	$ 0	$ 12,767
Assignment fee transaction expenses				$ 520

Real Estate Acquisitions - Prop

Real Estate Acquisitions - Property Concentrations (Details) - Sales revenue, services, net	6 Months Ended
	Jun. 30, 2016propertytenant
Customer concentration risk
Concentration Risk [Line Items]
Number of tenants | tenant	3
Geographic concentration risk | MASSACHUSETTS
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%
Number of real estate properties	2
Geographic concentration risk | OHIO
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Number of real estate properties	4
Geographic concentration risk | ARIZONA
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Number of real estate properties	1
Credit concentration risk | Manufacturing Industry
Concentration Risk [Line Items]
Concentration risk, percentage	27.00%
Credit concentration risk | Wholesale Industry
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%
Credit concentration risk | Retail-Internet
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Credit concentration risk | Logistics Industry
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Credit concentration risk | Mining and Natural Resources Industry
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Tenant one | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	15.00%
Tenant two | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%
Tenant three | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%

Derivative Instruments and He36

Derivative Instruments and Hedging Activities (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)derivative	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)derivative
Derivatives, Fair Value [Line Items]
Amount of loss reclassified from other comprehensive loss into income as interest expense	$ 583,000	$ 771,000	$ 1,194,000	$ 1,085,000
Portion of change in fair value of derivative considered ineffective	0	$ 0	$ 0	$ 0
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative agreement entered during period (in derivatives) | derivative			0
Interest rate cash flow hedge loss to be reclassified during next twelve months	2,200,000		$ 2,200,000
Derivative liability, event of default, termination amount	6,100,000		6,100,000
Cash Flow Hedging | Interest Rate Swap | Derivative Liabilities, Deferred Rental Income and Other Liabilities
Derivatives, Fair Value [Line Items]
Outstanding notional amount	254,070,000		254,070,000
Fair value of liabilities	$ (5,895,000)		$ (5,895,000)		$ (306,000)
Cash Flow Hedging | Interest Rate Swap | Property Escrow Deposits, Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Outstanding notional amount					$ 200,000,000
Derivative instrument held in asset position (in derivatives) | derivative					1
Fair value of assets					$ 591,000
Minimum | Cash Flow Hedging | Interest Rate Swap | Derivative Liabilities, Deferred Rental Income and Other Liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.30%		3.30%
Maximum | Cash Flow Hedging | Interest Rate Swap | Derivative Liabilities, Deferred Rental Income and Other Liabilities
Derivatives, Fair Value [Line Items]
Interest rate (percentage)	3.80%		3.80%

Notes Payable and Credit Faci37

Notes Payable and Credit Facility - Narrative (Details)	6 Months Ended
	Jun. 30, 2016USD ($)	Feb. 05, 2016USD ($)	Jan. 27, 2016	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Debt outstanding, net of deferred financing costs	$ 536,519,000			$ 544,094,000
Debt, weighted average interest rate (percentage)	3.80%
Debt instrument, weighted average years to maturity (in years)	3 years 7 months 2 days
Debt outstanding	$ 538,565,000			546,314,000
Line of credit outstanding	$ 536,519,000			514,094,000
Percentage of rentable space leased	100.00%
Freeport-Mcmoran Corporation
Debt Instrument [Line Items]
Percentage of rentable space leased			99.00%
Letter of credit		$ 4,900,000
Notes Payable | Fixed Rate Debt
Debt Instrument [Line Items]
Debt, weighted average interest rate (percentage)	4.20%
Debt outstanding	$ 238,565,000			238,565,000
Aggregate balance of gross real assets, net of gross intangible lease liabilities	$ 385,000,000
Notes Payable | Fixed Rate Debt | Minimum
Debt Instrument [Line Items]
Interest rate spread	3.29%
Notes Payable | Fixed Rate Debt | Maximum
Debt Instrument [Line Items]
Interest rate spread	4.766%
Notes Payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps
Debt Instrument [Line Items]
Debt outstanding	$ 54,100,000
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Total asset value, threshold for maturity date	$ 1,000,000,000
Line of credit | Revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate spread	1.60%
Line of credit | Revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate spread	2.45%
Line of credit | JPMorgan Chase, Credit Agreement | Term loan and revolving line of credit
Debt Instrument [Line Items]
Line of credit facility, covenant, minimum consolidated net worth	$ 193,969,000
Line of credit facility, covenant, minimum consolidated net worth (percentage)	75.00%
Line of credit | JPMorgan Chase, Credit Agreement | Term loan and revolving line of credit | Minimum
Debt Instrument [Line Items]
Debt instrument, covenant, fixed charge coverage ratio	1.50
Line of credit | JPMorgan Chase, Credit Agreement | Term loan and revolving line of credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant, leverage ratio (less than or equal to) (percentage)	60.00%
Line of credit | JPMorgan Chase, Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding	$ 300,000,000			267,962,000
Line of credit facility, borrowing capacity (up to)	400,000,000
Line of credit outstanding	$ 100,000,000
Interest rate, effective percentage	3.00%
Line of credit facility, remaining borrowing capacity	$ 95,100,000
Line of credit | JPMorgan Chase, Revolving Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity (up to)	$ 200,000,000
Line of credit | JPMorgan Chase, credit facility, base rate committed loan | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.60%
Line of credit | JPMorgan Chase, credit facility, base rate committed loan | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.45%
Line of credit | JPMorgan Chase, credit facility, base rate committed loan | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.50%
Line of credit | Affiliated line of credit, Series C, LLC loan | Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding	$ 0			$ 30,000,000
Line of credit facility, current borrowing capacity	30,000,000
Loans Payable | JPMorgan Chase, Revolving Credit Facility | Term Loan
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity (up to)	200,000,000
Line of credit outstanding	$ 200,000,000
Interest rate, effective percentage	3.80%
Loan Collateralized by Freeport Property | Freeport Loan | Freeport-Mcmoran Corporation
Debt Instrument [Line Items]
Principal amount	$ 71,500,000

