Medalist sells Salisbury shopping center for $10M; CEO exchanges shares for OP units

Medalist Diversified, Inc.

CEO Francis P. Kavanaugh exchanged 240,004 shares for 240,004 OP units to maintain REIT 5/50 ownership test.
Company agreed to sell Salisbury Marketplace Shopping Center in Salisbury, NC for $10M cash, close within 60 days.
Purchaser Salisbury SC LLC made $150,000 earnest money deposit; sale subject to customary closing conditions.
OP units are redeemable for cash or common stock after a one-year holding period.

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