Peakstone Realty Trust (PKST) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 10, 2017
Class of Stock [Line Items]
Entity Registrant Name	Griffin Capital Essential Asset REIT II, Inc.
Entity Central Index Key	1,600,626
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class T
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		265
Class S
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		265
Class D
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		266
Class I
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		264,830
Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		25,885,947
Class AA
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		49,688,227
Class AAA
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		960,265

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 44,120	$ 49,340
Restricted cash		14,454	14,221
Real estate:
Land		122,482	117,569
Building and improvements		815,345	787,999
Tenant origination and absorption cost		240,364	227,407
Construction in progress		288	80
Total real estate		1,178,479	1,133,055
Less: accumulated depreciation and amortization		(72,665)	(39,955)
Total real estate, net		1,105,814	1,093,100
Intangible assets, net		3,387	3,528
Due from affiliates		368	0
Deferred rent		18,651	5,674
Other assets, net		13,071	18,612
Total assets		1,199,865	1,184,475
LIABILITIES AND EQUITY
Revolving Credit Facility		345,303	330,272
AIG Loan		126,265	126,200
Total debt		471,568	456,472
Restricted reserves		35,547	55,797
Accrued expenses and other liabilities		21,455	21,527
Distributions payable		1,612	1,494
Due to affiliates		16,330	22,481
Below market leases, net		52,572	55,319
Total liabilities		599,084	613,090
Commitments and contingencies
Stockholders' equity:
Common Stock, $0.001 par value - Authorized: 800,000,000 and 700,000,000 shares as of September 30, 2017 and December 31, 2016, respectively;76,785,836 and 70,939,647 shares outstanding in aggregate, as of September 30, 2017 and December 31, 2016, respectively	[1]	77	71
Additional paid-in capital		656,821	615,653
Cumulative distributions		(71,937)	(38,406)
Accumulated deficit		(14,203)	(23,788)
Accumulated other comprehensive income		824	841
Total stockholders' equity		571,582	554,371
Noncontrolling interests		79	84
Total equity		571,661	554,455
Total liabilities and equity		1,199,865	1,184,475
Common stock subject to redemption
LIABILITIES AND EQUITY
Common stock subject to redemption		$ 29,120	$ 16,930
[1]	See Note 8, Equity, for the number of shares outstanding of each class of common stock as of September 30, 2017 and December 31, 2016.

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Common stock, par value (in USD per share)	$ 0.001
Common stock, number of shares authorized (in shares)	1,000,000,000
Common stock, number of shares outstanding (in shares)	76,785,836	70,939,647
Common Stock [Member]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, number of shares authorized (in shares)	800,000,000	700,000,000
Common stock, number of shares outstanding (in shares)	76,785,836	70,939,647

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Rental income	$ 22,926	$ 13,123	$ 67,211	$ 34,421
Property expense recovery	4,423	3,211	12,671	7,745
Total revenue	27,349	16,334	79,882	42,166
Expenses:
Asset management fees to affiliates	2,758	1,627	8,299	4,259
Property management fees to affiliates	452	260	1,347	659
Property operating	1,787	1,158	4,886	2,711
Property tax	2,511	1,664	7,244	4,368
Acquisition fees and expenses to non-affiliates	0	384	0	880
Performance fees to affiliates	213	0	213	0
Acquisition fees and expenses to affiliates	0	3,325	0	6,324
General and administrative	831	690	2,736	2,109
Corporate operating expenses to affiliates	566	501	1,679	1,492
Depreciation and amortization	11,236	7,299	32,710	18,910
Total expenses	20,354	16,908	59,114	41,712
Income (loss) before other income and (expenses)	6,995	(574)	20,768	454
Other income (expense):
Other income, net	101	0	265	1
Interest expense	(3,997)	(2,162)	(11,445)	(7,157)
Net income (loss)	3,099	(2,736)	9,588	(6,702)
Less: Net (income) loss attributable to noncontrolling interests	(1)	1	(3)	3
Net income (loss) attributable to common stockholders	$ 3,098	$ (2,735)	$ 9,585	$ (6,699)
Net income (loss) attributable to common stockholders, basic and diluted (usd per share)	$ 0.04	$ (0.05)	$ 0.13	$ (0.15)
Weighted average number of common shares outstanding, basic and diluted (shares)	76,157,963	57,388,366	75,441,620	45,609,558
Dividends declared per common share (usd per share)	$ 0.14	$ 0.14	$ 0.42	$ 0.42

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,099	$ (2,736)	$ 9,588	$ (6,702)
Other comprehensive income (loss):
Change in fair value of swap agreement	(87)	281	(17)	(50)
Total comprehensive income (loss)	3,012	(2,455)	9,571	(6,752)
Less: comprehensive (income) loss attributable to noncontrolling interests	(1)	1	(3)	3
Comprehensive income (loss) attributable to common stockholders	$ 3,011	$ (2,454)	$ 9,568	$ (6,749)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Distributions	Accumulated Deficit	Accumulated Other Comprehensive Income	Total Stockholders’ Equity	Non- controlling Interests
Beginning balance at Dec. 31, 2015	$ 224,942	$ 29	$ 250,757	$ (8,258)	$ (17,684)	$ 0	$ 224,844	$ 98
Beginning balance (shares) at Dec. 31, 2015		28,556,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Gross proceeds from issuance of common stock	406,463	$ 40	406,423				406,463
Gross proceeds from issuance of common stock (shares)		40,700,406
Discount on issuance of common stock	(696)		(696)				(696)
Offering costs including dealer manager fees to affiliates	(43,340)		(43,340)				(43,340)
Distributions to common stockholders	(12,479)			(12,479)			(12,479)
Issuance of shares for distribution reinvestment plan	0	$ 2	15,157	(15,159)			0
Issuance of shares for distribution reinvestment plan (shares)		1,599,355
Repurchase of common stock	(1,627)	$ 0	(1,627)				(1,627)
Repurchase of common stock (in shares)		(167,442)
Additions to common stock subject to redemption	(13,531)		(13,531)				(13,531)
Issuance of stock dividends	0	$ 0	2,510	(2,510)			0
Issuance of stock dividends (in shares)		251,158
Distributions to noncontrolling interest	(11)							(11)
Net income (loss)	(6,107)				(6,104)		(6,104)	(3)
Other comprehensive income (loss)	841					841	841	0
Ending balance at Dec. 31, 2016	$ 554,455	$ 71	615,653	(38,406)	(23,788)	841	554,371	84
Ending balance (shares) at Dec. 31, 2016	70,939,647	70,939,647
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Gross proceeds from issuance of common stock	$ 41,788	$ 4	41,784				41,788
Gross proceeds from issuance of common stock (shares)		4,201,793
Discount on issuance of common stock	(16)		(16)				(16)
Stock-based compensation	267		267				267
Stock-based compensation (in shares)		25,500
Offering costs including dealer manager fees to affiliates	(3,414)		(3,414)				(3,414)
Distributions to common stockholders	(14,436)			(14,436)			(14,436)
Issuance of shares for distribution reinvestment plan	16,546	$ 2	16,544	(16,546)
Issuance of shares for distribution reinvestment plan (shares)		1,762,964
Repurchase of common stock	(3,798)	$ 0	(3,798)				(3,798)
Repurchase of common stock (in shares)		(413,842)
Additions to common stock subject to redemption	(12,748)		(12,748)				(12,748)
Issuance of stock dividends	0	$ 0	2,549	(2,549)
Issuance of stock dividends (in shares)		269,774
Distributions to noncontrolling interest	(8)							(8)
Net income (loss)	9,588				9,585		9,585	3
Other comprehensive income (loss)	(17)					(17)	(17)	0
Ending balance at Sep. 30, 2017	$ 571,661	$ 77	$ 656,821	$ (71,937)	$ (14,203)	$ 824	$ 571,582	$ 79
Ending balance (shares) at Sep. 30, 2017	76,785,836	76,785,836

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net income (loss)	$ 9,588	$ (6,702)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation of building and improvements	15,053	7,701
Amortization of tenant origination and absorption costs	17,657	11,209
Amortization of above and below market leases	(3,389)	(2,654)
Amortization of deferred financing costs	826	577
Deferred rent	(13,227)	(2,461)
Stock based compensation	267	0
Unrealized loss (gain) on interest rate swap	60	(168)
Change in operating assets and liabilities:
Other assets, net	3,730	(955)
Accrued expenses and other liabilities, net	(862)	1,126
Due to affiliates, net	1,345	328
Net cash provided by operating activities	31,048	8,001
Investing Activities:
Acquisition of properties, net	(44,234)	(254,336)
Restricted reserves	(20,251)	0
Payments for construction in progress	(407)	0
Real estate acquisition deposits	250	(4,050)
Net cash used in investing activities	(64,642)	(258,386)
Financing Activities:
Principal payoff of indebtedness - Credit Facility	0	(55,000)
Proceeds from borrowings - Credit Facility	14,300	17,900
Deferred financing costs	(30)	(54)
Issuance of common stock, net of offering costs	32,228	307,931
Repurchase of common stock	(3,798)	(1,436)
Distributions paid to common stockholders	(14,318)	(7,566)
Distributions paid to noncontrolling interests	(8)	(8)
Net cash provided by financing activities	28,374	261,767
Net (decrease) increase in cash and cash equivalents	(5,220)	11,382
Cash and cash equivalents at the beginning of the period	49,340	17,610
Cash and cash equivalents at the end of the period	44,120	28,992
Supplemental Disclosures of Significant Non-Cash Transactions:
Decrease in fair value swap agreement	(17)	(50)
Increase in Stockholder Servicing Fee Payable	564	14,281
Increase in distribution payable - common stock	118	694
Common stock issued pursuant to the distribution reinvestment plan	$ 16,546	$ 10,212

