SILVER STAR PROPERTIES REIT, INC: M&A transaction — Silver Star sells $40.5M asset, acquires $60.25M Walgreens, $40.75M self-storage, court win

SILVER STAR PROPERTIES REIT, INC

Completed sale of Richardson Heights Shopping Center for $40.5M; proceeds reduced Senior Loan principal by $37.5M.
Acquired 16 Walgreens triple-net properties for $60.25M, 100% financed, to facilitate 1031 exchanges.
Acquired three self-storage properties for $40.75M (1,668 units); expects to close fourth in July 2024.
Court denied former CEO Hartman's motion for partial summary judgment, allowing company to continue New Direction Plan.
Evaluating options for Southern Star subsidiary including new DST offerings and $1M loan to Southern Star.

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

SILVER STAR PROPERTIES REIT, INC completed an acquisition involving Walgreens (seller unknown, presumably the counterparty is Walgreen Co. or its affiliate) for $60.25 million which was 100% financed (closed 2024-07-01).

Action: acquisition
Counterparty: Walgreens (seller unknown, presumably the counterparty is Walgreen Co. or its affiliate)
Consideration: $60.25 million which was 100% financed
Closing: 2024-07-01

Exact text from the filing

on July 1, 2024, the Company completed the acquisition of sixteen (16) triple-net properties leased by Walgreens for $60.25 million which was 100% financed.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.85

SILVER STAR PROPERTIES REIT, INC completed an acquisition involving unknown (multiple sellers) for combined cost of $40.75 million (closed 2024-07-01).

Action: acquisition
Counterparty: unknown (multiple sellers)
Consideration: combined cost of $40.75 million
Closing: 2024-07-01

Exact text from the filing

As of July 1, 2024, Silver Star has completed the acquisition of three self-storage properties at a combined cost of $40.75 million, comprising 1,668 units within 161,164 square feet.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

SILVER STAR PROPERTIES REIT, INC completed a disposition involving JAHCO Richardson Heights LLC for $40.5 million in cash, subject to customary pro-rations and adjustments (closed 2024-06-28).

Action: disposition
Counterparty: JAHCO Richardson Heights LLC
Consideration: $40.5 million in cash, subject to customary pro-rations and adjustments
Closing: 2024-06-28

Exact text from the filing

On June 28, 2024, Silver Star Properties REIT, Inc. (the "Company"), completed the sale of its Richardson Heights property located in Richardson, Texas for a sales price of $40.5 million in cash, subject to customary pro-rations and adjustments. The property was sold to JAHCO Richardson Heights LLC, an unrelated third-party.

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Source: SEC EDGAR

accession 0001628280-24-031319

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