Cantor Fitzgerald REIT Purchases Interests in Affiliated DST
Rodin Global Property Trust Inc., a publicly registered non-traded REIT sponsored by Cantor Fitzgerald Investors, paid $2.4 million for 2,400 beneficial interests in CF Net Lease Portfolio IV DST, a Delaware statutory trust and indirect wholly-owned subsidiary of the REIT’s sponsor.
In November 2016, the DST acquired the fee simple interest in seven Walgreens properties for $36.3 million. The retail properties are located in Michigan, Ohio, Oklahoma, and Arkansas and total approximately 104,000 square feet.
The REIT’s purchase represents a 17.33 percent interest in the DST, which was acquired in private placement where Cantor Fitzgerald & Co. acted as a broker-dealer, but did not receive any compensation. The REIT funded the acquisition with cash from its ongoing initial public offering and intends to purchase the remaining interests in the future.
The DST acquired the properties in a sale-leaseback transaction from Walgreen Co., a subsidiary of Walgreens Boots Alliance Inc. (NASDAQ: WBA). The lease for each property had an initial term of 15 years and expire in November 2031.
In other company news, Rodin Global Property Trust recently declared a net asset value per share of $24.64 for Class A, Class T and Class I shares, as of June 30, 2017.
Rodin Global Property Trust invests primarily in single-tenant net leased commercial properties located in the United States and Europe and raised approximately $6.4 million in investor equity, as of September 6, 2017. The primary offering is expected to terminate on March 23, 2019, unless extended by the board. In addition to the DST interest acquisition, the REIT owns one retail property in Grand Rapids, Michigan purchased for $7.9 million.