Focus Universal sells Ontario warehouse for $7.1M in sale-leaseback; leases back for 2 years

FOCUS UNIVERSAL INC.

Purchase price $7,100,000; $3,550,000 cash upfront, $3,550,000 financed by buyer to close within 35-day contingency.
Simultaneous 2-year leaseback at $39,585/month base rent; total $316,680 due on lease execution.
CEO Desheng Wang personally guarantees the lease obligations via Guaranty of Lease.
Closing expected 30 days after contingency satisfaction or waiver; property is 30,450 sq ft industrial building at 2311 E. Locust St, Ontario, CA.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FOCUS UNIVERSAL INC. entered into Agreement with 620Magnolia LLC valued at $7,100,000 (effective 2024-02-22).

Action: entry
Agreement: asset purchase
Counterparty: 620Magnolia LLC
Value: $7,100,000
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, Focus Universal Inc. (the “Company”) entered into an agreement (the “Agreement”) with 620Magnolia LLC (the “Buyer”) to sell and leaseback the Company’s warehouse located at 2311 E. Locust Street, Ontario, California 91761 (the “Property”). The purchase price for the Property is $7,100,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

FOCUS UNIVERSAL INC. entered into Lease with 620Magnolia LLC valued at $39,585 (effective 2024-02-22).

Action: entry
Agreement: lease
Counterparty: 620Magnolia LLC
Value: $39,585
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, the Company entered into a Standard Industrial/Commercial Single-Tenant Lease (the “Lease”) with the Buyer to lease the Property for two years commencing at the close of escrow and ending on April 30, 2026. Base monthly rent is $39,585

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FOCUS UNIVERSAL INC. filing history →

Source: SEC EDGAR

accession 0001683168-24-001218

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