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Griffin Capital Essential Asset REIT II, Inc., a Maryland corporation (the “Company”), was formed on November 20, 2013 under the Maryland General Corporation Law and qualified as a real estate investment trust (“REIT”) commencing with the year ended December 31, 2015. The Company was organized primarily with the purpose of acquiring single tenant net lease properties that are considered essential to the occupying tenant, and has used a substantial amount of the net proceeds from its initial public offering ("IPO") to invest in these properties. The Company’s year end is December 31. Griffin Capital Company, LLC, a Delaware limited liability company (the “Sponsor”), is the sponsor of the Company. The Sponsor, which was formerly known as Griffin Capital Corporation, began operations in 1995 to principally engage in acquiring and developing office and industrial properties. Kevin A. Shields, the Company's Chief Executive Officer and Chairman of the Company's board of directors, controls the Sponsor. Griffin Capital Essential Asset Advisor II, LLC, a Delaware limited liability company (the “Advisor”), was formed on November 19, 2013. Griffin Capital Real Estate Company, LLC, a Delaware limited liability company ("GRECO"), is the sole member of the Advisor and Griffin Capital, LLC, a Delaware limited liability company ("GC"), is the sole member of GRECO. The Sponsor is the sole member of GC. The Advisor is responsible for managing the Company’s affairs on a day-to-day basis and identifying and making acquisitions and investments on behalf of the Company under the terms of the Advisory Agreement (as defined below). The Company's officers are also officers of the Advisor and officers of the Sponsor. Griffin Capital Securities, LLC (the “Dealer Manager”) is a Delaware limited liability company and is a wholly-owned subsidiary of GC. The Dealer Manager is responsible for marketing the Company’s shares offered pursuant to the Company's public offerings. The Company’s property manager is Griffin Capital Essential Asset Property Management II, LLC, a Delaware limited liability company (the “Property Manager”), which was formed on November 19, 2013 to manage the Company’s properties, or provide oversight of other property managers engaged by the Company or an affiliate of the Company. The Property Manager derives substantially all of its income from the property management services it performs for the Company. Griffin Capital Essential Asset Operating Partnership II, L.P., a Delaware limited partnership (the “Operating Partnership”), was formed on November 21, 2013. On February 11, 2014, the Advisor purchased a 99% limited partnership interest and special limited partnership interest in the Operating Partnership for $0.2 million and on February 11, 2014, the Company contributed the initial one thousand dollars capital contribution it received to the Operating Partnership in exchange for a 1% general partner interest. The Operating Partnership owns, and will own, directly or indirectly, all of the properties acquired by the Company. The Operating Partnership will conduct certain activities through the Company’s taxable REIT subsidiary, Griffin Capital Essential Asset TRS II, Inc., a Delaware corporation (the “TRS”), formed on November 22, 2013, which is a wholly-owned subsidiary of the Operating Partnership. The TRS had no activity as of September 30, 2017 . In 2014, the Company registered $2.2 billion in common shares in its IPO, consisting of $2.0 billion in common shares to be offered to the public in the primary portion of the IPO and $200.0 million in common shares for sale pursuant to the Company's distribution reinvestment plan (“DRP”). (See Note 8, Equity, for additional details.) In September 2016, the Company's board of directors approved the close of the primary portion of the IPO effective January 20, 2017; however, the Company continued to offer shares pursuant to the DRP. On April 6, 2017, the Company filed a Registration Statement on Form S-3 with the SEC for the registration of 3.0 million shares for sale pursuant to the DRP. The DRP may be terminated at any time upon 10 days’ prior written notice to stockholders, which may be provided through the Company's filings with the SEC. On September 20, 2017, the Company commenced a follow-on offering of up to $2.2 billion of shares (the "Follow-On Offering"), consisting of up to $2.0 billion of shares in the Company's primary offering and $0.2 billion of shares pursuant to the DRP. The Company reclassified all Class T and Class I shares sold in the IPO as "Class AA" and "Class AAA" shares, respectively. The Company is offering to the public four new classes of shares of common stock: Class T shares, Class S shares, Class D shares and Class I shares (the "New Shares") with net asset value ("NAV") based pricing. The share classes have different selling commissions, dealer manager fees and ongoing distribution fees. The Company's board of directors, including a majority of the independent directors, has adopted valuation procedures that contain a comprehensive set of methodologies to be used in connection with the calculation of the NAV. On September 20, 2017, an affiliate entity purchased 263,992 New Shares for $2.5 million . The Company's charter authorizes up to 1,000,000,000 shares of stock, of which 800,000,000 shares are designated as common stock at $0.001 par value per share and 200,000,000 shares are designated as preferred stock at $0.001 par value per share. The Company's 800,000,000 shares of common stock are authorized as follows: 150,000,000 shares are classified as Class T shares, 150,000,000 shares are classified as Class S shares, 150,000,000 shares are classified as Class D shares, 150,000,000 shares are classified as Class I shares, 70,000,000 shares are classified as Class A shares, 120,000,000 shares are classified as Class AA shares and 10,000,000 shares are classified as Class AAA shares. The Dealer Manager is responsible for marketing the Company’s shares being offered pursuant to the Follow-On Offering. On September 18, 2017, the Company and the Dealer Manager entered into a dealer manager agreement for the Follow-On Offering. The dealer manager agreement may be terminated by either party upon prior written notice. See Note 10, Related Party Transactions , for additional discussion. The Company, the Operating Partnership and the Advisor were parties to an advisory agreement dated July 31, 2014, as amended by Amendment No. 1 to advisory agreement dated March 18, 2015, Amendment No. 2 to advisory agreement dated November 2, 2015, Amendment No. 3 to advisory agreement dated December 16, 2015, Amendment No. 4 to advisory agreement dated February 9, 2016 and Amendment No. 5 to advisory agreement dated June 14, 2017 (collectively, the "Original Advisory Agreement"), pursuant to which the Advisor agreed to provide certain services to the Company and the Operating Partnership, and the Company agreed to provide certain compensation to the Advisor in exchange for such services. On September 20, 2017, the Company entered into an amended and restated advisory agreement (the "Advisory Agreement") with the Advisor and the Operating Partnership, which replaced the Original Advisory Agreement and modifies various provisions including the fees and expense reimbursements payable to the Advisor. See Note 10, Related Party Transactions , for additional details. On September 20, 2017, the Company, as general partner of the Operating Partnership, entered into a Third Amended and Restated Limited Partnership Agreement of the Operating Partnership (the "Third Amended and Restated Operating Partnership Agreement") on behalf of itself and the limited partners. The Third Amended and Restated Operating Partnership Agreement is substantially similar to our prior limited partnership agreement, except that it has been updated to reflect changes to the distributions and fees to which the Advisor is entitled, include additional classes of Operating Partnership units, and make other conforming changes. See Note 10, Related Party Transactions , for additional details. In connection with the Follow-On Offering, the Company's board of directors adopted an amended and restated DRP effective as of September 30, 2017 to include the New Shares under the DRP. In connection with the Follow-On Offering, the Company’s board of directors adopted a share redemption program for the New Shares (the “New Share Redemption Program”). Under this program, stockholders of the New Shares are allowed to redeem their shares after a one -year holding period at a redemption price equal to the NAV per share for the applicable class generally on the 13th of the month immediately prior to the end of the applicable quarter. The IPO share redemption program remains available for stockholders who purchased shares in the Company’s IPO. (See Note 8, Equity , for additional details.)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since the Company filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2016 (except as noted below). For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC. The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The unaudited consolidated financial statements include accounts and related adjustments of the Company, the Operating Partnership and the TRS, if applicable, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position for the interim period. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its subsidiaries. Intercompany transactions are not shown on the consolidated statements. However, each property owning entity is a wholly owned subsidiary which is a special purpose entity, whose assets and credit are not available to satisfy the debts or obligations of any other entity, except to the extent required with respect to any co-borrower or guarantor under the same credit facility. Revenue Recognition Leases associated with the acquisition and contribution of certain real estate assets (see Note 3, Real Estate ) have net minimum rent payment increases during the term of the lease and are recorded to rental revenue on a straight-line basis, commencing as of the contribution or acquisition date. If a lease provides for contingent rental income, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Tenant reimbursement revenue, which is comprised of additional amounts collected from tenants for the recovery of certain operating expenses, including repair and maintenance, property taxes and insurance, and capital expenditures, to the extent allowed pursuant to the lease (collectively, "Recoverable Expenses"), is recognized as revenue when the additional rent is due. Recoverable Expenses to be reimbursed by a tenant are determined based on the Company's estimate of the property's operating expenses for the year, pro rated based on leased square footage of the property, and are collected in equal installments as additional rent from the tenant, pursuant to the terms of the lease. At the end of each quarter, the Company reconciles the amount of additional rent paid by the tenant during the quarter to the actual amount of Recoverable Expenses incurred by the Company for the same period. The difference, if any, is either charged or credited to the tenant pursuant to the provisions of the lease. In certain instances, the lease may restrict the amount the Company can recover from the tenant such as a cap on certain or all property operating expenses. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of September 30, 2017 and December 31, 2016 , there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. The Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings per Share. ASC 260-10 requires the computations of basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect the change in capital structure, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the consolidated financial statements are issued or are available to be issued, the per-share computations for those and any prior-period consolidated financial statements presented shall be based on the new number of shares. Segment Information ASC Topic 280, Segment Reporting , establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment. Recently Issued Accounting Pronouncements In August 2017, the FASB issued an ASU that simplifies hedge accounting. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. For cash flow hedges that are highly effective, the new standard requires all changes (effective and ineffective components) in the fair value of the hedging instrument to be recorded in other comprehensive income and to be reclassified into earnings only when the hedged item impacts earnings. Current guidance requires a periodic recognition of hedge ineffectiveness in earnings. Under existing standards a quantitative assessment is made on an ongoing basis to determine if a hedge is highly effective in offsetting changes in cash flows associated with the hedged item. Under the new standard, entities will still be required to perform an initial quantitative test. However, the new standard allows entities to elect to subsequently perform only a qualitative assessment unless facts and circumstances change. The ASU is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. For cash flow hedges in existence at the date of adoption, an entity is required to apply a cumulative-effect adjustment for previously recognized ineffectiveness from retained earnings to accumulated other comprehensive income, as of the beginning of the fiscal year when an entity adopts the amendments in this ASU. The Company utilizes interest rate hedge agreements to hedge a portion of exposure to variable interest rates primarily associated with borrowings based on LIBOR. As a result, all interest rate hedge agreements are designated as cash flow hedges. During the three and nine months ended September 30, 2017 and September 30, 2016 , the ineffectiveness related to the Company's interest rate hedge agreement was immaterial. Therefore, the Company does not believe this ASU would have an impact on operating results for the nine months ended September 30, 2017 . In January 2017, the FASB issued ASU No. 2017-01, Business Combinations, that clarified the definition of a business. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this update on October 1, 2016. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU No. 2016-02"). ASU No. 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The accounting applied by a lessor is largely unchanged under ASU No. 2016-02. The Company is currently conducting an evaluation of the impact of the guidance on the Company's consolidated financial statements and related disclosures. The Company currently believes that the adoption of the standard will not significantly change the accounting for operating leases on the Company's consolidated balance sheets where the Company is the lessor, and that such leases will be accounted for in a similar method to existing standards with the underlying leased asset being reported and recognized as a real estate asset. The Company currently expects that certain non-lease components will need to be accounted for separately from the lease components, with the lease components continuing to be recognized on a straight-line basis over the term of the lease and certain non-lease components (such as common area maintenance and provision of utilities) being accounted for under the new revenue recognition guidance in ASU No. 2014-09 discussed below, even when revenue for such non-lease components is not separately stipulated in the lease. The Company is evaluating whether the bifurcation of non-lease components will affect the timing or recognition of certain lease revenues. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 replaces substantially all industry-specific revenue recognition requirements and converges areas under this topic with International Financial Reporting Standards. ASU No. 2014-09 implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. ASU No. 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. Other major provisions in ASU No. 2014-09 include capitalizing and amortizing certain contract costs, ensuring the time value of money is considered in the applicable transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. ASU No. 2014-09 was originally effective for reporting periods beginning after December 31, 2016 (for public entities). On April 1, 2015, the FASB voted to defer the effective date of ASU No. 2014-09 by one year, to annual reporting periods beginning after December 15, 2017. On July 9, 2015, the FASB affirmed its proposal to defer the effective date to annual reporting periods beginning after December 15, 2017, although entities may elect to adopt the standard as of the original effective date. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the recognition of gains and losses on the sale of real estate assets as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements is a substantial portion of the Company’s revenue, is specifically excluded from ASU No. 2014-09 and will be governed by the applicable lease codification (ASU No. 2016-02). In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU No. 2014-09. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . The amendments clarify how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation, and how it should apply the control principle to certain types of arrangements, such as service transactions, by explaining what a principal controls before the specified good or service is transferred to the customer. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements of ASU No. 2014-09 described above. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the recognition of reporting revenue gross versus net on its consolidated financial statements as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate	Real Estate As of September 30, 2017 , the Company's real estate portfolio consisted of 27 properties ( 35 buildings) in 17 states consisting of office, industrial, distribution, and data center facilities with a combined acquisition value of $1.1 billion including the allocation of the purchase price to above and below-market lease valuation, encompassing approximately 7.3 million square feet. Depreciation expense for buildings and improvements for the nine months ended September 30, 2017 was $ 15.0 million . Amortization expense for intangibles, including but not limited to, tenant origination and absorption costs for the nine months ended September 30, 2017 , was $ 17.7 million . The purchase price and other acquisition items for the properties acquired during the nine months ended September 30, 2017 are shown below. Paid to Advisor Property Location Tenant/Major Lessee Acquisition Date Purchase Price Approx. Square Feet Acquisition Fees and Reimbursable Expenses (1) Contingent Advisor Payment (2) Year of Lease Expiration Allstate Lone Tree, CO Allstate Insurance Company 1/31/2017 $ 14,750 (3) 70,300 $ 402 $ 273 2026 MISO Carmel, IN Midcontinent Independent System Operator, Inc. 5/15/2017 $ 28,600 133,400 $ 696 $ 529 2028 (1) Under the Original Advisory Agreement, the fee consisted of a 2.0% base acquisition fee and acquisition expense reimbursement for actual acquisition expenses incurred, estimated to be approximately 1% of acquisition value. (2) Under the Original Advisory Agreement, the Advisor was entitled to receive an acquisition fee in an amount up to 3.85% of the contract purchase price for each property the Company acquired. The acquisition fee consisted of a 2.0% base acquisition fee and up to an additional 1.85% contingent advisor payment (the "Contingent Advisor Payment"); provided, however, that $5.0 million of amounts advanced by the Advisor for dealer manager fees and organizational and offering expenses (the "Contingent Advisor Payment Holdback") would be retained by the Company until the later of (a) the termination of the IPO, including any follow-on offerings where the Advisor provides up-front funding of offering fees, or (b) July 31, 2017, at which time such amount would be paid to the Advisor. On July 31, 2017, the Company paid to the Advisor the Contingent Advisor Payment Holdback of $5.0 million , which consisted of amounts previously advanced by the Advisor for dealer manager fees and organizational and offering expenses. (3) The purchase price for the Allstate property was $14.8 million , plus closing costs, less a credit in the amount of $0.4 million applied at closing. Real Estate - Valuation and Purchase Price Allocation The Company allocates the purchase price to the fair value of the tangible assets of a property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company's review of the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In calculating the “as-if vacant” value for acquisitions completed during the nine months ended September 30, 2017 , the Company used discount rates ranging from 5.75% to 8.25% . In determining the fair value of intangible lease assets or liabilities, the Company also considers Level 3 inputs. Acquired above and below-market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property that would be incurred to lease the property to its occupancy level at the time of its acquisition. Acquisition costs associated with asset acquisitions are capitalized in the period they are incurred. The following summarizes the purchase price allocations for the properties acquired during the nine months ended September 30, 2017 : Property (1) Land Building and Improvements Tenant Origination and Absorption Cost In-Place Lease Valuation Above Market In-Place Lease Valuation (Below) Market Total Allstate $ 1,808 $ 9,071 $ 5,019 $ — $ (1,001 ) $ 14,897 MISO $ 3,104 $ 18,077 $ 7,937 $ 218 $ — $ 29,336 (1) The Company evaluated the transactions above under the clarified framework for determining whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU No. 2017-01, Business Combinations, issued in January 2017, which the Company early-adopted effective October 1, 2016. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. Since the transactions above lacked a substantive process, the transactions did not meet the definition of a business and consequently were accounted for as asset acquisitions. The Company allocated the total consideration (including acquisition costs of approximately $1.2 million ) to the individual assets and liabilities acquired on a relative fair value basis. Future Minimum Contractual Rent Payments The future minimum contractual rent payments pursuant to the current lease terms are shown in the table below. The Company's current leases have expirations ranging from 2020 to 2044. As of September 30, 2017 Remaining 2017 $ 16,734 2018 71,707 2019 78,887 2020 80,492 2021 72,677 Thereafter 602,341 Total $ 922,838 Intangibles The Company allocated a portion of the acquired real estate asset value to in-place lease valuation and tenant origination and absorption cost. The in-place lease was measured against comparable leasing information and the present value of the difference between the contractual, in-place rent and the fair market rent was calculated using, as the discount rate, the capitalization rate utilized to compute the value of the real estate at acquisition. The intangible assets are amortized over the remaining lease terms of the respective properties, which on a weighted-average basis, was approximately 10.6 and 11.4 years as of September 30, 2017 and December 31, 2016 , respectively. September 30, 2017 December 31, 2016 In-place lease valuation (above market) $ 4,046 $ 3,828 In-place lease valuation (above market), accumulated amortization (659 ) (300 ) Intangible assets, net $ 3,387 $ 3,528 In-place lease valuation (below market) $ (62,070 ) $ (61,069 ) In-place lease valuation (below market) - accumulated amortization 9,498 5,750 In-place lease valuation (below market), net $ (52,572 ) $ (55,319 ) Tenant origination and absorption cost $ 240,364 $ 227,407 Tenant origination and absorption cost - accumulated amortization (41,066 ) (23,409 ) Tenant origination and absorption cost, net $ 199,298 $ 203,998 The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Amortization (income) expense for the nine months ended September 30, 2017 2016 In-place lease valuation $ (3,389 ) $ (2,654 ) Tenant origination and absorption cost $ 17,657 $ 11,209 The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, and tenant origination and absorption costs as of September 30, 2017 for the next five years : Year In-Place Lease Valuation Tenant Origination and Absorption Costs Remaining 2017 $ (1,174 ) $ 6,050 2018 $ (4,695 ) $ 24,198 2019 $ (4,695 ) $ 24,198 2020 $ (4,695 ) $ 24,198 2021 $ (3,799 ) $ 19,715

