SILVER STAR PROPERTIES REIT, INC: M&A transaction — Silver Star buys 16 Walgreens for $60.25M, sells Richardson Heights for $40.5M, court win

SILVER STAR PROPERTIES REIT, INC

Closed purchase of 16 triple-net Walgreens properties for $60.25M, 100% financed via $57.75M term loan at 6% and $3.9M junior loan draw.
Sold Richardson Heights Shopping Center (Richardson, TX) for $40.5M, closed June 28 despite anchor tenant's Chapter 7 filing.
Court denied former CEO Hartman's motion for partial summary judgment, allowing company to continue orderly asset transition.
Acquired three self-storage facilities for $40.75M (1,668 units); fourth 907-unit Delray Beach property expected to close July 2024.
Targets ~$350M in self-storage/single-tenant assets with ~65% LTV; plans to resume distributions and seek exchange listing.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

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 unaffiliated financial institution for $60.25 million (closed 2024-07-01).

Action: acquisition
Counterparty: unaffiliated financial institution
Consideration: $60.25 million
Closing: 2024-07-01

Exact text from the filing

On July 1, 2024, the Company, through 16 newly formed special purposes entities ("Borrowers") collectively as borrowers purchased 16 triple-net properties leased by Walgreens for $60.25 million ("Walgreens Purchase and Sale Agreement") from an unaffiliated financial institution.

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Source: SEC EDGAR

accession 0001628280-24-031380

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