Medalist Diversified REIT : Acquisition/Asset Disposal - Form 8-K
March 14, 2024 at 04:27 pm EDT
Share
ITEM 2.01
COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
On December 29, 2023, Medalist Diversified REIT, Inc. (the "Company"), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S., announced that Medalist Diversified Holdings, LP, the operating partnership of the Company had entered into a Purchase and Sale Agreement (the "Agreement"), a copy of which is filed as Exhibit 10.1 to the Company's Form 8-K filed on December 29, 2023, with an unaffiliated purchaser (the "Buyer") whereby the Company agreed to sell its 84% tenant-in-common interest in Hanover Square North located at 7230 Bell Creek Road, Mechanicsville, Virginia 23111 (the "Hanover Square Property"). The Company's tenant-in-common partner, PMI Hanover Square, LLC, also entered into the same agreement to sell its 16% tenant-in-common interest.
On March 13, 2024, the Company completed the sale of the Hanover Square Property. The property sold for $13,000,000. After credits for repairs of $85,000, retiring the mortgage payable of $9,511,030, and payment of closing costs, the Company realized approximately $2,520,000 in net cash from the sale of its 84% tenant-in-common ownership interest. Including the release of a reserve held by the lender, the Company generated approximately $2,647,000 in unrestricted cash from the transaction.
Exhibit Number
Description of Exhibit
10.1
Purchase and Sale Agreement dated December 29, 2023(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 29, 2023).
104
Cover Page Interactive Data File (embedded within the Inline XBRL Document)
Attachments
Original Link
Permalink
Disclaimer
Medalist Diversified REIT Inc. published this content on
14 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
14 March 2024 20:26:39 UTC.
Medalist Diversified REIT, Inc. is a real estate investment trust. The Company is engaged in acquiring, repositioning, renovating, leasing, and managing income-producing properties, with a primary focus on commercial properties, including flex-industrial and retail properties, multifamily residential properties and hotel properties. The Company's segments are retail center properties and flex center properties. Retail center properties, consisting of the Franklin Square Property, have an undivided 84% tenant-in-common interest in the Hanover Square Property, the Ashley Plaza Property, the Lancer Center Property and the Salisbury Marketplace Property. Flex center properties, consisting of the Brookfield Center Property, the Greenbrier Business Center Property and an undivided 82% tenant-in-common interest in the Parkway Property. It invests in properties in the southeastern part of the United States, with a focus in Virginia, North Carolina, South Carolina, Georgia, Florida and Alabama.
MEDALIST DIVERSIFIED REIT, INC. 
