Global Net Lease, Inc. (GNL) and Modiv Industrial, Inc, announced on Monday a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across the U.S. GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its revolving credit facility and cash on hand.

“We believe this transaction is a compelling opportunity for GNL to expedite our transition to earnings growth in 2026 following the completion of our deleveraging initiative while continuing to reduce our office exposure,” said Michael Weil, CEO of GNL. “Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality.”

Aaron Halfacre, president and CEO of Modiv, added, “We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates.”

Pictured: A Modiv-owned cold storage facility in Yuma, AZ.

Nuveen appointed Chad Phillips as its new Global Head of Nuveen Real Estate, effective immediately.

Courtesy of Nuveen

Chad Phillips joined Nuveen in 2019 and has led multisector fundraising and management teams.

Phillips now oversees a $141B portfolio of assets under management spanning 22 countries, according to Nuveen, the investment manager of pension fund and financial giant Teachers Insurance and Annuity Association of America. 

He’s taking over at a time when Nuveen sees potential value in commercial real estate.  

“The painful reset of private real estate seems to be in the rearview mirror, and we expect 2025 to be a good vintage for real estate investment,” analysts at Nuveen Global Cities REIT wrote in a Dec. 31 report. “Values have stabilized, total returns are positive in most markets and the dearth of new construction activity bodes well for medium-term fundamentals.”

Phillips is replacing Chris McGibbon, a 25-year industry veteran who had been in the role since 2016 and now plans to retire. Phillips will also chair the Nuveen Real Estate Global Executive Leadership Team, which oversees the firm’s strategic initiatives. 

He first joined Nuveen in 2019 and was most recently responsible for leading investment and fundraising teams across the office, healthcare, retail and mixed-use sectors. Phillips earned his undergraduate degree from Davidson College in North Carolina and a master’s degree in real estate from Georgetown University. 

Phillips will lead the department from Nuveen’s office in Charlotte. The investment manager is based in Chicago and also has a major presence in New York, where TIAA is based, a spokesperson told CoStar. 

McGibbon will stay on until June 30 to ensure a smooth transition. 

Commercial real estate transaction volume is broadly expected to pick up in 2025 as investors, owners and lenders previously frozen by hopes of better underwriting accept today’s tough market conditions are likely to persist, especially in light of President Donald Trump’s new trade policies and tariffs. 

Global brokerage firm executives expect growing transaction volume, which is expected to pick up in the back half of the year before gaining more traction in 2026, will boost their bottom lines. And the recent sell-off across the stock market has not only been less painful for commercial real estate stocks compared to other sectors, it also has made the asset class a more attractive investment.

“We think investors should have exposure to real estate stocks,” analysts at J.P. Morgan wrote in a recent note to investors. 

Global Net Lease, Inc. has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion at an 8.4% cash cap rate. The sale would accelerate GNL’s deleveraging initiative and position the company as a pure-play, single-tenant net lease company.

GNL launched its strategic disposition initiative in 2024 to significantly reduce debt, enhance financial flexibility and lower the cost of capital. Following completion of the multi-tenant portfolio sale, GNL expects to have completed nearly $3 billion in dispositions by the end of 2025.

“We believe the proposed sale of our multi-tenant portfolio is a strategic and prudent transaction that will bolster our balance sheet and position GNL for continued success,” said Michael Weil, CEO of GNL. “The proposed transaction greatly decreases operational complexities, G&A expenses and capital expenditures associated with multi-tenant retail properties.”

Pictured: Fountain Square in Brookfield, WI, among the multi-tenant properties GNL is selling.

Suffolk has topped off construction at BioMed Realty’s 585 Kendall a mixed-use lab/office building and performing arts center in the Canal District of Kendall Square in Cambridge, MA. Takeda has leased the property’s approximately 600,000-square-foot lab and office space for its global R&D center.

“We are honored and privileged to celebrate this important milestone in the construction of this complex facility,” said John Fish, Chairman and CEO, Suffolk. “Thank you to BioMed and Takeda for their close partnership, for their investment in this community, and for their faith in Suffolk to deliver this game-changing project for the life sciences community, the City of Cambridge and the Commonwealth of Massachusetts.”

Set for occupancy in 2026, 585 Kendall is designed to support the diverse needs of the Cambridge community. Its 30,000-square-foot performing arts center is intended to complement the existing, ongoing community activations at Canal District Kendall.

Computer hardware manufacturer HIPER Global is committing to 72,500 square feet of U.S. headquarters space at 550 King St. within Lupoli Companies’ King Street Crossing mixed-use redevelopment project in Littleton, MA. HIPER Global recently completed a much larger facility for its Atlanta-area location and is now focused on growing its Massachusetts location with additional capabilities.

“We are thrilled to welcome HIPER Global as our tenant in Littleton,” said Sal Lupoli, CEO and president, Lupoli Companies. “This marks a pivotal moment in our commitment to revitalizing urban and suburban landscapes and creating vibrant, inclusive communities across Massachusetts and beyond.”

At full buildout, King Street Crossing will encompass more than 1,000 units of new housing, 115,000 square feet of retail, a 150-key flagship hotel and more than 600,000 square feet of lab/office/innovation space. Lupoli Companies’ Scott Moreau, Mary Lupoli and Veronique Sainten oversee leasing at the project.