Morrison Foerster is advising Sachem Capital Corp. (NYSE: SACH) (“Sachem”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, on a definitive contribution agreement to combine with Industrial Realty Group (“IRG”), a private real estate development and investment firm specializing in the acquisition, development, and management of commercial and industrial real estate throughout the United States. IRG will contribute 98 industrial assets from its 200-asset portfolio owned by IRG and/or its partners to Sachem, and once completed, the combined company will operate as IRG Realty Trust, Inc. (“IRGT”). The transaction is expected to close by the end of 2026, subject to customary conditions including approval by Sachem’s shareholders.
Upon closing, IRGT is expected to own 98 industrial properties with gross real estate asset value of $2.9 billion plus Sachem’s approximately $470 million of total assets (as of March 31, 2026) in direct and indirect mortgage loans, investments in developmental and owned real estate, and other assets. IRGT is expected to have an implied enterprise value of approximately $3.4 billion, positioning IRGT as a top‑10 publicly listed industrial REIT based on enterprise value.
The MoFo team is being led by M&A partners Lauren Bellerjeau and Joe Sulzbach, capital markets partners Andy Campbell and John Hensley, and tax partner Shane Shelley, with real estate of counsel Susannah Cupp, corporate associates Moe Alismail, Tyler Miller, Stephen Albrigo, and Kristen Cui and tax associate Kristie Espiritu.