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2017 and December 31, 2016 , the Company's debt and related deferred financing costs consisted of the following: September 30, 2017 December 31, 2016 Contractual Interest Rate (1) Payment Type Loan Maturity Effective Interest Rate (4) Revolving Credit Facility $ 347,758 $ 333,458 2.74% Interest Only December 2019 (2) 2.96% AIG Loan 126,970 126,970 4.15% Interest Only (3) November 2025 4.22% Total Debt 474,728 460,428 Unamortized deferred financing costs (3,160 ) (3,956 ) Total Debt, net $ 471,568 $ 456,472 (1) The 2.74% contractual interest rate is based on a 360 -day year, pursuant to the Revolving Credit Facility. The 2.78% weighted-average interest rate is based on a 365 -day year. As discussed below, the interest rate on the Revolving Credit Facility (as defined below) is a one-month LIBO Rate + 1.50% . As of September 30, 2017 , the LIBO Rate was 1.24% . Including the effect of an interest rate swap agreement with a notional amount of $100.0 million , the weighted average interest rate as of September 30, 2017 was approximately 3.04% for the Company's fixed-rate and variable-rate debt combined. (2) The Revolving Credit Facility has an initial term of four years, maturing on December 12, 2018, and may be extended for a one -year period if certain conditions are met and upon payment of an extension fee. See discussion below. (3) The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter. (4) Reflects the effective interest rate at September 30, 2017 and includes the effect of amortization of deferred financing costs. Revolving Credit Facility On December 12, 2014, the Company, through the Operating Partnership, entered into a revolving credit agreement (the “Revolving Credit Facility”), co-led by KeyBank, N.A. ("KeyBank") and JPMorgan Chase Bank, N.A. with KeyBank as administrative agent, JPMorgan Chase Bank, N.A. as syndication agent, and a syndicate of lenders. Pursuant to the Revolving Credit Facility, the Company was provided with an initial commitment of $250.0 million , which commitment may be increased under certain circumstances up to a maximum total commitment of $1.25 billion . On August 11, 2015, the Company exercised its right under the credit agreement to increase the total commitments from $250.0 million to $410.0 million . On November 22, 2016, the Company, through the Operating Partnership, entered into an amendment (the "Increase Agreement") to the Revolving Credit Facility with KeyBank as administrative agent; Bank of America, N.A., SunTrust Bank, Capital One, National Association ("Capital One"), and Wells Fargo Bank, National Association, as co-syndication agents; and KeyBanc Capital Markets, Merrill Lynch, Pierce, Fenner and Smith Incorporated, SunTrust Robinson Humphrey, Inc., Capital One, and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners to exercise its right under the Revolving Credit Facility to increase the total commitments from $410.0 million to $550.0 million . In connection with the Increase Agreement, the Company, through the Operating Partnership, also entered into a Joinder Agreement with KeyBank and U.S. Bank National Association ("U.S. Bank"), for the admission of U.S. Bank as a lender with a commitment of $50.0 million under the Revolving Credit Facility (the "Joinder Agreement"). With the admission of U.S. Bank, JPMorgan Chase Bank, N.A. terminated its commitment under the Revolving Credit Facility and no longer serves as a lender, syndication agent, joint bookrunner, or joint lead arranger under the Revolving Credit Facility. AIG Loan On October 22, 2015, six special purpose entities that are wholly-owned by the Operating Partnership entered into promissory notes with The Variable Annuity Life Insurance Company, American General Life Insurance Company, and the United States Life Insurance Company (collectively, the "Lenders"), pursuant to which the Lenders provided such special purpose entities with a loan in the aggregate amount of approximately $127.0 million (the "AIG Loan"). Debt Covenant Compliance Pursuant to the terms of the Revolving Credit Facility and AIG Loan, the Company is subject to certain loan compliance covenants. The Company was in compliance with all applicable covenants as of September 30, 2017 .

Interest Rate Contracts

Interest Rate Contracts	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Contracts	Interest Rate Contracts Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. Specifically, the Company entered into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by expected cash payments principally related to borrowings and interest rates. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivatives for trading or speculative purposes. Derivative Instrument On February 25, 2016, the Company entered into an interest rate swap agreement to hedge the variable cash flows associated with the LIBO Rate-based variable-rate debt, on the Company's Revolving Credit Facility. The interest rate swap is effective for the period from April 1, 2016 to December 12, 2018 with a notional amount of $100.0 million . The effective portion of the change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income ("AOCI") and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. The following table sets forth a summary of the interest rate swap at September 30, 2017 and December 31, 2016 : Fair value (1) Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2017 December 31, 2016 Assets Interest Rate Swap 4/1/2016 12/12/2018 0.74% $ 920 $ 996 (1) The Company records all derivative instruments on a gross basis on the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of September 30, 2017 , the Company's derivative was in an asset position, and as such, the fair value is included in the line item "Other Assets, net" on the consolidated balance sheet. The following table sets forth the impact of the interest rate swap on the consolidated statements of operations for the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of loss recognized in AOCI on derivative (effective portion) $ 190 Amount of (gain) reclassified from AOCI into earnings under “Interest expense” (effective portion) $ (207 ) Amount of (loss) recognized in earnings under “Interest expense” (ineffective portion and amount excluded from effectiveness testing) $ (60 ) During the twelve months subsequent to September 30, 2017 , the Company estimates that an additional $0.7 million of income will be recognized from AOCI into earnings. Our agreement with the derivative counterparty contains a provision where if the Company defaults on any of the Company's indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then the Company could also be declared in default on its derivative obligation. As of September 30, 2017 , the fair value of interest rate swap was in an asset position excluding any adjustment for nonperformance risk related to our derivative counterparty agreement, which was approximately $0.9 million . As of September 30, 2017 , the Company had not posted any collateral related to our derivative counterparty agreement.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company is required to disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) "significant other observable inputs," and (iii) "significant unobservable inputs." "Significant other observable inputs" can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. "Significant unobservable inputs" are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the nine months ended September 30, 2017 . The following table sets forth the assets that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2017 : Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Interest Rate Swap at: September 30, 2017 $ 920 $ — $ 920 $ — December 31, 2016 $ 996 $ — $ 996 $ — Financial instruments as of September 30, 2017 consisted of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, other accrued expenses, and borrowings. With the exception of the mortgage loan in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of September 30, 2017 . The fair value of the mortgage loan is estimated by discounting the loan’s principal balance over the remaining term of the mortgage using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the mortgage loan valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt, and there were no transfers into and out of fair value measurement levels during the nine months ended September 30, 2017 and for the year ended December 31, 2016 . September 30, 2017 December 31, 2016 Fair Value Carrying Value (1) Fair Value Carrying Value (1) AIG Loan $ 122,411 $ 126,970 $ 120,322 $ 126,970 (1) The carrying value of the AIG Loan does not include deferred financing costs as of September 30, 2017 and December 31, 2016 . See Note 4, Debt , for details.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Prepaid rent $ 4,966 $ 9,484 Leasing commission payable 3,783 3,783 Accrued Property Taxes 3,683 2,678 Other liabilities 9,023 5,582 Total $ 21,455 $ 21,527

