Rodin Global Property Trust Inc., a publicly registered non-traded real estate investment trust, and its sponsor Cantor Fitzgerald Investors LLC, have acquired a 150,000-square-foot office building in Fort Mill, South Carolina for $40 million, according to a filing with the Securities and Exchange Commission.
The property is fully leased to Daimler Trucks North America LLC, a subsidiary of German automotive firm Daimler AG until the end of 2028. Rodin Global Property Trust owns a 44.4 percent interest in the property, while the sponsor owns the remaining 55.6 percent.
Rodin Global Property Trust funded its portion of the purchase price and acquisition expenses (approximately $8.5 million) with cash from its ongoing initial public offering and intends to purchase Cantor’s interests in the future, although it is not obligated to do so.
The property will be managed by Cantor-affiliate RDN Property Management LLC.
Rodin Global Property Trust invests primarily in single-tenant net leased commercial properties located in the United States and Europe and raised approximately $15 million in investor equity, as of November 10, 2017. As of the third quarter 2017, the company owned one retail property purchased for $7.9 million and a $2.4 million interest in a Delaware statutory trust, which owns seven properties.