Broad Street Realty, Inc Continues With Previously Announced Merger Transactions
Broad Street Realty completed mergers involving Highlandtown Shopping Center, Cromwell Fields Shopping Center, and Spotswood Shopping Center. The transactions included the issuance of 6,331,162 shares of common stock and $0.7 million in cash to previous investors. This expands the company's portfolio to thirteen grocery-anchored centers with over 1,536,991 square feet of leasable space across several states. The mergers align with the company's strategy to enhance its presence in key Mid-Atlantic and Southeast markets.
- Expansion of portfolio to 13 grocery-anchored shopping centers.
- Increased total gross leasable space to over 1,536,991 square feet.
- Strategic alignment with market presence in the Mid-Atlantic and Southeast.
- None.
BETHESDA, Md., June 7, 2021 /PRNewswire/ -- Broad Street Realty, Inc. (OTC Pink: BRST), a fully integrated and self-managed publicly owned real estate company, continued its previously announced series of mergers by completing the mergers involving the 57,513 square foot Highlandtown Shopping Center in Baltimore, Maryland, the 233,486 square foot Cromwell Fields Shopping Center in Glen Burnie, Maryland and the 190,650 square foot Spotswood Shopping Center in Harrisonburg, Virginia, which closed on May 21, 2021, May 26, 2021 and June 4, 2021, respectively. As consideration for the mergers, the Company issued an aggregate of 6,331,162 shares of its common stock and paid an aggregate of
With the closing of these mergers, the resulting company now owns thirteen primarily grocery-anchored neighborhood shopping center properties with over 1,536,991 square feet of gross leasable space in Maryland, Pennsylvania, Virginia and Washington, DC and Broad Street's operating platform, including its commercial brokerage, property management and development businesses. The combined company has approximately 45 employees and is headquartered in Bethesda, Maryland with additional offices in Denver, Colorado, Washington, D.C. and Manassas, Virginia.
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company, said, "We are very pleased to complete the additional mergers of Highlandtown, Cromwell and BSV into the company in accordance with our previously announced plans. These shopping centers are a core part of our strategy of owning necessity based retail and mixed-use opportunities in key markets including the Mid Atlantic, Southeast and Denver, Colorado markets."
Baird is serving as exclusive financial advisor to Broad Street, and Morrison & Foerster and Shulman Rogers are serving as legal advisors to Broad Street.
About Broad Street Realty, Inc.
Broad Street Realty, Inc. is a fully integrated and self-managed real estate company that owns, operates, develops and redevelops primarily grocery-anchored shopping centers and mixed-use properties in the Mid-Atlantic, Southeast and Denver, Colorado markets. Broad Street is also a market-leading commercial real estate services firm that delivers cost-effective solutions for office, industrial and retail clients. The company has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements include, without limitation, statements about our estimates, expectations, predictions and forecasts of our future business plans and financial and operating performance and/or results, as well as statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. When we use the words "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense, we intend to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company's management. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and the other documents filed by the Company with the Securities and Exchange Commission from time to time. All forward-looking statements speak only as of the date of this press release. Except as otherwise may be required by law, the Company undertakes no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
View original content:http://www.prnewswire.com/news-releases/broad-street-realty-inc-continues-with-previously-announced-merger-transactions-301307054.html
SOURCE Broad Street Realty, Inc.
FAQ
What mergers did Broad Street Realty complete on June 7, 2021?
How many shares did Broad Street Realty issue during the mergers?
What is the total gross leasable space owned by Broad Street Realty after the mergers?
Which states are included in Broad Street Realty's shopping center portfolio?
What is the strategic importance of the recent mergers for Broad Street Realty?
