EMCORE CORP: M&A transaction — EMCORE sells Tinley Park property for $10.3M net, leases back for 12 years

EMCORE CORP

Net proceeds of approximately $10.3 million from sale of 8412 W 185th St, Tinley Park, IL to 8400 W 185TH STEET INVESTORS, LLC.
Leaseback for 12-year term with monthly rent of $62,340.98 for first year, increasing 3% annually; triple-net with tenant responsible for all expenses.
EMCORE Corporation guarantees lease obligations of subsidiary EMCORE Chicago Inertial Corporation.
Three options to extend the lease for additional five-year terms each, with rent at fair market rental rate at time of extension.
Security deposit of $40,000 held by landlord; will be returned if lease still in force on Jan 1, 2026.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

EMCORE CORP completed a disposition involving 8400 W 185TH STEET INVESTORS, LLC for approximately $10.3 million (closed 2022-12-13).

Action: disposition
Counterparty: 8400 W 185TH STEET INVESTORS, LLC
Consideration: approximately $10.3 million
Closing: 2022-12-13

Exact text from the filing

On December 13, 2022, EMCORE Chicago Inertial Corporation (“EMCORE Chicago”), a wholly owned subsidiary of EMCORE Corporation (“EMCORE”), consummated the sale of its property located at 8412 West 185 th St., Tinley Park, Illinois (the “Real Property”) to 8400 W 185TH STEET INVESTORS, LLC (“Buyer”), resulting in net proceeds of approximately $10.3 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EMCORE CORP entered into Lease Agreement with Buyer valued at $58,557 per month (effective 2022-12-13).

Action: entry
Agreement: lease
Counterparty: Buyer
Value: $58,557 per month
Effective: 2022-12-13

Exact text from the filing

In connection with the sale of the Real Property, EMCORE Chicago entered into a Single-Tenant Triple Net Lease (the “Lease Agreement”) with Buyer pursuant to which EMCORE Chicago leased back the Real Property for a twelve (12) year term commencing on December 13, 2022, unless earlier terminated or extended in accordance with the terms of the Lease Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EMCORE CORP entered into Purchase Agreement with HSRE Fund VII Holding Company, LLC valued at $10.3 million (effective 2022-11-01).

Agreement: asset purchase
Counterparty: HSRE Fund VII Holding Company, LLC
Value: $10.3 million
Effective: 2022-11-01

Exact text from the filing

The sale was made pursuant to the terms of that certain Purchase and Sale Agreement (the “Purchase Agreement”) dated as of November 1, 2022, by and between EMCORE Chicago and HSRE Fund VII Holding Company, LLC, an affiliate of Buyer.

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Source: SEC EDGAR

accession 0001104659-22-127107

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