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Equity	Equity Status of Offerings On January 20, 2017, the Company closed the primary portion of the IPO; however, the Company continued to offer shares pursuant to the DRP. On April 6, 2017, the Company filed a Registration Statement on Form S-3 with the SEC for the registration of 3.0 million shares for sale pursuant to the DRP. The DRP may be terminated at any time upon 10 days’ prior written notice to stockholders, which may be provided through the Company's filings with the SEC. On September 20, 2017, the Company commenced the Follow-On Offering of up to $2.2 billion of shares consisting of up to $2.0 billion of shares in the Company's primary offering and $0.2 billion of shares pursuant to the DRP. The Company reclassified all Class T and Class I shares sold in the IPO as "Class AA" and "Class AAA" shares, respectively. Share Classes Class T shares, Class S shares, Class D shares, Class I shares, Class A shares, Class AA shares and Class AAA shares vote together as a single class, and each share is entitled to one vote on each matter submitted to a vote at a meeting of the Company's stockholders; provided that with respect to any matter that would only have a material adverse effect on the rights of a particular class of common stock, only the holders of such affected class are entitled to vote . The following table summarizes shares issued and gross proceeds for each share class as of September 30, 2017 and outstanding shares as of September 30, 2017 and December 31, 2016 : Class T Class S Class D Class I Class A Class AA Class AAA Total Gross proceeds from primary portion of offerings $ 3 $ 3 $ 3 $ 2,493 $ 240,780 $ 474,858 $ 8,379 $ 726,519 Gross proceeds from DRP $ — $ — $ — $ 4 $ 17,860 $ 18,178 $ 250 $ 36,292 Shares issued in primary portion of offerings 264 264 264 263,200 24,199,760 47,562,870 901,225 72,927,847 DRP shares issued — — — 418 1,888,742 1,929,510 26,620 3,845,290 Stock distribution shares issued — — — — 263,641 300,165 4,677 568,483 Restricted stock units issued — — — — — — 25,500 25,500 Total redemptions — — — — (415,143 ) (166,141 ) — (581,284 ) Total Shares outstanding as of 9/30/2017 264 264 264 263,618 25,937,000 49,626,404 958,022 76,785,836 Total Shares outstanding as of 12/31/2016 — — — — 25,562,982 44,595,631 781,034 70,939,647 Offering and Organizational Costs Pursuant to the Advisory Agreement, in no event will the Company be obligated to reimburse the Advisor for organizational and offering costs incurred in connection with the Follow-On Offering totaling in excess of 15% (including selling commissions, dealer manager fees, distribution fees and non-accountable due diligence expense allowance but excluding acquisition expenses or any fees, if ever applicable) of the gross proceeds raised in the Follow-On Offering (excluding gross proceeds from the DRP). If the organizational and offering costs exceeded such limits discussed above, within 60 days after the end of the month in which the Follow-On Offering terminated or was completed, the Advisor would have been obligated to reimburse the Company for any excess amounts. As long as the Company is subject to the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association (“NASAA REIT Guidelines”), such limitation discussed above will also apply to any future public offerings. As of September 30, 2017 , organizational and offering costs relating to the Follow-On Offering were 59.3% of gross offering proceeds, including selling commissions, dealer manager fees and distribution fees. Therefore, if the Follow-On Offering was terminated on September 30, 2017 , the Advisor would be liable for organizational and offering costs incurred by the Company of approximately $1.1 million . Approximately $0.7 million of organizational and offering costs the Advisor is liable for as of September 30, 2017 is deducted from "Due to Affiliates" and the remaining $0.4 million is included in "Other Assets, net" on the consolidated balance sheet. Organizational and offering costs incurred as of September 30, 2017 , including those incurred by the Company and due to the Advisor, for the Follow-On Offering are as follows: September 30, 2017 Cumulative offering costs $ 1,196 Cumulative organizational costs $ 287 Organizational and offering costs advanced by the Advisor $ 990 Organizational and offering costs paid by the Company 493 Adjustment to organizational and offering costs pursuant to the limitation: Reduction in due to affiliates (740 ) Due from affiliates (368 ) Net due to Advisor $ 375 As of September 30, 2017 , organizational and offering costs incurred by the Company related to the IPO were approximately $75.1 million . In addition, the total outstanding amounts of the Contingent Advisor Payment Holdback as of September 30, 2017 and December 31, 2016 were $0.2 million and $5.4 million , respectively. Amendment and Restatement of Distribution Reinvestment Plan In connection with the Follow-On Offering, on September 8, 2017, the Company's board of directors amended and restated the DRP effective as of September 30, 2017, to include the New Shares under the DRP. The amended and restated DRP allows stockholders to have distributions otherwise distributable to them invested in additional shares of common stock of the same class. No selling commissions, dealer manager fees or stockholder servicing fees are paid on shares sold through the DRP, but the DRP shares will be charged the applicable distribution fee payable with respect to all shares of the applicable class. The purchase price per share under the DRP is equal to the NAV per share applicable to the class of shares purchased, calculated as of the distribution date. IPO Shares - Share Redemption Program The Company has a share redemption program for holders of Class A, Class AA, and Class AAA shares ("IPO Shares") who have held their shares for less than four years, which enables IPO stockholders to sell their shares back to the Company in limited circumstances ("IPO Share Redemption Program"). The Company's IPO Share Redemption Program permits stockholders to submit their IPO Shares for redemption after they have held them for at least one year, subject to the significant conditions and limitations described below. There are several restrictions under the IPO Share Redemption Program. A stockholder generally has to hold his or her shares for one year before submitting shares for redemption under the program; however, the Company may waive the one-year holding period in the event of the death, qualifying disability or bankruptcy of a stockholder. In addition, the Company will limit the number of IPO Shares redeemed pursuant to the IPO Share Redemption Program as follows: (1) during any calendar year, the Company will not redeem in excess of 5% of the weighted average number of IPO Shares outstanding during the prior calendar year; and (2) funding for the redemption of shares will be limited to the amount of net proceeds the Company receives from the sale of IPO Shares under the Company's DRP. These limits may prevent the Company from accommodating all requests made in any year. In addition, stockholders holding IPO Shares for four years or longer will be eligible to utilize the share redemption program for the New Shares, and redeem at 100% of the NAV of the applicable share class. During the three and nine months ended September 30, 2017 and 2016 , the Company redeemed shares of its outstanding common stock as follows: Three Months Ended September 30, Nine Months Ended September 30, Period 2017 2016 2017 2016 Shares of common stock redeemed 146,083 128,049 413,842 147,553 Weighted average price per share $ 9.06 $ 9.71 $ 9.18 $ 9.73 As long as the common stock is not listed on a national securities exchange or over-the-counter market, stockholders who have held their stock for at least one year may be able to have all or a portion consisting of at least 25% of their shares of stock redeemed by the Company. Share redemption requests must be received by the Company no later than the last business day of the calendar quarter, and shares generally will be redeemed on the last business day of the month following such calendar quarter. The redemption price per IPO Share is expected to be the redemption rate set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price per IPO Share Less than 1 year No Redemption Allowed After one year from the purchase date 90.0% of the Redemption Amount (as defined below) After two years from the purchase date 95.0% of the Redemption Amount After three years from the purchase date 97.5% of the Redemption Amount After four years from the purchase date 100.0% of the Redemption Amount The Redemption Amount for shares purchased under the Company's IPO Share Redemption Program shall be the lesser of (i) the amount the stockholder paid for their shares or (ii) the NAV of the shares. Shares redeemed in connection with the death or qualifying disability of a stockholder may be repurchased at the purchase price of such shares. The redemption price per share will be reduced by the aggregate amount of net proceeds per share, if any, distributed to the stockholders prior to the repurchase date as a result of a “special distribution.” While the board of directors does not have specific criteria for determining a special distribution, the Company expects that a special distribution will only occur upon the sale of a property and the subsequent distribution of the net sale proceeds. The redemption price per share is subject to adjustment as determined from time to time by the board of directors. As the use of the proceeds from the DRP related to the IPO shares for redemptions is outside the Company’s control, the net proceeds from the DRP related to the IPO shares are considered to be temporary equity and are presented as common stock subject to redemption on the accompanying consolidated balance sheets. The cumulative proceeds from the DRP related to the IPO shares, net of any redemptions, will be computed at each reporting date and will be classified as temporary equity on the Company’s consolidated balance sheets. As noted above, the redemption is limited to proceeds from new permanent equity from the sale of shares pursuant to the Company’s DRP related to the IPO shares. As of September 30, 2017 , $ 29.1 million of common stock was available for redemption and $1.7 million of common stock was reclassified from redeemable common stock to accrued expenses and other liabilities in the consolidated balance sheet as of September 30, 2017 . New Share Redemption Program In connection with the Follow-On Offering, the Company’s board of directors adopted the New Share Redemption Program for the New Shares (and IPO Shares that have been held for four years or longer). Under the New Share Redemption Program, the Company will redeem shares as of the last business day of each quarter. The redemption price will be equal to the NAV per share for the applicable class generally on the 13th of the month immediately prior to the end of the applicable quarter. Redemption requests exceeding the quarterly cap will be filled on a pro rata basis. There are several restrictions under the New Share Redemption Program. Stockholders generally have to hold their shares for one year before submitting their shares for redemption under the program; however, the Company will waive the one-year holding period in the event of the death or qualifying disability of a stockholder. Shares issued pursuant to the DRP are not subject to the one-year holding period. In addition, the New Share Redemption Program generally imposes a quarterly cap on aggregate redemptions of the New Shares (and IPO shares that have been held for four years or longer) equal to a value of up to 5% of the aggregate NAV of the outstanding shares of such classes as of the last business day of the previous quarter. As the value on the aggregate redemptions of the New Shares is outside the Company's control, the 5% quarterly cap is considered to be temporary equity and is presented as the common stock subject to redemption on the accompanying consolidated balance sheets. As of September 30, 2017 , the quarterly cap was zero . The Company’s board of directors has the right to modify or suspend the New Share Redemption Program upon 30 days' notice at any time if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. Any such modification or suspension will be communicated to stockholders through the Company’s filings with the SEC. Share-Based Compensation The Company’s board of directors adopted a long-term incentive plan (“Plan”), which provides for the grant of awards to the Company's directors and full-time employees (should the Company ever have employees), directors and full-time employees of the Advisor and affiliate entities that provide services to the Company, and certain consultants that provide services to the Company, the Advisor, or affiliate entities. Awards granted under the Plan may consist of stock options, restricted stock, stock appreciation rights, distribution equivalent rights and other equity-based awards. The stock-based payment will be measured at fair value and recognized as compensation expense over the vesting period. The term of the Plan is ten years and the total number of shares of common stock reserved for issuance under the Plan will be equal to 10% of the outstanding shares of stock at any time, not to exceed 10,000,000 shares in the aggregate. During the first quarter of 2017, the Company issued an aggregate of 15,000 shares of restricted stock to the Company's independent directors. These restricted shares fully vested upon issuance. On June 14, 2017, the Company issued 7,000 shares of restricted stock to each of the Company's independent directors, subject to the independent director's continued service as a director of the Company. Half of the restricted shares vested upon issuance, and the remaining half will vest over a one year period. The Company measured and began recognizing director compensation expense for the 36,000 shares of restricted stock granted during 2017, subject to the vesting period.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent limited partnership interests in the Operating Partnership. The Operating Partnership issued 20,000 limited partnership units for $10 .00 per unit on February 11, 2014, to the Advisor in exchange for the initial capitalization of the Operating Partnership. As of September 30, 2017 , noncontrolling interests were approximately 0.03% of total shares and of weighted average shares outstanding (both measures assuming limited partnership units were converted to common stock). The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (a) the carrying amount, or (b) its redemption value as of the end of the period in which the determination is made. The limited partners of the Operating Partnership will have the right to cause the Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of shares, or, at the Company’s option, the Company may purchase such limited partners' limited partnership units by issuing one share of common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances which could cause the Company to lose its REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. The limited partnership units are reported on the consolidated balance sheets as noncontrolling interests. The following summarizes the activity for noncontrolling interests for the nine months ended September 30, 2017 and the year ended December 31, 2016 : Nine Months Ended September 30, 2017 December 31, 2016 Beginning balance $ 84 $ 98 Distributions to noncontrolling interests (8 ) (11 ) Net income (loss) 3 (3 ) Ending balance $ 79 $ 84

