Real Estate Sector

Modiv Industrial common stockholders approved an acquisition by Global Net Lease at a virtual special meeting, with approximately 94% of votes cast supporting the transaction. Roughly 65.5% of eligible shares were represented at the vote, clearing the final major hurdles for the merger into GNL-affiliated entities alongside a concurrent operating partnership merger. Modiv investors will transition into ownership of GNL stock and receive an estimated 25% dividend increase upon completion. The transaction is expected to close on or about August 12, 2026. Truist Securities acted as sole financial advisor to Modiv, with legal counsel provided by Morrison & Foerster LLP and Venable.

Commercialobserver.com reports that Happy Corner Hospitality has signed a lease for 2,500 square feet at 1147 Broadway in Manhattan's NoMad neighborhood to open a new offshoot of its Mediterranean concept called Yalla Motek. The location marks the chain's first in New York City and its second in the U.S. following a 2022 opening in Aventura, Florida. Founder Charlie Levy plans to open five locations in New York as part of a broader vision to scale the brand to 20 locations over the next three years. The restaurant group did not disclose the asking rent or the length of the lease. Meanwhile, average retail asking rent along the nearby Broadway corridor from 14th to 23rd Streets stood at $371 per square foot in the second quarter of 2026, according to CBRE data. The brand's parent company already operates four Motek locations in New York City, most recently leasing space at 184 Bleecker Street in Greenwich Village in November 2025.

constructiondive.com reports that Balfour Beatty returned its U.S. construction business to profitability in the first half of 2026, delivering 22 million pounds ($29.7 million) in operating profit compared to an 11 million-pound loss in the same period last year. Revenue across the London-based builder rose 8% year over year to approximately 5.6 billion pounds ($7.6 billion), while its order book expanded 17.4% to 22.9 billion pounds. CEO Philip Hoare pointed to U.S. data center and aviation projects as key growth drivers, highlighted by $350 million in new data center wins and a $361 million mandate at Raleigh-Durham Airport. The firm's U.S. revenue climbed 19% on the half year, propelled by national frameworks with long-standing clients like Wells Fargo. Despite the top-line gains, pre-tax profit dipped 2.3% to 129 million pounds, though management raised its full-year average net cash projection by 200 million pounds to a range of 1.5 billion pounds to 1.7 billion pounds.