Medalist Diversified REIT agrees to sell Hanover Square North property for $13M

Medalist Diversified, Inc.

Sale price $13,000,000 for 84% tenant-in-common interest in Hanover Square North, Mechanicsville, VA.
Buyer Prudent Growth Partners, LLC; total earnest money $500,000 ($250k initial + $250k additional).
Closing expected within 30 days after 40-day due diligence period; several conditions remain.
Property is a 73,440 sq ft retail center on 8.766 acres.

Key facts

Extracted from this filing and checked against the source text.

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

Medalist Diversified, Inc. entered into Purchase and Sale Agreement with an unaffiliated purchaser valued at the sale price for the Hanover Square Property is $13,000,000.00 (effective 2023-12-29).

Action: entry
Agreement: asset purchase
Counterparty: an unaffiliated purchaser
Value: the sale price for the Hanover Square Property is $13,000,000.00
Effective: 2023-12-29

Exact text from the filing

On December 29, 2023 (the “Effective Date”), a wholly owned subsidiary of Medalist Diversified REIT, Inc. (the “Company”) entered into a Purchase and Sale Agreement (the “Agreement”), a copy of which is filed hereto as Exhibit 10.1, 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”).

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Medalist Diversified, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-130503

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