{"id":1004797264,"date":"2026-05-05T04:53:12","date_gmt":"2026-05-05T12:53:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004797264"},"modified":"2026-05-06T04:42:02","modified_gmt":"2026-05-06T12:42:02","slug":"global-net-lease-to-merge-with-modiv-industrial-in-535m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/global-net-lease-to-merge-with-modiv-industrial-in-535m-deal\/","title":{"rendered":"Global Net Lease to Merge With Modiv Industrial in $535M Deal"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a5f9673224d0&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004797270\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/global-net-lease-to-merge-with-modiv-industrial-in-535m-deal\/executive-mailing-service-hq\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Executive Mailing Service HQ\" data-image-description=\"&lt;p&gt;Image from YM &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;In 2022, Global Net Lease acquired the Executive Mailing Service Headquarters in Palos Hill, Ill. for $13.4 million. Image courtesy of Yardi Matrix &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png?w=800\" alt=\"Exterior of Executive Mailing Service HQ in Palos Hill, Ill.\" class=\"wp-image-1004797270\" style=\"width:403px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/Executive-Mailing-Service-HQ.png?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">In 2022, Global Net Lease acquired the Executive Mailing Service Headquarters in Palos Hill, Ill. for $13.4 million. <em>Image courtesy of Yardi Matrix<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>Global Net Lease, a N.Y.-based net-lease REIT, has entered into a definitive merger agreement with Modiv Industrial Inc., a REIT focused on single-tenant net-leased industrial properties, in a $535 million enterprise-value transaction. <\/p>\n\n\n\n<p>The agreement was approved by both companies&#8217; boards of directors and is expected to close in the third quarter of 2026.<\/p>\n\n\n\n<p>This merger reflects GNL&#8217;s efforts to diversify its portfolio away from office assets and expand into the industrial sector. The all-stock transaction will provide GNL with Modiv\u2019s portfolio of single-tenant net-leased industrial properties. Upon closing of the deal, GNL will own 89 percent of the combined company, while Modiv will retain an 11 percent stake.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-net-lease-sales-and-cap-rates\/\">2025 Industrial Net Lease Sales Volume and Cap Rates<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>GNL also plans to pay off Modiv\u2019s existing debt and preferred equity using its Revolving Credit Facility and cash on hand. Modiv\u2019s industrial portfolio has a weighted average lease term of 15 years and 2.4 percent annual rent escalations, which is expected to strengthen GNL\u2019s portfolio.<\/p>\n\n\n\n<p>Modiv\u2019s assets include 8060 Bryan Dairy Road in Largo, Fla. Modiv purchased the nearly 30,000-square-foot property from Salvo Technologies in 2024, according to Yardi Matrix. GNL\u2019s holdings include Executive Mailing Service Headquarters in Palos Hills, Ill. The company acquired the asset from its tenant, Executive Mailing Service, in 2022, the same source shows. <\/p>\n\n\n\n<div class=\"wp-block-group cmw-cpe-newsletter\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group cmw-cpe-newsletter-content-img\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"1200\" data-attachment-id=\"1004794779\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cpe-sneak-peek-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg\" data-orig-size=\"1200,1200\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"CPE Sneak Peek square\" data-image-description=\"&lt;p&gt;CPE Sneak Peek Newsletter Preview&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;CPE Sneak Peek Newsletter Preview&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg\" alt=\"CPE Sneak Peek Newsletter Preview\" class=\"wp-image-1004794779\" style=\"width:88px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=300,300 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=768,768 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/CPE-Sneak-Peek-square.jpg?resize=1024,1024 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group cmw-cpe-newsletter-content-text\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-cpe-sneak-peek-newsletter\">CPE Sneak Peek Newsletter<\/h2>\n\n\n\n<p>Be the first to receive exclusive insights, data-backed analysis and expert commentary. Early access, every week.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<form class=\"cmw-inline-newsletter\" action=\"https:\/\/whatcounts.com\/bin\/listctrl\" method=\"POST\">\n  <input type=\"hidden\" name=\"slid\" value=\"5C84B893BD6D939E33A6A73C89655EA8\" \/>\n  <input type=\"hidden\" name=\"cmd\" value=\"subscribe\" \/>\n  <input type=\"hidden\" name=\"wxuiversionfirst\" value=\"\" \/>\n \n  <input type=\"hidden\" name=\"errors_to\" value=\"\" \/>\n\n  <label class=\"sr-only\" for=\"email\">Email<\/label>\n  <input type=\"email\" id=\"email\" name=\"email\" required maxlength=\"65\"\n         placeholder=\"Your email address\"\n         oninvalid=\"this.setCustomValidity('Please enter a valid email address')\"\n         oninput=\"this.setCustomValidity('')\"\/>\n\n  <button type=\"submit\">Sign up now<\/button>\n<\/form>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>For this transaction, GNL brought on BMO Capital Markets as its financial advisor, with Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP and Greenberg Traurig LLP serving as legal counsel.<\/p>\n\n\n\n<p>Truist Securities is Modiv\u2019s financial advisor while Morrison &amp; Foerster LLP and Venable LLP are the company\u2019s legal counsel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gnl-s-m-amp-a-history\">GNL\u2019s M&amp;A history<\/h2>\n\n\n\n<p>Global Net Lease first made its debut on the New York Stock Exchange in 2015. This is not the first time Global Net Lease has expanded through a <a href=\"https:\/\/www.commercialsearch.com\/news\/ma-activity-to-rebound-this-year\/\">merger and acquisition<\/a> deal. In 2016, the company acquired American Realty Capital Global Trust II to create a <a href=\"https:\/\/www.commercialsearch.com\/news\/global-net-lease-acquisition-to-create-3-3b-mega-reit\/\">mega-REIT<\/a> in a $3.3 billion transaction.<\/p>\n\n\n\n<p>In September 2023, the company merged with The Necessity Retail REIT. The merger had an aggregate real estate asset value of <a href=\"https:\/\/www.commercialsearch.com\/news\/9-6b-merger-passes-milestone\/\">approximately $9.6 billion<\/a>. Through the deal, GNL acquired 1,350 properties. Last June, the company closed on a $1.8 billion transaction to sell a 99-property, 14 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/rcg-ventures-finalizes-1-8b-retail-portfolio-acquisition\/\">multi-tenant retail portfolio<\/a> to RCG Ventures LLC. The sale was completed in three phases. &nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move comes as GNL is limiting its office exposure. <\/p>\n","protected":false},"author":3749,"featured_media":1004797270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,21783,23891,21742],"tags":[35564,36796,37836,37402],"class_list":["post-1004797264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-investment","category-national","category-latest","tag-bmo-capital-markets-corporation","tag-global-net-lease","tag-greenberg-traurig","tag-morrison-foerster"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global Net Lease to Merge With Modiv Industrial in $535M Deal - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Global Net Lease is set to enter a merger with Modiv Industrial in a deal valued at $535 million. 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