Q1 Roundup -- Modiv Completes Three Lease Renewals
Newport Beach, Calif., April 06, 2021 (GLOBE NEWSWIRE) -- Modiv Inc., an innovative real estate, fintech and proptech asset manager, today announced that it completed three lease renewals in the first quarter of 2021.
The lease transactions included:
- A five-year lease renewal for a 107,419-square-foot office in Melbourne, Florida with Northrop Grumman, a prominent aerospace and defense company. Located along Florida’s “Space Coast,” Northrup Grumman has occupied the facility since 2016.
- A five-year lease renewal with Dollar General, a market-leading national variety store, for a 9,026-square-foot retail property in Castalia, Ohio.
- A five-year lease renewal with Dollar General for a 9,026-square-foot retail property in Lakeside, Ohio.
“These lease renewals reflect the strength of our tenants, the quality of our portfolio and the ability of our team to consummate transactions during these uncertain economic times,” said Aaron Halfacre, CEO of Modiv. “With a focus on mission-critical office and industrial properties plus necessity retail assets, our portfolio continues to demonstrate resiliency as we emerge from the current pandemic-dominated economy.”
Certain statements contained herein, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Modiv intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act, Section 21E of the Exchange Act and other applicable law. Such statements include, in particular, tenant strength, portfolio quality, asset type focus and portfolio resiliency. Therefore, such statements are not guarantees of future results and are subject to risks, uncertainties and other factors, some of which are beyond Modiv’s control, are difficult to predict and could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, Modiv makes no representation or warranty, express or implied, about the accuracy of any such forward-looking statements contained hereunder. Except as otherwise required by federal securities laws, Modiv undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, whether as a result of new information, future events or otherwise.
Modiv Inc., a real estate, fintech and proptech asset manager, is reimagining modern real estate investing for individual investors. Driven by innovation, an investor-first focus and an experienced management team, Modiv has created one of the largest non-listed real estate investment funds to be raised via crowdfunding technology and the first real estate crowdfunding platform to be completely investor-owned. Modiv provides individual investors access to real estate and real estate-related investments designed to provide both income and long-term growth. To learn more, visit modiv.com.
Managing Director, RUBENSTEIN
Released April 6, 2021