Notes Payable and Credit Faci38

Notes Payable and Credit Facility - Schedule of Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Debt [Roll Forward]
Long-term debt, gross, beginning balance	$ 546,314,000
Deferred costs, beginning of period	(2,220,000)
Total debt, net, beginning of period	544,094,000
Debt issuances, gross	130,000,000	$ 135,423,000
Payments of debt issuance costs	(111,000)
Debt issuance, net	129,889,000
Repayments	(137,749,000)
Accretion and (Amortization)	285,000
Amortization of deferred financing costs	285,000
Long-term debt, gross, ending balance	538,565,000
Deferred costs, end of period	(2,046,000)
Total debt, net, end of period	536,519,000
Notes Payable | Fixed Rate Debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	238,565,000
Debt issuances, gross	0
Repayments	0
Long-term debt, gross, ending balance	238,565,000
Notes Payable | Variable Rate Debt
Debt [Roll Forward]
Long-term debt, gross, beginning balance	9,787,000
Debt issuances, gross	0
Repayments	(9,787,000)
Long-term debt, gross, ending balance	0
Revolving credit facility | Line of credit | JPMorgan Chase, credit facility
Debt [Roll Forward]
Long-term debt, gross, beginning balance	267,962,000
Debt issuances, gross	130,000,000
Repayments	(97,962,000)
Long-term debt, gross, ending balance	300,000,000
Revolving credit facility | Line of credit | Affiliated line of credit, Series C, LLC loan
Debt [Roll Forward]
Long-term debt, gross, beginning balance	30,000,000
Debt issuances, gross	0
Repayments	(30,000,000)
Long-term debt, gross, ending balance	$ 0

Supplemental Cash Flow Disclo39

Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$ 3,007	$ 1,556	$ 2,158
Accrued capital expenditures	17	127
Change in fair value of interest rate swaps	(6,180)	1,544
Accrued financing costs	0	10
Common stock issued through distribution reinvestment plan	8,168	4,597
Accrued distribution and stockholder servicing fees due to affiliates	131	0
Supplemental Cash Flow Disclosures:
Interest paid	$ 9,768	$ 6,926

Commitments and Contingencies (

Commitments and Contingencies (Details) - Capital Addition Purchase Commitments $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)property
Unrecorded Unconditional Purchase Obligation [Line Items]
Ownership interest acquired (percentage)	100.00%
Number of businesses acquired (in properties) | property	1
Aggregate purchase price	$ 21,600
Escrow deposit, property acquisition	$ 216

