{"id":1004808854,"date":"2026-08-14T05:23:49","date_gmt":"2026-08-14T13:23:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004808854"},"modified":"2026-08-14T06:50:20","modified_gmt":"2026-08-14T14:50:20","slug":"global-net-lease-completes-535m-acquisition-of-modiv-industrial","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/global-net-lease-completes-535m-acquisition-of-modiv-industrial\/","title":{"rendered":"Global Net Lease Closes $535M Acquisition of Modiv Industrial"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a7f2cc329a60&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"512\" data-attachment-id=\"1004808855\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/global-net-lease-completes-535m-acquisition-of-modiv-industrial\/8060-bryan-dairy-road\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/8060-Bryan-Dairy-Road.jpg\" data-orig-size=\"640,512\" 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=\"8060-Bryan-Dairy-Road\" data-image-description=\"&lt;p&gt;Matrix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Among Modiv Industrial&#8217;s portfolio is 8060 Bryan Dairy Road, a 30,000-sqaure foot industrial facility in Largo, Fla. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/8060-Bryan-Dairy-Road.jpg?w=640\" 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\/08\/8060-Bryan-Dairy-Road.jpg\" alt=\"A photo of 8060 Bryan Dairy Road, a 30,000-sqaure foot industrial facility in Largo, Fla.\" class=\"wp-image-1004808855\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/8060-Bryan-Dairy-Road.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/8060-Bryan-Dairy-Road.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><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\">Among Modiv Industrial&#8217;s portfolio is 8060 Bryan Dairy Road, a 30,000-sqaure foot industrial facility in Largo, Fla. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Global Net Lease has completed its acquisition of Modiv Industrial Inc. in an all-stock deal that valued Modiv\u2019s mostly industrial net-lease property portfolio at approximately $535 million. <\/p>\n\n\n\n<p>The transaction is another milestone in GNL\u2019s transformation strategy to increase its industrial holdings to roughly 50 percent of its overall portfolio.<\/p>\n\n\n\n<p>The move is also another step to enhance GNL\u2019s portfolio quality and durability of its cash flows. The transaction is expected to be immediately 4 percent accretive to adjusted funds from operations per share. Additional earnings will come from annual contractual rent increases averaging 2.4 percent.<\/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\/whats-behind-the-surge-in-ma-privatization-activity\/\">What\u2019s Behind the Surge in M&amp;A, Privatization Activity?<\/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>The planned acquisition was <a href=\"https:\/\/www.commercialsearch.com\/news\/global-net-lease-to-merge-with-modiv-industrial-in-535m-deal\/\">announced in early May<\/a>. The closing followed approval by Modiv stockholders at a special meeting Monday. GNL stockholders did not need to vote on the transaction.<\/p>\n\n\n\n<p>Under the terms of the merger agreement, each share of Modiv common stock was converted into the right to receive 1.975 newly issued shares of GNL common stock. Each share of Modiv preferred stock converted into the right to receive an amount in cash equal to $25, plus any accrued and unpaid dividends. Once the transaction closed, Modiv\u2019s common stock and preferred stock were delisted from the New York Stock Exchange.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-modiv-increases-gnl-s-industrial-holdings\">Modiv increases GNL&#8217;s industrial holdings<\/h2>\n\n\n\n<p>The deal adds 40 Modiv net-lease properties totaling approximately 4.2 million square feet, according to an SEC filing. There are 37 industrial properties, representing approximately 82 percent of the portfolio, and three non-core properties, which comprise roughly 18 percent of the portfolio, as of June 30.<\/p>\n\n\n\n<p>GNL reported that its portfolio as of June 30 consisted of 798 properties spanning 40 million square feet. The majority\u201474 percent\u2014of the assets are in the United States and Canada, with European holdings making up the remaining 26 percent. The portfolio is 97 percent occupied with 63 percent investment-grade tenants.<\/p>\n\n\n\n<p>The REIT\u2019s top overall tenant is FedEx. Other major tenants include Whirlpool, ING, Dollar General, Kroger and Truist. Boots, the largest health and beauty pharmacy chain in the U.K., is a top tenant in Europe.<\/p>\n\n\n\n<p>Michael Weil, GNL CEO, said in prepared remarks that the firm believes the Modiv industrial assets will increase the REIT\u2019s industrial exposure to approximately 50 percent of annual straight-line rent while extending weighted average remaining lease term.<\/p>\n\n\n\n<p>One of Modiv\u2019s largest industrial tenants was Lindsay Precast, a manufacturer of engineered precast concrete and prefabricated steel structures. Modiv completed a $56.1 million acquisition of an eight-property Lindsay Precast portfolio in April 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-transforming-gnl-through-m-amp-a-and-dispositions\">Transforming GNL through M&amp;A and dispositions<\/h2>\n\n\n\n<p>GNL announced in 2024 that it would begin transitioning its portfolio away from retail and office holdings as it focused on becoming a pure-play single-tenant net lease company. 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.<\/p>\n\n\n\n<p>In August 2024, GNL sold The Plant, a <a href=\"https:\/\/www.commercialsearch.com\/news\/bay-area-retail-center-commands-95m\/\">367,000-square-foot super regional retail center<\/a> in San Jose, Calif., to a partnership between Arc Capital Partners and Milan Capital Management for $95 million.<\/p>\n\n\n\n<p>Also that summer, the firm sold a 366,000-square-foot office property in Shinfield Park, Reading, U.K., for more than $27 million. The REIT had owned the Foster Wheeler office asset for about eight years.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal brings 40 properties into GNL&#8217;s portfolio.<\/p>\n","protected":false},"author":1068,"featured_media":1004808855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[36796],"class_list":["post-1004808854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-global-net-lease"],"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 Closes $535M Acquisition of Modiv Industrial - 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Image courtesy of Yardi Matrix"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/global-net-lease-completes-535m-acquisition-of-modiv-industrial\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Global Net Lease Closes $535M Acquisition of Modiv Industrial"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. 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