Cantor Fitzgerald REIT Buys First Property
Rodin Global Property Trust Inc., a publicly registered non-traded REIT sponsored by Cantor Fitzgerald Investors, purchased a retail property in Grand Rapids, Michigan for $7.9 million. The seller was Barnes Development Walker LLC, an unaffiliated third party.
The 14,000-square-foot property is company’s first purchase since commencing operations and is 100 percent net leased to Walgreen Co., a subsidiary of Walgreens Boots Alliance Inc. (NASDAQ: WBA).
According to a filing with the Securities and Exchange Commission, the Walgreens lease expires in 2082, with an option to terminate in 2032 and every five years thereafter. The REIT receives $500,000 in rental income annually from the property.
The property, which will be managed by affiliate RDN Property Management LLC, was purchased with a $4.5 million loan from UBS AG with an initial fixed rate of 4.1064 percent per year. The loan matures on June 30, 2032.
Rodin Global Property Trust invests primarily in single-tenant net leased commercial properties located in the United States. The company commenced its $1 billion initial public offering in March 2017 and broke escrow in May with the purchase of $2 million in Class I shares by the REIT’s sponsor.
