NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Modiv, an internally managed real estate investment trust that acquires, owns and manages a diversified portfolio of single-tenant net-lease real estate properties, today announced it has completed the previously announced acquisition of the Lindsay Precast, LLC portfolio of properties in a sale leaseback transaction for a total purchase price of $56.1 million.
Lindsay is an industry-leading precast concrete manufacturer and steel fabricator with a 60-year operating history. The portfolio includes eight (8) properties located in Colorado (3), Ohio (2), Florida (1), North Carolina (1) and South Carolina (1) that are used for manufacturing and distribution. The $56.1 million purchase price includes $2.8 million of expansion capital for one of the properties in Colorado and reflects a 25-year lease term with 2% annual rent increases. The transaction has an initial cap rate of 6.65% and an attractive weighted average cap rate of 8.52%.
“We are pleased to announce the closing of the Lindsay transaction and showcase yet another example of our management team’s ability to execute accretive real estate transactions. With this transaction, we have now acquired over $133 million of properties in just the first four months of 2022 at a blended weighted average cap rate of greater than 7.9%,” stated Aaron Halfacre, Chief Executive Officer. “This transaction is right in line with our strategy of investing in industrial properties that are mission critical to our tenants on attractive terms.”
About Modiv
Modiv Inc. is an internally managed REIT that acquires, owns and manages a diversified portfolio of single-tenant net-lease real estate. The Company primarily invests in industrial and retail properties that are mission critical to tenants. Driven by innovation and an investor-first focus, Modiv is committed to providing investors with Monthly Dividends and More Diversification. As of March 31, 2022, Modiv had a $500 million real estate portfolio (based on estimated fair value) comprised of 2.3 million square feet of aggregate leasable area. For more information, please visit: www.modiv.com.
