Crexendo sells Tempe office building for $4M, enters 18-month leaseback

Crexendo, Inc.

Sale price $4,000,000; existing mortgage of ~$1,767,490.88 paid off at closing.
Company enters 18-month leaseback; may terminate at 12 months with 60-day notice.
Buyer: NECTAR 52ND 2023, LLC.

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

Crexendo, Inc. entered into Agreement with NECTAR 52ND 2023, LLC valued at Four Million Dollars (US) ($4,000,000.00) (effective 2023-08-09).

Action: entry
Agreement: asset purchase
Counterparty: NECTAR 52ND 2023, LLC
Value: Four Million Dollars (US) ($4,000,000.00)
Effective: 2023-08-09

Exact text from the filing

On August 9, 2023, Crexendo, Inc. (the “Company”) through its wholly owned subsidiary Crexendo Business Solutions, Inc. sold the Company’s office building (“Building”) located at 1615 S 52nd St. Tempe, AZ 85281 to NECTAR 52ND 2023, LLC (the “Buyer”)

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Crexendo, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-010667

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