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The following table summarizes due to affiliates as of December 31, 2016 and the related party costs and fees incurred, paid and due to affiliates as of and for the nine months ended September 30, 2017 : December 31, 2016 Nine Months Ended September 30, 2017 Payable Incurred Paid Payable Advisor and Property Manager fees Acquisition fees and expenses (1) $ — $ 1,099 $ 1,099 $ — Operating expenses 18 1,677 609 1,086 Advisory/Asset management fees 807 8,300 8,236 871 Property management fees 143 1,347 1,338 152 Performance fees — 213 — 213 Organizational and offering expenses — 250 — 250 Other costs advanced by the Advisor 12 604 389 227 Selling commissions (2) 54 1,127 1,181 — Dealer Manager fees (2) 18 393 411 — Stockholder servicing fee (3) 16,020 565 3,226 13,359 Advisor Advances (4) : Organization and offering expenses 2,477 136 2,441 172 Dealer Manager fees 2,932 791 3,723 — Total $ 22,481 $ 16,502 $ 22,653 $ 16,330 (1) Effective September 20, 2017, the Advisor is not entitled to acquisition fees, disposition fees or financing fees; provided, however, that the Advisor will receive the compensation set forth in the Original Advisory Agreement for the Company’s investment in an approximately 1,000,000 square foot property located at 39000 Amrheim Road, Livonia, Michigan 48150 with a total transaction price of approximately $80 million . (2) On September 18, 2017, the Company and the Dealer Manager entered into a dealer manager agreement for the Follow-On Offering. See the "Dealer Manager Agreement" section below for details regarding selling commissions and dealer manager fees. (3) The Dealer Manager continues to receive a stockholder servicing fee with respect to Class AA shares as detailed in the Company's IPO prospectus. The stockholder servicing fee is paid quarterly and accrues daily in an amount equal to 1/365th of 1.0% of the NAV per share of the Class AA shares, up to an aggregate of 4% of the gross proceeds of Class AA shares sold. The Company will cease paying the stockholder servicing fee with respect to the Class AA shares at the earlier of (i) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of shares in Company's IPO (excluding proceeds from sales pursuant to the related DRP); (ii) the fourth anniversary of the last day of the fiscal quarter in which the Company's IPO terminated; (iii) the date that such Class AA share is redeemed or is no longer outstanding; and (iv) the occurrence of a merger, listing on a national securities exchange, or an extraordinary transaction. (4) Pursuant to the Original Advisory Agreement, commencing November 2, 2015, the Company remained obligated to reimburse the Advisor for organizational and offering costs incurred after such date. Terms of the organizational and offering costs are included in the Company's 2016 Annual Report on Form 10-K filed on March 15, 2017. Advisory Agreement In connection with the Follow-On Offering, on September 20, 2017, the Company entered into the Advisory Agreement with the Advisor and the Operating Partnership. The Advisory Agreement is substantially similar to the Original Advisory Agreement, except that the Company will not pay the Advisor any acquisition, financing or other similar fees from proceeds raised in the Follow-On Offering in connection with making investments and will instead pay the Advisor an advisory fee that will be payable in arrears on a monthly basis and accrues daily in an amount equal to 1/365th of 1.25% of the NAV for each class of common stock for each day. Performance Distribution So long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Advisor will hold a special limited partner interest in the Operating Partnership that entitles it to receive a distribution from the Operating Partnership equal to 12.5% of the Total Return, subject to a 5.5% Hurdle Amount and a High Water Mark, with a Catch-Up (each term as defined below). Such distribution will be made annually and accrue daily. Specifically, the Advisor will be entitled to a performance distribution in an amount equal to: - First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such annual Excess Profits until the total amount distributed to the Advisor equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount distributed to the Advisor pursuant to this clause (this is commonly referred to as a "Catch-Up"); and - Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits. "Total Return" for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on the Operating Partnership units outstanding at the end of such period since the beginning of the then current calendar year plus (ii) the change in aggregate NAV of such units since the beginning of the year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Operating Partnership units, (y) any allocation/accrual of the performance distribution and (z) applicable distribution fee and stockholder servicing fee expenses (including any payments made to us for payment of such expenses). For the avoidance of doubt, the calculation of the Total Return will (i) include any appreciation or depreciation in the NAV of units issued during the then current calendar year but (ii) exclude the proceeds from the initial issuance of such units. "Hurdle Amount" for any period during a calendar year means that amount that results in a 5.5% annualized internal rate of return on the NAV of the Operating Partnership units outstanding at the beginning of the then current calendar year and all Operating Partnership units issued since the beginning of the then current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such units and all issuances of the Operating Partnership units over the period and calculated in accordance with recognized industry practices. The ending NAV of the Operating Partnership units used in calculating the internal rate of return will be calculated before giving effect to any allocation/accrual of the performance distribution and applicable distribution fee and stockholder servicing fee expenses. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude any Operating Partnership units redeemed during such period, which units will be subject to the performance distribution upon redemption as described below. Except as described in the Loss Carryforward Amount below, any amount by which the Total Return falls below the Hurdle Amount will not be carried forward to subsequent periods. "Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Operating Partnership units redeemed during such year, which units will be subject to the performance distribution upon redemption as described below. The effect of the Loss Carryforward Amount is that the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of the Advisor’s performance distribution. This is referred to as a "High Water Mark." The Advisor will also be allocated a performance distribution with respect to all Operating Partnership units that are redeemed at the end of any quarter (in connection with redemptions of the Company's shares in the share redemption programs) in an amount calculated as described above with the relevant period being the portion of the year for which such unit was outstanding, and proceeds for any such unit redemption will be reduced by the amount of any such performance distribution. Distributions on the performance distribution may be paid in cash or Class I units, at the election of the Advisor. In 2017, the performance distribution will be prorated for the portion of the calendar year that the Follow-On Offering is effective. Operating Expenses The Advisor and its affiliates are entitled to reimbursement for certain expenses incurred on behalf of the Company in connection with providing administrative services, including related personnel costs; provided, however, the Advisor must reimburse the Company for the amount, if any, by which total operating expenses (as defined), including advisory fees, paid during the previous 12 months then ended exceeded the greater of: (i) 2% of the Company’s average invested assets for that 12 months then ended; or (ii) 25% of the Company’s net income, before any additions to reserves for depreciation, bad debts or other expenses connected with the acquisition and disposition of real estate interests and before any gain from the sale of the Company’s assets, for that fiscal year, unless the Company’s board of directors has determined that such excess expenses were justified based on unusual and non-recurring factors. The Company reimbursed the Advisor and its affiliates a portion of the compensation paid by the Advisor and its affiliates for the Company's principal financial officer, Javier F. Bitar, executive vice president, David C. Rupert, and vice president and general counsel, Mary P. Higgins of approximately $0.2 million and $0.1 million , which is included in offering costs for the nine months ended September 30, 2017 and 2016 , for services provided to the Company, for which the Company does not pay the Advisor a fee. In addition, the Company incurred approximately $0.1 million in reimbursable expenses to the Advisor for services provided to the Company by certain of its other executive officers for each of the nine months ended September 30, 2017 and 2016 . The reimbursable expenses include components of salaries, bonuses, benefits and other overhead charges and are based on the percentage of time each executive officer spends on the Company's affairs. Dealer Manager Agreement The Company entered into a dealer manager agreement and associated form of participating dealer agreement (the "Dealer Manager Agreement") with the Dealer Manager. The terms of the Dealer Manager Agreement are substantially similar to the terms of the dealer manager agreement from the Company's IPO, except as it relates to the share classes offered and the fees to be received by the Dealer Manager (terms of the previous dealer manager agreement are included in the Company's 2016 Annual Report on Form 10-K filed on March 15, 2017). Pursuant to the Dealer Manager Agreement, the Company will pay to the Dealer Manager selling commissions of up to 3.0% of the total purchase price for each sale of Class T shares and selling commissions of up to 3.5% of the total purchase price for each sale of Class S shares. The Company will not pay to the Dealer Manager any selling commissions in respect of the purchase of any Class D shares, Class I shares or DRP shares. The Company also will pay to the Dealer Manager dealer manager fees of up to 0.5% of the total purchase price for each sale of Class T shares. The Company will not pay to the Dealer Manager any dealer manager fees in respect of the purchase of any Class S shares, Class D shares, Class I shares or DRP shares. Substantially all of the selling commissions and dealer manager fees may be reallowed by the Dealer Manager to the participating broker-dealers who sold the shares giving rise to such selling commissions and dealer manager fees. Distribution Fees Subject to Financial Industry Regulatory Authority, Inc.'s, limitations on underwriting compensation, under the Dealer Manager Agreement the Company will pay the Dealer Manager a distribution fee for ongoing services rendered to stockholders by participating broker-dealers or broker-dealers servicing investors’ accounts, referred to as servicing broker-dealers: (i) with respect to the outstanding Class T shares equal to 1/365th of 1.0% of the NAV of the outstanding Class T shares for each day, consisting of an advisor distribution fee of 1/365th of 0.75% and a dealer distribution fee of 1/365th of 0.25% of the NAV of the Class T shares for each day; (ii) with respect to the outstanding Class S shares equal to 1/365th of 1.0% of the NAV of the outstanding Class S shares for each day; and (iii) with respect to the outstanding Class D shares equal to 1/365th of 0.25% of the NAV of the outstanding Class D shares for each day. The Company will not pay a distribution fee with respect to the outstanding Class I shares. The distribution fees will accrue daily and be paid monthly in arrears. The Dealer Manager will reallow the distribution fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will retain any such distribution fees to the extent a broker-dealer is not eligible to receive them for failure to provide such services. The Company will cease paying the distribution fee with respect to any Class T share, Class S share or Class D share held in a stockholder's account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total selling commissions, dealer manager fees and distribution fees paid with respect to all shares from the Follow-On Offering held by such stockholder within such account would exceed, in the aggregate, 9.0% (or a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the DRP with respect thereto). At the end of such month, such Class T share, Class S share or Class D share (and any shares issued under the DRP with respect thereto) will convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. In addition, the Company will cease paying the distribution fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of the Company's shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets, including any liquidation of the Company or (iii) the date following the completion of the primary portion of the Follow-On Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Follow-On Offering, including selling commissions, dealer manager fees, the distribution fee and other underwriting compensation, is equal to 9% of the gross proceeds from the Company's primary offering. Property Management Agreement In the event that the Company contracts directly with non-affiliated third party property managers with respect to its individual properties, the Company pays the Property Manager an oversight fee equal to 1.0% of the gross revenues of the property managed, plus reimbursable costs as applicable. Reimbursable costs and expenses include wages and salaries and other expenses of employees engaged in operating, managing and maintaining the Company's properties, as well as certain allocations of office, administrative, and supply costs. In the event that the Company contracts directly with the Property Manager with respect to a particular property, the Company pays the Property Manager aggregate property management fees of up to 3.0% , or greater if the lease so allows, of gross revenues received for management of the Company's properties, plus reimbursable costs as applicable. These property management fees may be paid or re-allowed to third party property managers if the Property Manager contracts with a third party. In no event will the Company pay both a property management fee to the Property Manager and an oversight fee to the Property Manager with respect to a particular property. In addition, the Company may pay the Property Manager or its designees a leasing fee in an amount equal to the fee customarily charged by others rendering similar services in the same geographic area. The Company may also pay the Property Manager or its designees a construction management fee for planning and coordinating the construction of any tenant directed improvements for which the Company is responsible to perform pursuant to lease concessions, including tenant-paid finish-out or improvements. The Property Manager shall also be entitled to a construction management fee of 5.0% of the cost of improvements. In the event that the Property Manager assists with the development or redevelopment of a property, the Company may pay a separate market-based fee for such services. Conflicts of Interest The Sponsor, Advisor, Property Manager and their officers and certain of their key personnel and their respective affiliates currently serve as key personnel, advisors, managers and sponsors or co-sponsors to some or all of 13 other programs affiliated with the Sponsor, including Griffin Capital Essential Asset REIT, Inc. ("GCEAR"), Griffin-American Healthcare REIT III, Inc. ("GAHR III"), and Griffin-American Healthcare REIT IV, Inc. ("GAHR IV"), all of which are publicly-registered, non-traded real estate investment trusts, and Griffin Institutional Access Real Estate Fund ("GIA Real Estate Fund") and Griffin Institutional Access Credit Fund ("GIA Credit Fund"), both of which are non-diversified, closed-end management investment companies that are operated as interval funds under the Investment Company Act of 1940 (the "1940 Act"). Because these persons have competing demands on their time and resources, they may have conflicts of interest in allocating their time between the Company’s business and these other activities. Some of the material conflicts that the Advisor, the Dealer Manager or its affiliates will face are (1) competing demand for time of the Advisor’s executive officers and other key personnel from the Sponsor and other affiliated entities; (2) determining if certain investment opportunities should be recommended to the Company or another program sponsored or co-sponsored by the Sponsor; and (3) influence of the fee structure under the Advisory Agreement and distribution structure of the operating partnership agreement that could result in actions not necessarily in the long-term best interest of the stockholders. The board of directors has adopted the Sponsor’s acquisition allocation policy as to the allocation of acquisition opportunities among the Company and GCEAR, which is as follows: The Sponsor will allocate potential investment opportunities to GCEAR and the Company based on the following factors: • the investment objectives of each program; • the amount of funds available to each program; • the financial impact of the acquisition on each program, including each program’s earnings and distribution ratios; • various strategic considerations that may impact the value of the investment to each program; • the effect of the acquisition on concentration/diversification of each program’s investments; and • the income tax effects of the purchase to each program. In the event all acquisition allocation factors have been exhausted and an investment opportunity remains equally suitable for GCEAR and the Company, the Sponsor will offer the investment opportunity to the REIT that has had the longest period of time elapse since it was offered an investment opportunity. If the Sponsor no longer sponsors GCEAR, then, in the event that an investment opportunity becomes available that is suitable, under all of the factors considered by the Advisor, for both the Company and one or more other entities affiliated with the Sponsor, the Sponsor has agreed to present such investment opportunities to the Company first, prior to presenting such opportunities to any other programs sponsored by or affiliated with the Sponsor. In determining whether or not an investment opportunity is suitable for more than one program, the Advisor, subject to approval by the board of directors, shall examine, among others, the following factors: • anticipated cash flow of the property to be acquired and the cash requirements of each program; • effect of the acquisition on diversification of each program’s investments; • policy of each program relating to leverage of properties; • income tax effects of the purchase to each program; • size of the investment; • no significant increase in the cost of financing; and • amount of funds available to each program and the length of time such funds have been available for investment. Economic Dependency The Company will be dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company's shares of common stock available for issue, the identification, evaluation, negotiation, purchase and disposition of properties and other investments, management of the daily operations of the Company’s real estate portfolio, and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other resources.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

Declaration of Distributions

Declaration of Distributions	9 Months Ended
	Sep. 30, 2017
Declaration of Distributions [Abstract]
Declaration of Distributions	Declaration of Distributions During the quarter ended September 30, 2017 , the Company paid cash distributions in the amount of $0.0015068493 per day per share per Class A share, Class AA share and Class AAA share on the outstanding shares of common stock payable to stockholders of record at the close of business on each day during the period from July 1, 2017 through September 30, 2017 . The Company approved stock distributions in the amount of 0.000013699 Class A shares, Class AA shares or Class AAA shares per day per share payable to stockholders of record at the close of business on each day during the period from July 1, 2017 through September 20, 2017. Such distributions were paid on a monthly basis, on or about the first day of the month, for the month then-ended. On September 8, 2017 , the Company's board of directors declared cash distributions in the amount of $0.0015068493 per day per share per Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share, and Class AAA on the outstanding shares of common stock payable to stockholders of record at the close of business on each day during the period from September 20, 2017 through December 31, 2017. Such distributions payable to each stockholder of record will be paid on such date after the end of such period as the Company's Chief Executive Officer may determine.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Offering Status As of November 10, 2017, the Company had issued 4,046,185 of the Company’s common stock pursuant to the DRP for approximately $38.2 million .