Related-Party Transactions an41

Related-Party Transactions and Arrangements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Distribution and stockholder fees payable	$ 130,000		$ 130,000
Due to affiliates	$ 1,290,000		$ 1,290,000		$ 1,510,000
Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset	0.75%		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%		0.70%
Average invested assets over $4 bilion
Related Party Transaction [Line Items]
Annualized rate percentage paid on average invested asset	0.65%		0.65%
Minimum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	$ 0		$ 0
Minimum | Average invested assets between $2 billion to $4 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000		2,000,000,000
Minimum | Average invested assets over $4 bilion
Related Party Transaction [Line Items]
Average invested assets	4,000,000,000		4,000,000,000
Maximum | Average invested assets between $0 to $2 billion
Related Party Transaction [Line Items]
Average invested assets	2,000,000,000		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		$ 4,000,000,000
Dealer manager commission reallowed | Selling commissions reallowed by CCC
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	100.00%		100.00%
Advisors
Related Party Transaction [Line Items]
Cumulative noncompounded annual return	8.00%		8.00%
Due to affiliates	$ 1,300,000		$ 1,300,000		$ 1,500,000
Advisors | Minimum
Related Party Transaction [Line Items]
Operating expense reimbursement percentage	2.00%		2.00%
Operating expense reimbursement percentage of net income	25.00%		25.00%
Advisors | Property portfolio | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	6.00%		6.00%
Advisors | Performance fee
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Related party transaction, expenses from transactions with related party	$ 0	$ 0	$ 0	$ 0
Advisors | Performance fee | Listing commission
Related Party Transaction [Line Items]
Commissions performance and other fees percent	15.00%		15.00%
Advisors | Brokerage commission fee | Maximum
Related Party Transaction [Line Items]
Commissions performance and other fees percent	50.00%		50.00%
Advisors | Selling commissions
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 4,400,000	2,550,000	$ 9,392,000	3,752,000
Advisors | Selling commissions reallowed by CCC
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	4,400,000	2,550,000	9,392,000	3,752,000
Advisors | Dealer manager fees
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,677,000	760,000	3,456,000	1,113,000
Advisors | Dealer manager fees reallowed by CCC
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	655,000	337,000	1,404,000	486,000
Advisors | Other organization and offering costs
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 1,773,000	809,000	$ 3,626,000	1,204,000
Advisors | Other organization and offering costs | Maximum
Related Party Transaction [Line Items]
Organization and offering expense limit percentage	2.00%		2.00%
Advisors | Distribution and stockholder servicing fees
Related Party Transaction [Line Items]
Distribution and servicing fee, termination of payments threshold, percentage of total gross investment	7.00%		7.00%
Distribution and servicing fee, termination of payments threshold, percentage gross proceeds from shares in offering	10.00%		10.00%
Related party transaction, expenses from transactions with related party	$ 1,000	0	$ 1,000	0
Advisors | Distribution and stockholder servicing fees reallowed by CCC
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	1,000	0	1,000	0
Advisors | Acquisition fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 3,014,000	106,000	$ 3,135,000	156,000
Advisors | Acquisition fees and expenses | Maximum
Related Party Transaction [Line Items]
Acquisition and advisory fee (percentage)	6.00%		6.00%
Advisors | Acquisition fees and expenses | Maximum | Contract purchase price of each asset
Related Party Transaction [Line Items]
Acquisition and advisory fee (percentage)	2.00%		2.00%
Advisors | Property sales commission
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	0	$ 0	0
Advisors | Property sales commission | 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%		1.00%
Advisors | Advisory fees and expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 2,104,000	1,394,000	$ 3,948,000	2,641,000
Advisors | Operating expenses
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	532,000	412,000	1,082,000	623,000
Advisors | Waived Fees and Expense Reimbursements
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party			0	297,000
Series C, Llc | Affiliated line of credit, Series C, LLC loan | Line of credit | Revolving credit facility
Related Party Transaction [Line Items]
Interest expense	$ 197,000	$ 358,000	$ 197,000	$ 358,000
Class A Common Stock | Dealer manager commission | Selling commissions | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	7.00%		7.00%
Class A Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%		2.00%
Class T Common Stock | Dealer manager commission | Selling commissions | Maximum
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	3.00%		3.00%
Class T Common Stock | Dealer manager | Dealer manager fees
Related Party Transaction [Line Items]
Commissions percentage on stock sales and related dealer manager fees	2.00%		2.00%
Class T Common Stock | Advisors
Related Party Transaction [Line Items]
Distribution and servicing fee, percentage of NAV per share			0.00022%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended		6 Months Ended
	Aug. 11, 2016	Aug. 09, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Gross offering proceeds			$ 170,531,000	$ 55,626,000
Redemption of stock			2,634,000
Line of credit outstanding			$ 536,519,000		$ 514,094,000
Class A Common Stock | Common Stock
Subsequent Event [Line Items]
Issuance of common stock (in shares)			17,330,822
Redemption of stock (in shares)			275,065
Redemption of stock			$ 3,000
Class T Common Stock | Common Stock
Subsequent Event [Line Items]
Issuance of common stock (in shares)			328,871
IPO | Common Stock
Subsequent Event [Line Items]
Issuance of common stock (in shares)			59,600,000
Subsequent event
Subsequent Event [Line Items]
Redemption of stock (in shares)	97,000
Redemption of stock	$ 946,000
Redemption of stock (in dollars per share)	$ 9.73
Subsequent event | Revolving credit facility | Line of credit
Subsequent Event [Line Items]
Line of credit outstanding		$ 260,000,000
Line of credit facility, remaining borrowing capacity		135,100,000
Subsequent event | IPO | Common Stock
Subsequent Event [Line Items]
Gross offering proceeds		$ 631,200,000
Issuance of common stock (in shares)		63,000,000
Subsequent event | IPO | Class A Common Stock | Common Stock
Subsequent Event [Line Items]
Gross offering proceeds		$ 619,500,000
Issuance of common stock (in shares)		61,900,000
Subsequent event | IPO | Class T Common Stock | Common Stock
Subsequent Event [Line Items]
Gross offering proceeds		$ 11,700,000
Issuance of common stock (in shares)		1,100,000