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Rodin Global Property invests in JV's $117M Pa. acquisition

Non-traded real estate investment trust Rodin Global Property Trust Inc., along with a subsidiary of its sponsor, Cantor Fitzgerald Investors LLC, made an investment in a joint venture that purchased a cold storage and warehouse distribution facility in Denver, Pa., for roughly $117.1 million.

Rodin, via its operating partnership, made the investment through a single purpose limited liability entity, in which it owns a 40.5% stake and its sponsor owns a 59.5% stake. The entity entered into a joint venture with a subsidiary of USRA Net Lease III Capital Corp.

Rodin and its sponsor invested roughly $11.8 million of capital in the venture, with the company funding its portion of the investment with cash from its ongoing IPO. The acquisition of the fully net leased facility was also financed by a roughly $76.7 million loan from Goldman Sachs Mortgage Co.

The facility spans roughly 1.8 million square feet and is leased to New Albertsons LP, a subsidiary of Albertsons Cos. Inc. The lease commenced Jan. 2 with an annual rent of roughly $7.3 million, subject to annual escalations.

Rodin also originated a fixed rate subordinate mezzanine loan of roughly $12.6 million to USRA subsidiary Chicago Grocery Mezz B LLC for the acquisition of a cold storage and warehouse distribution facility located in Melrose Park, Ill., that was bought for roughly $125.0 million. The deal was also financed with a roughly $41.5 million mortgage loan and a roughly $40.5 million senior mezzanine loan, both from Goldman Sachs Mortgage Co.

The Melrose Park facility spans roughly 1.6 million square feet and is also fully let to New Albertsons with an annual rent of roughly $7.8 million with annual escalations.