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The unaudited consolidated financial statements include accounts and related adjustments of the Company, the Operating Partnership and the TRS, if applicable, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position for the interim period. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation	The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its subsidiaries. Intercompany transactions are not shown on the consolidated statements. However, each property owning entity is a wholly owned subsidiary which is a special purpose entity, whose assets and credit are not available to satisfy the debts or obligations of any other entity, except to the extent required with respect to any co-borrower or guarantor under the same credit facility.
Revenue Recognition	Revenue Recognition Leases associated with the acquisition and contribution of certain real estate assets (see Note 3, Real Estate ) have net minimum rent payment increases during the term of the lease and are recorded to rental revenue on a straight-line basis, commencing as of the contribution or acquisition date. If a lease provides for contingent rental income, the Company will defer the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Tenant reimbursement revenue, which is comprised of additional amounts collected from tenants for the recovery of certain operating expenses, including repair and maintenance, property taxes and insurance, and capital expenditures, to the extent allowed pursuant to the lease (collectively, "Recoverable Expenses"), is recognized as revenue when the additional rent is due. Recoverable Expenses to be reimbursed by a tenant are determined based on the Company's estimate of the property's operating expenses for the year, pro rated based on leased square footage of the property, and are collected in equal installments as additional rent from the tenant, pursuant to the terms of the lease. At the end of each quarter, the Company reconciles the amount of additional rent paid by the tenant during the quarter to the actual amount of Recoverable Expenses incurred by the Company for the same period. The difference, if any, is either charged or credited to the tenant pursuant to the provisions of the lease. In certain instances, the lease may restrict the amount the Company can recover from the tenant such as a cap on certain or all property operating expenses.
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Per Share Data	Per Share Data The Company reports earnings per share for the period as (1) basic earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period, and (2) diluted earnings per share computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding, including common stock equivalents. As of September 30, 2017 and December 31, 2016 , there were no material common stock equivalents that would have a dilutive effect on earnings (loss) per share for common stockholders. The Company retroactively adjusted the number of common shares outstanding in accordance with ASC 260-10, Earnings per Share. ASC 260-10 requires the computations of basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect the change in capital structure, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the consolidated financial statements are issued or are available to be issued, the per-share computations for those and any prior-period consolidated financial statements presented shall be based on the new number of shares.
Segment Information	Segment Information ASC Topic 280, Segment Reporting , establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. The Company internally evaluates all of the properties and interests therein as one reportable segment.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2017, the FASB issued an ASU that simplifies hedge accounting. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. For cash flow hedges that are highly effective, the new standard requires all changes (effective and ineffective components) in the fair value of the hedging instrument to be recorded in other comprehensive income and to be reclassified into earnings only when the hedged item impacts earnings. Current guidance requires a periodic recognition of hedge ineffectiveness in earnings. Under existing standards a quantitative assessment is made on an ongoing basis to determine if a hedge is highly effective in offsetting changes in cash flows associated with the hedged item. Under the new standard, entities will still be required to perform an initial quantitative test. However, the new standard allows entities to elect to subsequently perform only a qualitative assessment unless facts and circumstances change. The ASU is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. For cash flow hedges in existence at the date of adoption, an entity is required to apply a cumulative-effect adjustment for previously recognized ineffectiveness from retained earnings to accumulated other comprehensive income, as of the beginning of the fiscal year when an entity adopts the amendments in this ASU. The Company utilizes interest rate hedge agreements to hedge a portion of exposure to variable interest rates primarily associated with borrowings based on LIBOR. As a result, all interest rate hedge agreements are designated as cash flow hedges. During the three and nine months ended September 30, 2017 and September 30, 2016 , the ineffectiveness related to the Company's interest rate hedge agreement was immaterial. Therefore, the Company does not believe this ASU would have an impact on operating results for the nine months ended September 30, 2017 . In January 2017, the FASB issued ASU No. 2017-01, Business Combinations, that clarified the definition of a business. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this update on October 1, 2016. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU No. 2016-02"). ASU No. 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU No. 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU No. 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The accounting applied by a lessor is largely unchanged under ASU No. 2016-02. The Company is currently conducting an evaluation of the impact of the guidance on the Company's consolidated financial statements and related disclosures. The Company currently believes that the adoption of the standard will not significantly change the accounting for operating leases on the Company's consolidated balance sheets where the Company is the lessor, and that such leases will be accounted for in a similar method to existing standards with the underlying leased asset being reported and recognized as a real estate asset. The Company currently expects that certain non-lease components will need to be accounted for separately from the lease components, with the lease components continuing to be recognized on a straight-line basis over the term of the lease and certain non-lease components (such as common area maintenance and provision of utilities) being accounted for under the new revenue recognition guidance in ASU No. 2014-09 discussed below, even when revenue for such non-lease components is not separately stipulated in the lease. The Company is evaluating whether the bifurcation of non-lease components will affect the timing or recognition of certain lease revenues. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). ASU No. 2014-09 replaces substantially all industry-specific revenue recognition requirements and converges areas under this topic with International Financial Reporting Standards. ASU No. 2014-09 implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. ASU No. 2014-09 also requires enhanced disclosures regarding the nature, amount, timing, and uncertainty of revenues and cash flows from contracts with customers. Other major provisions in ASU No. 2014-09 include capitalizing and amortizing certain contract costs, ensuring the time value of money is considered in the applicable transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. ASU No. 2014-09 was originally effective for reporting periods beginning after December 31, 2016 (for public entities). On April 1, 2015, the FASB voted to defer the effective date of ASU No. 2014-09 by one year, to annual reporting periods beginning after December 15, 2017. On July 9, 2015, the FASB affirmed its proposal to defer the effective date to annual reporting periods beginning after December 15, 2017, although entities may elect to adopt the standard as of the original effective date. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the recognition of gains and losses on the sale of real estate assets as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements is a substantial portion of the Company’s revenue, is specifically excluded from ASU No. 2014-09 and will be governed by the applicable lease codification (ASU No. 2016-02). In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU No. 2014-09. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . The amendments clarify how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation, and how it should apply the control principle to certain types of arrangements, such as service transactions, by explaining what a principal controls before the specified good or service is transferred to the customer. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements of ASU No. 2014-09 described above. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the recognition of reporting revenue gross versus net on its consolidated financial statements as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Aggregate purchase price of the acquisitions	The purchase price and other acquisition items for the properties acquired during the nine months ended September 30, 2017 are shown below. Paid to Advisor Property Location Tenant/Major Lessee Acquisition Date Purchase Price Approx. Square Feet Acquisition Fees and Reimbursable Expenses (1) Contingent Advisor Payment (2) Year of Lease Expiration Allstate Lone Tree, CO Allstate Insurance Company 1/31/2017 $ 14,750 (3) 70,300 $ 402 $ 273 2026 MISO Carmel, IN Midcontinent Independent System Operator, Inc. 5/15/2017 $ 28,600 133,400 $ 696 $ 529 2028 (1) Under the Original Advisory Agreement, the fee consisted of a 2.0% base acquisition fee and acquisition expense reimbursement for actual acquisition expenses incurred, estimated to be approximately 1% of acquisition value. (2) Under the Original Advisory Agreement, the Advisor was entitled to receive an acquisition fee in an amount up to 3.85% of the contract purchase price for each property the Company acquired. The acquisition fee consisted of a 2.0% base acquisition fee and up to an additional 1.85% contingent advisor payment (the "Contingent Advisor Payment"); provided, however, that $5.0 million of amounts advanced by the Advisor for dealer manager fees and organizational and offering expenses (the "Contingent Advisor Payment Holdback") would be retained by the Company until the later of (a) the termination of the IPO, including any follow-on offerings where the Advisor provides up-front funding of offering fees, or (b) July 31, 2017, at which time such amount would be paid to the Advisor. On July 31, 2017, the Company paid to the Advisor the Contingent Advisor Payment Holdback of $5.0 million , which consisted of amounts previously advanced by the Advisor for dealer manager fees and organizational and offering expenses. (3) The purchase price for the Allstate property was $14.8 million , plus closing costs, less a credit in the amount of $0.4 million applied at closing.
Summary of purchase price allocation	The following summarizes the purchase price allocations for the properties acquired during the nine months ended September 30, 2017 : Property (1) Land Building and Improvements Tenant Origination and Absorption Cost In-Place Lease Valuation Above Market In-Place Lease Valuation (Below) Market Total Allstate $ 1,808 $ 9,071 $ 5,019 $ — $ (1,001 ) $ 14,897 MISO $ 3,104 $ 18,077 $ 7,937 $ 218 $ — $ 29,336 (1) The Company evaluated the transactions above under the clarified framework for determining whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU No. 2017-01, Business Combinations, issued in January 2017, which the Company early-adopted effective October 1, 2016. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions. Since the transactions above lacked a substantive process, the transactions did not meet the definition of a business and consequently were accounted for as asset acquisitions. The Company allocated the total consideration (including acquisition costs of approximately $1.2 million ) to the individual assets and liabilities acquired on a relative fair value basis.
Schedule of future minimum contractual rent payments	The future minimum contractual rent payments pursuant to the current lease terms are shown in the table below. The Company's current leases have expirations ranging from 2020 to 2044. As of September 30, 2017 Remaining 2017 $ 16,734 2018 71,707 2019 78,887 2020 80,492 2021 72,677 Thereafter 602,341 Total $ 922,838
Schedule of allocated real estate asset value	The Company allocated a portion of the acquired real estate asset value to in-place lease valuation and tenant origination and absorption cost. The in-place lease was measured against comparable leasing information and the present value of the difference between the contractual, in-place rent and the fair market rent was calculated using, as the discount rate, the capitalization rate utilized to compute the value of the real estate at acquisition. The intangible assets are amortized over the remaining lease terms of the respective properties, which on a weighted-average basis, was approximately 10.6 and 11.4 years as of September 30, 2017 and December 31, 2016 , respectively. September 30, 2017 December 31, 2016 In-place lease valuation (above market) $ 4,046 $ 3,828 In-place lease valuation (above market), accumulated amortization (659 ) (300 ) Intangible assets, net $ 3,387 $ 3,528 In-place lease valuation (below market) $ (62,070 ) $ (61,069 ) In-place lease valuation (below market) - accumulated amortization 9,498 5,750 In-place lease valuation (below market), net $ (52,572 ) $ (55,319 ) Tenant origination and absorption cost $ 240,364 $ 227,407 Tenant origination and absorption cost - accumulated amortization (41,066 ) (23,409 ) Tenant origination and absorption cost, net $ 199,298 $ 203,998
Schedule of intangible asset amortization and other leasing costs	The amortization of the intangible assets and other leasing costs for the respective periods is as follows: Amortization (income) expense for the nine months ended September 30, 2017 2016 In-place lease valuation $ (3,389 ) $ (2,654 ) Tenant origination and absorption cost $ 17,657 $ 11,209
Schedule of estimated annual amortization (income) expense	The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, and tenant origination and absorption costs as of September 30, 2017 for the next five years : Year In-Place Lease Valuation Tenant Origination and Absorption Costs Remaining 2017 $ (1,174 ) $ 6,050 2018 $ (4,695 ) $ 24,198 2019 $ (4,695 ) $ 24,198 2020 $ (4,695 ) $ 24,198 2021 $ (3,799 ) $ 19,715

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt	As of September 30, 2017 and December 31, 2016 , the Company's debt and related deferred financing costs consisted of the following: September 30, 2017 December 31, 2016 Contractual Interest Rate (1) Payment Type Loan Maturity Effective Interest Rate (4) Revolving Credit Facility $ 347,758 $ 333,458 2.74% Interest Only December 2019 (2) 2.96% AIG Loan 126,970 126,970 4.15% Interest Only (3) November 2025 4.22% Total Debt 474,728 460,428 Unamortized deferred financing costs (3,160 ) (3,956 ) Total Debt, net $ 471,568 $ 456,472 (1) The 2.74% contractual interest rate is based on a 360 -day year, pursuant to the Revolving Credit Facility. The 2.78% weighted-average interest rate is based on a 365 -day year. As discussed below, the interest rate on the Revolving Credit Facility (as defined below) is a one-month LIBO Rate + 1.50% . As of September 30, 2017 , the LIBO Rate was 1.24% . Including the effect of an interest rate swap agreement with a notional amount of $100.0 million , the weighted average interest rate as of September 30, 2017 was approximately 3.04% for the Company's fixed-rate and variable-rate debt combined. (2) The Revolving Credit Facility has an initial term of four years, maturing on December 12, 2018, and may be extended for a one -year period if certain conditions are met and upon payment of an extension fee. See discussion below. (3) The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter. (4) Reflects the effective interest rate at September 30, 2017 and includes the effect of amortization of deferred financing costs.

Interest Rate Contracts (Tables

Interest Rate Contracts (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following table sets forth a summary of the interest rate swap at September 30, 2017 and December 31, 2016 : Fair value (1) Derivative Instrument Effective Date Maturity Date Interest Strike Rate September 30, 2017 December 31, 2016 Assets Interest Rate Swap 4/1/2016 12/12/2018 0.74% $ 920 $ 996 (1) The Company records all derivative instruments on a gross basis on the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of September 30, 2017 , the Company's derivative was in an asset position, and as such, the fair value is included in the line item "Other Assets, net" on the consolidated balance sheet.
Impact of interest rate swap on consolidated statements of operation	The following table sets forth the impact of the interest rate swap on the consolidated statements of operations for the nine months ended September 30, 2017 : Nine Months Ended September 30, 2017 Interest Rate Swap in Cash Flow Hedging Relationship: Amount of loss recognized in AOCI on derivative (effective portion) $ 190 Amount of (gain) reclassified from AOCI into earnings under “Interest expense” (effective portion) $ (207 ) Amount of (loss) recognized in earnings under “Interest expense” (ineffective portion and amount excluded from effectiveness testing) $ (60 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following table sets forth the assets that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2017 : Total Fair Value Quoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Interest Rate Swap at: September 30, 2017 $ 920 $ — $ 920 $ — December 31, 2016 $ 996 $ — $ 996 $ — The Company determined that the mortgage loan valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt, and there were no transfers into and out of fair value measurement levels during the nine months ended September 30, 2017 and for the year ended December 31, 2016 . September 30, 2017 December 31, 2016 Fair Value Carrying Value (1) Fair Value Carrying Value (1) AIG Loan $ 122,411 $ 126,970 $ 120,322 $ 126,970 (1) The carrying value of the AIG Loan does not include deferred financing costs as of September 30, 2017 and December 31, 2016 . See Note 4, Debt , for details.

Accrued Expenses and Other Li26

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Schedule of accrued expenses and other liabilities	Accrued expenses and other liabilities consisted of the following as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Prepaid rent $ 4,966 $ 9,484 Leasing commission payable 3,783 3,783 Accrued Property Taxes 3,683 2,678 Other liabilities 9,023 5,582 Total $ 21,455 $ 21,527

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of shares issued and gross proceeds for each class	The following table summarizes shares issued and gross proceeds for each share class as of September 30, 2017 and outstanding shares as of September 30, 2017 and December 31, 2016 : Class T Class S Class D Class I Class A Class AA Class AAA Total Gross proceeds from primary portion of offerings $ 3 $ 3 $ 3 $ 2,493 $ 240,780 $ 474,858 $ 8,379 $ 726,519 Gross proceeds from DRP $ — $ — $ — $ 4 $ 17,860 $ 18,178 $ 250 $ 36,292 Shares issued in primary portion of offerings 264 264 264 263,200 24,199,760 47,562,870 901,225 72,927,847 DRP shares issued — — — 418 1,888,742 1,929,510 26,620 3,845,290 Stock distribution shares issued — — — — 263,641 300,165 4,677 568,483 Restricted stock units issued — — — — — — 25,500 25,500 Total redemptions — — — — (415,143 ) (166,141 ) — (581,284 ) Total Shares outstanding as of 9/30/2017 264 264 264 263,618 25,937,000 49,626,404 958,022 76,785,836 Total Shares outstanding as of 12/31/2016 — — — — 25,562,982 44,595,631 781,034 70,939,647
Organizational and offering costs incurred	Organizational and offering costs incurred as of September 30, 2017 , including those incurred by the Company and due to the Advisor, for the Follow-On Offering are as follows: September 30, 2017 Cumulative offering costs $ 1,196 Cumulative organizational costs $ 287 Organizational and offering costs advanced by the Advisor $ 990 Organizational and offering costs paid by the Company 493 Adjustment to organizational and offering costs pursuant to the limitation: Reduction in due to affiliates (740 ) Due from affiliates (368 ) Net due to Advisor $ 375
Schedule of stock redeemed	During the three and nine months ended September 30, 2017 and 2016 , the Company redeemed shares of its outstanding common stock as follows: Three Months Ended September 30, Nine Months Ended September 30, Period 2017 2016 2017 2016 Shares of common stock redeemed 146,083 128,049 413,842 147,553 Weighted average price per share $ 9.06 $ 9.71 $ 9.18 $ 9.73
Share redemption price	The redemption price per IPO Share is expected to be the redemption rate set forth in the following table which is based upon the number of years the stock is held: Number Years Held Redemption Price per IPO Share Less than 1 year No Redemption Allowed After one year from the purchase date 90.0% of the Redemption Amount (as defined below) After two years from the purchase date 95.0% of the Redemption Amount After three years from the purchase date 97.5% of the Redemption Amount After four years from the purchase date 100.0% of the Redemption Amount

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interest	The following summarizes the activity for noncontrolling interests for the nine months ended September 30, 2017 and the year ended December 31, 2016 : Nine Months Ended September 30, 2017 December 31, 2016 Beginning balance $ 84 $ 98 Distributions to noncontrolling interests (8 ) (11 ) Net income (loss) 3 (3 ) Ending balance $ 79 $ 84

