Modiv Inc Acquires SJE-Rhombus Properties In Detroit Lakes & Plymouth For $8.5M

The real estate investment trust, Modiv Inc, has recently completed the acquisition of two properties in Minnesota. The properties are related to SJE-Rhombus, a company based in Detroit Lakes that specializes in control systems for residential and commercial applications. The cash transactions include the purchase of the SJE headquarters in Detroit Lakes and an SJE location in Plymouth. These acquisitions were facilitated through sale-leaseback deals, with Modiv acting as the buyer.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $8,475,515
• Buyer: Modiv Inc
• Seller: SJE-Rhombus - Ray Pacini

This deal allows Modiv Inc to expand its portfolio and gain ownership of the SJE properties. It also provides SJE-Rhombus with the opportunity to continue operating from the properties through leaseback agreements. The acquisition of these properties strengthens Modiv's presence in the industrial sector and demonstrates their commitment to strategic investments. With these transactions, Modiv Inc further establishes itself as a key player in the Minnesota real estate market.