# EDGAR Filing Document

**Accession Number:** 0001942722
**File Stem:** 0000000000-23-000423
**Filing Date:** 2023-1
**Character Count:** 11888
**Document Hash:** 5c4642fb4be8f0e261de1cdd7e2c38f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000423.hdr.sgml**: 20230804

**ACCESSION NUMBER**: 0000000000-23-000423

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230117

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BGO Industrial Real Estate Income Trust, Inc.
- **CENTRAL INDEX KEY:** 0001942722
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2123597800

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **STREET 2:** 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BentallGreenOak Industrial Real Estate Income Trust, Inc.
- **DATE OF NAME CHANGE:** 20220812
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-22-104670

## Text-Extract

```

United States securities and exchange commission logo

                               January 17, 2023

       Michael Glimcher
       Chief Executive Officer
       BentallGreenOak Industrial Real Estate Income Trust, Inc.
       399 Park Avenue
       18th Floor
       New York, NY 10022

                                                        Re: BentallGreenOak
Industrial Real Estate Income Trust, Inc.
                                                            Amendment No. 1 to
Draft Registration Statement on Form S-11
                                                            Submitted December
27, 2022
                                                            CIK No. 0001942722

       Dear Michael Glimcher:

             We have reviewed your amended draft registration statement and
have the following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Amendment No. 1 to Draft Registration Statement on Form S-11

       Cover Page

   1.                                                   We note your response
to comment 1 of our letter and reissue. Please disclose the date the
                                                        offering will end. See
Item 501(b)(8)(iii) of Regulation S-K and Rule 415(a)(2) of the
                                                        Securities Act.
   2.                                                   We note your response
to comment 2 of our letter. Please file the joint venture agreement
                                                        in accordance with Item
601(b)(10) of Regulation S-K or tell us why you believe you are
                                                        not required to file
this agreement. Please clarify that the joint venture partner will control
                                                        all decisions in
connection with this joint venture and disclose the risks.
 Michael Glimcher
FirstName  LastNameMichael    Glimcher
BentallGreenOak  Industrial Real Estate Income Trust, Inc.
Comapany
January 17,NameBentallGreenOak
            2023                  Industrial Real Estate Income Trust, Inc.
January
Page 2 17, 2023 Page 2
FirstName LastName
Prospectus Summary
What potential competitive strengths does the Adviser offer?, page 4

3.       We note your response to comment 4 of our letter and reissue. Please
balance the
         discussion of the competitive strengths of your advisor with equally
prominent disclosure
         of the challenges you face and the risks and limitations that could
harm your business or
         inhibit your strategic plans. For example, but without limitation,
provide a discussion of
         any losses or adverse business developments for your advisor. Further,
in the prior
         performance section, please ensure that you provide all of the
disclosure requirement by
         Item 8 of Industrial Guide 5.
Can I request that my shares be repurchased?, page 17

4.       We note your response to comment 5 of our letter and reissue. Please
revise your
         disclosure to clarify that you may suspend your redemption plan
indefinitely. Further,
         please revise your risk factor on page 36 to address the impact of
being able to suspend
         your plan indefinitely. Additionally, we note your disclosure on page
25 that you may
         repurchase shares from your advisor and that your advisor will not be
subject to the
         redemption plan limits or early repurchase deductions. However, this
does not address
         whether redemptions of the advisor's shares will impact your ability
to repurchase shares
         under your redemption plan, including the limits of the plan as it
applies to investors.
         Please revise to address this aspect.
Performance Participation Allocation Example, page 157

5.       We note your response to comment 8. Please clarify that there is no
guarantee that you
         can provide a 5% rate of return and that this is a hypothetical in
footnote 1.
General

6.       We note your response to comments 14 and 15 of our letter, and your
reliance on the relief
         granted in prior no-action letters. We note that you are responsible
for analyzing the