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes due to affiliates as of December 31, 2016 and the related party costs and fees incurred, paid and due to affiliates as of and for the nine months ended September 30, 2017 : December 31, 2016 Nine Months Ended September 30, 2017 Payable Incurred Paid Payable Advisor and Property Manager fees Acquisition fees and expenses (1) $ — $ 1,099 $ 1,099 $ — Operating expenses 18 1,677 609 1,086 Advisory/Asset management fees 807 8,300 8,236 871 Property management fees 143 1,347 1,338 152 Performance fees — 213 — 213 Organizational and offering expenses — 250 — 250 Other costs advanced by the Advisor 12 604 389 227 Selling commissions (2) 54 1,127 1,181 — Dealer Manager fees (2) 18 393 411 — Stockholder servicing fee (3) 16,020 565 3,226 13,359 Advisor Advances (4) : Organization and offering expenses 2,477 136 2,441 172 Dealer Manager fees 2,932 791 3,723 — Total $ 22,481 $ 16,502 $ 22,653 $ 16,330 (1) Effective September 20, 2017, the Advisor is not entitled to acquisition fees, disposition fees or financing fees; provided, however, that the Advisor will receive the compensation set forth in the Original Advisory Agreement for the Company’s investment in an approximately 1,000,000 square foot property located at 39000 Amrheim Road, Livonia, Michigan 48150 with a total transaction price of approximately $80 million . (2) On September 18, 2017, the Company and the Dealer Manager entered into a dealer manager agreement for the Follow-On Offering. See the "Dealer Manager Agreement" section below for details regarding selling commissions and dealer manager fees. (3) The Dealer Manager continues to receive a stockholder servicing fee with respect to Class AA shares as detailed in the Company's IPO prospectus. The stockholder servicing fee is paid quarterly and accrues daily in an amount equal to 1/365th of 1.0% of the NAV per share of the Class AA shares, up to an aggregate of 4% of the gross proceeds of Class AA shares sold. The Company will cease paying the stockholder servicing fee with respect to the Class AA shares at the earlier of (i) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of shares in Company's IPO (excluding proceeds from sales pursuant to the related DRP); (ii) the fourth anniversary of the last day of the fiscal quarter in which the Company's IPO terminated; (iii) the date that such Class AA share is redeemed or is no longer outstanding; and (iv) the occurrence of a merger, listing on a national securities exchange, or an extraordinary transaction. (4) Pursuant to the Original Advisory Agreement, commencing November 2, 2015, the Company remained obligated to reimburse the Advisor for organizational and offering costs incurred after such date. Terms of the organizational and offering costs are included in the Company's 2016 Annual Report on Form 10-K filed on March 15, 2017.

Organization - Narrative (Detai

Organization - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 20, 2017	Apr. 06, 2017	Dec. 31, 2016	Jul. 31, 2014	Feb. 11, 2014
Subsidiary, Sale of Stock [Line Items]
Limited liability partnership percentage of interest held							99.00%
Limited partnership, purchase price							$ 200,000
Initial capital contribution							$ 1,000
General partner percentage interest obtained							1.00%
Offering amount in sales of shares						$ 2,200,000,000
Stock, number of shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred Stock, number of shares authorized (in shares)	200,000,000	200,000,000
Preferred Stock, par value (in USD per share)	$ 0.001	$ 0.001
Minimum holding period for redemption of stock		1 year
IPO
Subsidiary, Sale of Stock [Line Items]
Offering amount in sales of shares						2,000,000,000
Follow-on Offering
Subsidiary, Sale of Stock [Line Items]
Offering amount in sales of shares			$ 2,200,000,000
Primary Offering
Subsidiary, Sale of Stock [Line Items]
Offering amount in sales of shares			2,000,000,000
Distribution Reinvestment Plan
Subsidiary, Sale of Stock [Line Items]
Common stock of the Company pursuant to the distribution reinvestment plan (in shares)			$ 200,000,000			$ 200,000,000
Share registration of stock to be sold (shares)				3,000,000
Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Number of shares sold	263,992
Revenue from sale of stock	$ 2,500,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	800,000,000	800,000,000			700,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001			$ 0.001
Class T
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	150,000,000	150,000,000
Class S
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	150,000,000	150,000,000
Class D
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	150,000,000	150,000,000
Class I
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	150,000,000	150,000,000
Class A
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	70,000,000	70,000,000
Class AA
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	120,000,000	120,000,000
Class AAA
Subsidiary, Sale of Stock [Line Items]
Stock, number of shares authorized (in shares)	10,000,000	10,000,000

Basis of Presentation and Sum31

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2017segment
Accounting Policies [Abstract]
Number of reportable segments	1

Real Estate - Narrative (Detail

Real Estate - Narrative (Details)	Jul. 31, 2017USD ($)	Nov. 02, 2015	Sep. 30, 2017USD ($)ft²statePropertybuilding	Sep. 30, 2016USD ($)	Dec. 31, 2016
Real Estate Properties [Line Items]
Number of properties (property) | Property			27
Number of buildings (building) | building			35
Number of states (state) | state			17
Aggregate purchase price of acquired properties			$ 1,100,000,000
Area of real estate property (in sqft) | ft²			7,300,000
Depreciation of building and improvements			$ 15,053,000	$ 7,701,000
Amortization expense			$ 17,700,000
Advisory fee, base rate		2.00%	2.00%
Estimate of acquisition value (percent)			1.00%
Total acquisition fee		3.85%
Advisory fee, contingent percentage		1.85%
Amount retained subject to conditions			$ 5,000,000
Amortization period for intangible assets			10 years 6 months 24 days		11 years 4 months 24 days
Minimum
Real Estate Properties [Line Items]
As-if-vacant valuation, discount rate (percent)			5.75%
Maximum
Real Estate Properties [Line Items]
As-if-vacant valuation, discount rate (percent)			8.25%
The Allstate Property
Real Estate Properties [Line Items]
Area of real estate property (in sqft) | ft²			70,300
Purchase price			$ 14,750,000
Purchase price credit applied at closing			402,000
Acquisition costs included in consideration			$ 1,200,000
Contingent Advisor Payment Holdback - Organization and Offering Expenses and Dealer Manager Fees
Real Estate Properties [Line Items]
Payments of contingent advisor payment holdback	$ 5,000,000

Real Estate - Real Estate Portf

Real Estate - Real Estate Portfolio (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)ft²
Real Estate Properties [Line Items]
Area of real estate property (in sqft) | ft²	7,300,000
The Allstate Property
Real Estate Properties [Line Items]
Purchase Price	$ 14,750
Area of real estate property (in sqft) | ft²	70,300
Acquisition fees and reimbursable expenses	$ 402
Contingent advisor payment	273
MISO Property [Member]
Real Estate Properties [Line Items]
Purchase Price	$ 28,600
Area of real estate property (in sqft) | ft²	133,400
Acquisition fees and reimbursable expenses	$ 696
Contingent advisor payment	$ 529

Real Estate - Purchase Price Al

Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Summary of purchase price allocation
Land	$ 122,482	$ 117,569
Building and Improvements	815,345	787,999
Tenant Origination and Absorption Cost	240,364	227,407
In-Place Lease Valuation Above Market	4,046	3,828
Total real estate	1,178,479	$ 1,133,055
The Allstate Property
Summary of purchase price allocation
Land	1,808
Building and Improvements	9,071
Tenant Origination and Absorption Cost	5,019
In-Place Lease Valuation Above Market	0
In-Place Lease Valuation (Below) Market	(1,001)
Total real estate	14,897
MISO Property [Member]
Summary of purchase price allocation
Land	3,104
Building and Improvements	18,077
Tenant Origination and Absorption Cost	7,937
In-Place Lease Valuation Above Market	218
In-Place Lease Valuation (Below) Market	0
Total real estate	$ 29,336

Real Estate - Future Minimum Co

Real Estate - Future Minimum Contractual Rent Payments (Details) $ in Thousands	Sep. 30, 2017USD ($)
Schedule of future minimum net rent payments
Remaining 2,017	$ 16,734
2,018	71,707
2,019	78,887
2,020	80,492
2,021	72,677
Thereafter	602,341
Total	$ 922,838

Real Estate - In-Place Lease Va

Real Estate - In-Place Lease Valuation and Tenant Origination and Absorption Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Above Market Lease [Abstract]
In-place lease valuation (above market)	$ 4,046	$ 3,828
In-place lease valuation (above market), accumulated amortization	(659)	(300)
Intangible assets, net	3,387	3,528
Below Market Lease, Net [Abstract]
In-place lease valuation (below market)	(62,070)	(61,069)
In-place lease valuation (below market) - accumulated amortization	9,498	5,750
In-place lease valuation (below market), net	(52,572)	(55,319)
Tenant Origination and Absorption Cost
Finite-Lived Intangible Assets, Net [Abstract]
Tenant origination and absorption cost	240,364	227,407
Tenant origination and absorption cost - accumulated amortization	(41,066)	(23,409)
Tenant origination and absorption cost, net	$ 199,298	$ 203,998

Real Estate - Amortization of I

Real Estate - Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Schedule of amortization expense
In-place lease valuation	$ (3,389)	$ (2,654)
Tenant origination and absorption cost	$ 17,657	$ 11,209

Real Estate - Estimated Annual

Real Estate - Estimated Annual Amortization (Income) Expense for In-Place Lease (Details) $ in Thousands	Sep. 30, 2017USD ($)
Below Market Lease, Amortization Income, Maturity Schedule [Abstract]
Remaining 2,017	$ (1,174)
2,018	(4,695)
2,019	(4,695)
2,020	(4,695)
2,021	(3,799)
Tenant Origination and Absorption Cost
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remaining 2,017	6,050
2,018	24,198
2,019	24,198
2,020	24,198
2,021	$ 19,715

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Oct. 22, 2015
Debt Instrument [Line Items]
Total Debt	$ 474,728	$ 460,428
Unamortized deferred financing costs	(3,160)	(3,956)
Total debt	471,568	456,472
Line of Credit | Key Bank Credit Facility
Debt Instrument [Line Items]
Total Debt	$ 347,758	333,458
Contractual interest rate	2.74%
Effective interest rate (percent)	2.96%
Notes Payable, Other Payables | AIG Loan
Debt Instrument [Line Items]
Total Debt	$ 126,970	$ 126,970
Total debt			$ 127,000
Contractual interest rate	4.15%
Effective interest rate (percent)	4.22%

Debt - Narrative (Details)

Debt - Narrative (Details)	Oct. 22, 2015USD ($)entity	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 22, 2016USD ($)	Feb. 25, 2016USD ($)	Aug. 11, 2015USD ($)	Dec. 12, 2014USD ($)
Debt Instrument [Line Items]
Term to determine contractual rate			360 days
Weighted average interest rate (percent)		3.04%
Term to determine weighted average rate		365 days
Number of wholly owned SPE | entity	6
Long-term debt		$ 471,568,000	$ 456,472,000
Key Bank Credit Facility | Line of Credit
Debt Instrument [Line Items]
Contractual interest rate		2.74%
Weighted average interest rate (percent)		2.78%
Term of loan		4 years
Revolving credit facility, extension term		1 year
AIG Loan | Notes Payable, Other Payables
Debt Instrument [Line Items]
Contractual interest rate		4.15%
Duration monthly payments of interest only		5 years
Long-term debt	$ 127,000,000
Revolving Credit Facility | Key Bank Credit Facility
Debt Instrument [Line Items]
Revolving credit facility current borrowing capacity				$ 550,000,000		$ 410,000,000	$ 250,000,000
Revolving credit facility, maximum borrowing capacity							$ 1,250,000,000
Revolving Credit Facility | U.S. Bank Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				$ 50,000,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis rate (percent)		1.24%
London Interbank Offered Rate (LIBOR) | Key Bank Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.50%
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount		$ 100,000,000			$ 100,000,000

Interest Rate Contracts - Narra

Interest Rate Contracts - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Feb. 25, 2016
Derivative [Line Items]
Income expected to be reclassified in next 12 months	$ 700,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	100,000,000	$ 100,000,000
Collateral posted	$ 0

Interest Rate Contracts - Swap

Interest Rate Contracts - Swap Details (Details) - Recurring - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative asset	$ 920	$ 996
Significant Other Observable Inputs
Derivative [Line Items]
Fixed rate on derivative (percent)	0.74%
Derivative asset	$ 920	$ 996

Interest Rate Contracts - Impac

Interest Rate Contracts - Impact of Interest Rate Swap on Consolidated Statements of Operation (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss recognized in AOCI on derivative (effective portion)	$ 190
Amount of (gain) reclassified from AOCI into earnings under “Interest expense” (effective portion)	(207)
Amount of (loss) recognized in earnings under “Interest expense” (ineffective portion and amount excluded from effectiveness testing)	$ (60)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 920	$ 996
Recurring | Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Recurring | Interest Rate Swap | Significant Other Observable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	920	996
Recurring | Interest Rate Swap | Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Estimate of Fair Value Measurement [Member] | AIG Loan | Notes Payable, Other Payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	122,411	120,322
Reported Value Measurement [Member] | AIG Loan | Notes Payable, Other Payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt fair value	$ 126,970	$ 126,970

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Level 1 to level 2, assets	$ 0	$ 0
Level 2 to level 1, assets	0	0
Level 3 in, assets	0	0
Level 3 out, assets	0	0
Level 1 to level 2, liabilities	0	0
Level 2 to level 1, liabilities	0	0
Level 3 in, liabilities	0	0
Level 3 out, liabilities	$ 0	$ 0

Accrued Expenses and Other Li46

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Prepaid rent	$ 4,966	$ 9,484
Leasing commission payable	3,783	3,783
Accrued Property Taxes	3,683	2,678
Other liabilities	9,023	5,582
Accrued expenses and other liabilities	$ 21,455	$ 21,527

Equity - Narrative (Details)

Equity - Narrative (Details)	Jun. 14, 2017shares	Mar. 31, 2017shares	Sep. 30, 2017USD ($)voteshares	Sep. 20, 2017USD ($)	Apr. 06, 2017shares	Dec. 31, 2016USD ($)	Jul. 31, 2014USD ($)
Class of Stock [Line Items]
Offering amount in sales of shares							$ 2,200,000,000
Number of votes (in votes) | vote			1
Percent of organizational and offering costs limit (percent)			15.00%
Days required for reimbursement of excess amounts			60 days
Organizational costs as a percentage of gross offering proceeds (percent)			59.30%
Minimum holding period for redemption of stock			1 year
Summary of Redemption Price Per Share [Abstract]
Redemption price per share within 1 year, percent			0.00%
Redemption price per share after year 1, percent			90.00%
Redemption price per share after year 2, percent			95.00%
Redemption price per share after year 3, percent			97.50%
Redemption price per share after year 4, percent			100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			10 years
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum			10.00%
Number of shares authorized (in shares) | shares			10,000,000
Share Redemption Program
Class of Stock [Line Items]
Minimum holding period for redemption of stock			1 year
Maximum redemption percentage of weighted average shares outstanding (percent)			5.00%
Redemption price as percentage of Net Asset Value of outstanding shares (percent)			100.00%
Minimum redemption percentage			25.00%
New Share Redemption Program
Class of Stock [Line Items]
Minimum holding period for redemption of stock			1 year
Summary of Redemption Price Per Share [Abstract]
Quarterly redemption cap as percentage of Net Asset Value of outstanding shares (percent)			5.00%
Quarterly cap			$ 0
IPO
Class of Stock [Line Items]
Offering amount in sales of shares							2,000,000,000
IPO | Share Redemption Program
Class of Stock [Line Items]
Minimum holding period for redemption of stock			4 years
IPO | New Share Redemption Program
Class of Stock [Line Items]
Minimum holding period for redemption of stock			4 years
Follow-on Offering
Class of Stock [Line Items]
Offering amount in sales of shares				$ 2,200,000,000
Primary Offering
Class of Stock [Line Items]
Offering amount in sales of shares				2,000,000,000
Distribution Reinvestment Plan
Class of Stock [Line Items]
Share registration of stock to be sold (shares) | shares					3,000,000
Required written notice to terminate DRP			10 days
Common stock of the Company pursuant to the distribution reinvestment plan (in shares)				$ 200,000,000			$ 200,000,000
Summary of Redemption Price Per Share [Abstract]
Value of shares tendered for redemption			$ 1,700,000
Common stock subject to redemption
Summary of Redemption Price Per Share [Abstract]
Common stock subject to redemption			$ 29,120,000			$ 16,930,000
Director | Restricted Stock
Summary of Redemption Price Per Share [Abstract]
Aggregate number of shares issued | shares	7,000	15,000	36,000
Organizational and offering costs advanced by the Advisor
Class of Stock [Line Items]
Due from related parties			$ 200,000			$ 5,400,000
Organizational and offering costs advanced by the Advisor | If Proposed Offering Terminated
Class of Stock [Line Items]
Due from related parties			1,100,000
Organizational and offering costs advanced by the Advisor | Due to Affiliates
Class of Stock [Line Items]
Due from related parties			700,000
Organizational and offering costs advanced by the Advisor | Other Assets
Class of Stock [Line Items]
Due from related parties			400,000
Organizational and Offering Costs Incurred [Member] | IPO
Class of Stock [Line Items]
Due from related parties			$ 75,100,000

Equity - Shares Issued and Gros

Equity - Shares Issued and Gross Proceeds (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Total redemptions (shares)	(581,284)
Total shares outstanding (in shares)	76,785,836	70,939,647
Class T
Class of Stock [Line Items]
Total redemptions (shares)	0
Total shares outstanding (in shares)	264	0
Class S
Class of Stock [Line Items]
Total redemptions (shares)	0
Total shares outstanding (in shares)	264	0
Class D
Class of Stock [Line Items]
Total redemptions (shares)	0
Total shares outstanding (in shares)	264	0
Class I
Class of Stock [Line Items]
Total redemptions (shares)	0
Total shares outstanding (in shares)	263,618	0
Class A
Class of Stock [Line Items]
Total redemptions (shares)	(415,143)
Total shares outstanding (in shares)	25,937,000	25,562,982
Class AA
Class of Stock [Line Items]
Total redemptions (shares)	(166,141)
Total shares outstanding (in shares)	49,626,404	44,595,631
Class AAA
Class of Stock [Line Items]
Total redemptions (shares)	0
Total shares outstanding (in shares)	958,022	781,034
IPO
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 726,519
Common stock, number of shares issued (in shares)	72,927,847
IPO | Class T
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 3
Common stock, number of shares issued (in shares)	264
IPO | Class S
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 3
Common stock, number of shares issued (in shares)	264
IPO | Class D
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 3
Common stock, number of shares issued (in shares)	264
IPO | Class I
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 2,493
Common stock, number of shares issued (in shares)	263,200
IPO | Class A
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 240,780
Common stock, number of shares issued (in shares)	24,199,760
IPO | Class AA
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 474,858
Common stock, number of shares issued (in shares)	47,562,870
IPO | Class AAA
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 8,379
Common stock, number of shares issued (in shares)	901,225
Distribution Reinvestment Plan
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 36,292
Common stock, number of shares issued (in shares)	3,845,290
Distribution Reinvestment Plan | Class T
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 0
Common stock, number of shares issued (in shares)	0
Distribution Reinvestment Plan | Class S
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 0
Common stock, number of shares issued (in shares)	0
Distribution Reinvestment Plan | Class D
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 0
Common stock, number of shares issued (in shares)	0
Distribution Reinvestment Plan | Class I
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 4
Common stock, number of shares issued (in shares)	418
Distribution Reinvestment Plan | Class A
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 17,860
Common stock, number of shares issued (in shares)	1,888,742
Distribution Reinvestment Plan | Class AA
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 18,178
Common stock, number of shares issued (in shares)	1,929,510
Distribution Reinvestment Plan | Class AAA
Class of Stock [Line Items]
Gross proceeds received to date of shares issued	$ 250
Common stock, number of shares issued (in shares)	26,620
Share Distribution
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	568,483
Share Distribution | Class T
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Share Distribution | Class S
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Share Distribution | Class D
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Share Distribution | Class I
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Share Distribution | Class A
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	263,641
Share Distribution | Class AA
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	300,165
Share Distribution | Class AAA
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	4,677
Restricted stock units issued
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	25,500
Restricted stock units issued | Class T
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class S
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class D
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class I
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class A
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class AA
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	0
Restricted stock units issued | Class AAA
Class of Stock [Line Items]
Common stock, number of shares issued (in shares)	25,500

Equity - Organizational Costs (

Equity - Organizational Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Due from affiliates	$ (368)	$ 0
Organizational and offering costs advanced by the Advisor
Related Party Transaction [Line Items]
Cumulative offering costs	1,196
Cumulative organizational costs	287
Organizational and offering costs advanced by the Advisor	990
Organizational and offering costs paid by the Company	493
Reduction in due to affiliates	(740)
Due from affiliates	(368)
Net due to Advisor	$ 375

Equity - Shares Redeemed (Detai

Equity - Shares Redeemed (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Shares of common stock redeemed (shares)			581,284
Share Redemption Program
Equity, Class of Treasury Stock [Line Items]
Shares of common stock redeemed (shares)	146,083	128,049	413,842	147,553
Weighted average price per share (in dollars per share)	$ 9.06	$ 9.71	$ 9.18	$ 9.73

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) - Operating Partnership - $ / shares	9 Months Ended
	Sep. 30, 2017	Feb. 11, 2014
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners (percent)	0.03%
Number of common shares that can be issued by Operating Partnership upon redemption of each limited partnership units (shares)	1
Limited Partner
Noncontrolling Interest [Line Items]
Limited partnership units issued (in shares)		20,000
Price per partnership unit (in USD per share)		$ 10

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Distributions to noncontrolling interest	$ (8)	$ (11)
Net income (loss)	9,588	(6,107)
Non- controlling Interests
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	84	98
Distributions to noncontrolling interest	(8)	(11)
Net income (loss)	3	(3)
Ending balance	$ 79	$ 84

Related Party Transactions - Sc

Related Party Transactions - Schedule of Transactions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Due to Related Parties [Roll Forward]
Beginning of Period	$ 22,481
Incurred	16,502
Paid	22,653
End of Period	16,330
Acquisition fees and expenses
Due to Related Parties [Roll Forward]
Beginning of Period	0
Incurred	1,099
Paid	1,099
End of Period	0
Operating expenses
Due to Related Parties [Roll Forward]
Beginning of Period	18
Incurred	1,677
Paid	609
End of Period	1,086
Asset management fees
Due to Related Parties [Roll Forward]
Beginning of Period	807
Incurred	8,300
Paid	8,236
End of Period	871
Property management fees
Due to Related Parties [Roll Forward]
Beginning of Period	143
Incurred	1,347
Paid	1,338
End of Period	152
Performance fees
Due to Related Parties [Roll Forward]
Beginning of Period	0
Incurred	213
Paid	0
End of Period	213
Organizational and offering expenses
Due to Related Parties [Roll Forward]
Beginning of Period	0
Incurred	250
Paid	0
End of Period	250
Other costs advanced by the Advisor
Due to Related Parties [Roll Forward]
Beginning of Period	12
Incurred	604
Paid	389
End of Period	227
Selling commissions
Due to Related Parties [Roll Forward]
Beginning of Period	54
Incurred	1,127
Paid	1,181
End of Period	0
Dealer Manager fees
Due to Related Parties [Roll Forward]
Beginning of Period	18
Incurred	393
Paid	411
End of Period	0
Stockholder servicing fee payable
Due to Related Parties [Roll Forward]
Beginning of Period	16,020
Incurred	565
Paid	3,226
End of Period	13,359
Organizational and offering costs advanced by the Advisor
Due to Related Parties [Roll Forward]
Beginning of Period	2,477
Incurred	136
Paid	2,441
End of Period	172
Dealer Manager fees advanced by the Advisor
Due to Related Parties [Roll Forward]
Beginning of Period	2,932
Incurred	791
Paid	3,723
End of Period	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands, ft² in Millions	Nov. 02, 2015	Sep. 30, 2017USD ($)ft²	Sep. 30, 2017USD ($)ft²	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Area of real estate property (in sqft) | ft²		7.3	7.3
Total transaction price		$ 1,178,479	$ 1,178,479		$ 1,133,055
Percent of organizational and offering costs limit (percent)			15.00%
Total acquisition fee	3.85%
Advisory fee, base rate	2.00%		2.00%
Advisory fee, contingent percentage	1.85%
Amount retained subject to conditions		5,000	$ 5,000
Incurred			$ 16,502
Underwriting compensation, percent of gross proceeds			9.00%
Class T
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00274%
Class S
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00274%
Class D
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00068%
Organizational and offering costs advanced by the Advisor
Related Party Transaction [Line Items]
Due from related parties		$ 200	$ 200		$ 5,400
Incurred			$ 136
Advisory Agreement | Class T
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00342%
Performance Distribution [Member]
Related Party Transaction [Line Items]
Performance Distribution, Hurdle Rate, Annualized Rate of Return on Net Asset Value			5.50%
Performance Distribution, Distribution Percentage on Excess Profits Before Threshold			100.00%
Performance Distribution, Distribution Threshold			12.50%
Performance Distribution, Distribution Percentage on Excess Profits After Threshold			12.50%
Performance Distribution, Percentage of Total Return			12.50%
Dealer Manager Agreement
Related Party Transaction [Line Items]
Dealer manager fee percentage			0.50%
Underwriting compensation, percent of gross proceeds			10.00%
Dealer Manager Agreement | Class T
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00274%
Sales commission on stock offering			3.00%
Dealer Manager Agreement | Class AA
Related Party Transaction [Line Items]
Organizational and offering costs advanced by and due to the Advisor (percent)		4.00%	4.00%
Dealer Manager Agreement | Class S
Related Party Transaction [Line Items]
Sales commission on stock offering			3.50%
Dealer Distribution Fee
Related Party Transaction [Line Items]
Underwriting compensation, percent of gross proceeds			9.00%
Dealer Distribution Fee | Class T
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00068%
Advisor Distribution Fee | Class T
Related Party Transaction [Line Items]
Daily accrual rate for shares sold (percent)			0.00205%
Reimbursement, Services Provided That Are not Entitled to Advisor Fees | Griffin Capital Essential Asset Advisor, LLC
Related Party Transaction [Line Items]
Incurred			$ 200	$ 100
Reimbursement, Reimbursible Expenses
Related Party Transaction [Line Items]
Average invested assets for preceding 12 months (percent)			2.00%
Percentage of Company's net income before addition of reserves (percent)			25.00%
Reimbursement, Reimbursible Expenses | Griffin Capital Essential Asset Advisor, LLC
Related Party Transaction [Line Items]
Incurred		$ 100		$ 100
Property Management Agreement [Member]
Related Party Transaction [Line Items]
Gross revenue percentage			1.00%
Property management fees percentage			3.00%
Construction management fee percentage			5.00%
Acquisition fees and expenses
Related Party Transaction [Line Items]
Area of real estate property (in sqft) | ft²		1	1
Total transaction price		$ 80,000	$ 80,000
Incurred			$ 1,099

Declaration of Distributions -

Declaration of Distributions - Narrative (Details) - $ / shares	Sep. 08, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Declaration of Distributions [Abstract]
Dividends paid (in USD per share)		$ 0.00150684932
Stock dividend (in shares)		0.000013699
Dividends declared (usd per share)	$ 0.00150684932	$ 0.14	$ 0.14	$ 0.42	$ 0.42

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Nov. 10, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Subsequent Event [Line Items]
Issuance of shares for distribution reinvestment plan		$ 16,546	$ 10,212	$ 0
Subsequent Event | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Issuance of shares for distribution reinvestment plan (shares)	4,046,185
Issuance of shares for distribution reinvestment plan	$ 38,200