         applicability of the tender offer rules, including Rule 13e-4 and
Regulation 14E, and
         Regulation M to your share repurchase program. We are not taking a
position on the
         conclusions described in your response and urge you to consider all
the elements of your
         share repurchase program in determining whether the program is
consistent with relief
         granted.
 Michael Glimcher
BentallGreenOak Industrial Real Estate Income Trust, Inc.
January 17, 2023
Page 3

       You may contact William Demarest at 202-551-3432 or Wilson Lee at
202-551-3468 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Stacie Gorman at Stacie Gorman or Jeffrey Gabor at 202-551-2544 with
any other
questions.

                                                            Sincerely,
FirstName LastNameMichael Glimcher
                                                      Division of Corporation
Finance
Comapany NameBentallGreenOak Industrial Real Estate Income Trust, Inc.
                                                      Office of Real Estate &
Construction
January 17, 2023 Page 3
cc:       Daniel B. Honeycutt, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![LOGO]

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

January 17, 2023

Michael Glimcher
Chief Executive Officer
BentallGreenOak Industrial Real Estate Income Trust, Inc.
399 Park Avenue
18th Floor
New York, NY 10022

**Re: BentallGreenOak Industrial Real Estate Income Trust, Inc.**
**Amendment No. 1 to Draft Registration Statement on Form S-11**
**Submitted December 27, 2022**
**CIK No. 0001942722**

Dear Michael Glimcher:

We have reviewed your amended draft registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Amendment No. 1 to Draft Registration Statement on Form S-11

Cover Page

1. We note your response to comment 1 of our letter and reissue. Please disclose the date the offering will end. See Item 501(b)(8)(iii) of Regulation S-K and Rule 415(a)(2) of the Securities Act.
2. We note your response to comment 2 of our letter. Please file the joint venture agreement in accordance with Item 601(b)(10) of Regulation S-K or tell us why you believe you are not required to file this agreement. Please clarify that the joint venture partner will control all decisions in connection with this joint venture and disclose the risks.

Michael Glimcher  
BentallGreenOak Industrial Real Estate Income Trust, Inc.  
January 17, 2023  
Page 2

### Prospectus Summary

#### What potential competitive strengths does the Adviser offer?, page 4

3. We note your response to comment 4 of our letter and reissue. Please balance the discussion of the competitive strengths of your advisor with equally prominent disclosure of the challenges you face and the risks and limitations that could harm your business or inhibit your strategic plans. For example, but without limitation, provide a discussion of any losses or adverse business developments for your advisor. Further, in the prior performance section, please ensure that you provide all of the disclosure requirement by Item 8 of Industrial Guide 5.

#### Can I request that my shares be repurchased?, page 17

4. We note your response to comment 5 of our letter and reissue. Please revise your disclosure to clarify that you may suspend your redemption plan indefinitely. Further, please revise your risk factor on page 36 to address the impact of being able to suspend your plan indefinitely. Additionally, we note your disclosure on page 25 that you may repurchase shares from your advisor and that your advisor will not be subject to the redemption plan limits or early repurchase deductions. However, this does not address whether redemptions of the advisor's shares will impact your ability to repurchase shares under your redemption plan, including the limits of the plan as it applies to investors. Please revise to address this aspect.

#### Performance Participation Allocation Example, page 157

5. We note your response to comment 8. Please clarify that there is no guarantee that you can provide a 5% rate of return and that this is a hypothetical in footnote 1.

### General

6. We note your response to comments 14 and 15 of our letter, and your reliance on the relief granted in prior no-action letters. We note that you are responsible for analyzing the applicability of the tender offer rules, including Rule 13e-4 and Regulation 14E, and Regulation M to your share repurchase program. We are not taking a position on the conclusions described in your response and urge you to consider all the elements of your share repurchase program in determining whether the program is consistent with relief granted.

Michael Glimcher
BentallGreenOak Industrial Real Estate Income Trust, Inc.
January 17, 2023
Page 3

You may contact William Demarest at 202-551-3432 or Wilson Lee at 202-551-3468 if you have questions regarding comments on the financial statements and related matters. Please contact Stacie Gorman at Stacie Gorman or Jeffrey Gabor at 202-551-2544 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Real Estate & Construction

cc: Daniel B. Honeycutt, Esq.