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Medalist Diversified REIT Announces the Purchase of Salisbury Marketplace and the Completion of a Financing Transaction With Wells Fargo Bank
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Medalist Diversified REIT, Inc. (NASDAQ: MDRR) has successfully acquired the Salisbury Marketplace, a shopping center in Salisbury, North Carolina, for $10.025 million. This property spans 79,732 square feet and is anchored by major retailers like Food Lion and Family Dollar. Medalist invested approximately $3.3 million in cash for this acquisition. On June 13, 2022, Medalist secured $18.6 million in financing from Wells Fargo Bank to fund the purchase and refinance existing properties, enhancing their financial position for future growth.
Positive
Successful acquisition of Salisbury Marketplace for $10.025 million.
Investment of $3.3 million in cash strengthens property portfolio.
New financing of $18.6 million from Wells Fargo enhances financial flexibility.
Negative
None.
RICHMOND, Va.--(BUSINESS WIRE)--
Medalist Diversified REIT, Inc.(NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring and managing commercial real estate in the Southeastern United States, today announced Medalist Diversified Holdings, L.P., the operating partnership of Medalist, completed the purchase of a community shopping center consisting of 79,732 square feet of leasable area in Salisbury, North Carolina, commonly referred to as Salisbury Marketplace (“Salisbury Marketplace”), from an unaffiliated seller for a purchase price of $10,025,000 on June 10, 2022. The Company invested approximately $3.3 million of cash in Salisbury Marketplace, which is anchored by Food Lion, CitiTrends and Family Dollar.
Bill Elliott, Vice Chairman and President of Medalist, commented, “With a stable line-up of profitable anchors, we see an excellent opportunity to add value for this property through the lease up of vacant space while improving credit and consolidating local tenancy.”
In addition, on June 13, 2022 Medalist completed a $18.6 million financing transaction with Wells Fargo Bank to provide funding for the acquisition of Salisbury Marketplace and to refinance mortgages on two of the Company’s existing properties, Lancer Center, a 181,590 square foot shopping center in Lancaster, South Carolina, and the Greenbrier Business Center, a flex/industrial property consisting of 89,280 square feet in Chesapeake, Virginia. The financing transaction also includes a $1.5 million line of credit which the Company plans to use to fund future acquisitions.
Thomas Messier, CEO of Medalist, said “Medalist continues to execute its strategy of deploying capital raised in the equity markets and establishing new credit relationships critical to the Company’s growth. The acquisition of Salisbury Marketplace will immediately contribute to the Company’s cash flow while our new relationship with Wells Fargo establishes an excellent foundation for our continued growth.”
About Medalist Diversified REIT
Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S. The Company’s strategy is to focus on commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. For more information on Medalist, please visit the Company website at https://www.medalistreit.com.
Forward Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are statements that are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur, including, without limitation, with respect to the completion of the proposed public offering on the terms described or at all. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the prospectus dated June 21, 2021 and its accompanying prospectus supplement dated November 17, 2021, and in the Company’s subsequent annual and periodic reports and other documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.
What is the recent acquisition by Medalist Diversified REIT (MDRR)?
Medalist Diversified REIT (MDRR) recently acquired Salisbury Marketplace in Salisbury, North Carolina, for $10.025 million.
How much did Medalist invest in cash for the Salisbury Marketplace acquisition?
Medalist invested approximately $3.3 million in cash for the acquisition of Salisbury Marketplace.
What financing did Medalist secure for its acquisition and refinancing?
Medalist completed an $18.6 million financing transaction with Wells Fargo Bank to fund the acquisition of Salisbury Marketplace and refinance existing properties.
What retailers anchor the Salisbury Marketplace shopping center?
Salisbury Marketplace is anchored by Food Lion, CitiTrends, and Family Dollar.
What is Medalist Diversified REIT's strategy for growth?
Medalist focuses on acquiring commercial real estate in the Southeastern U.S. to provide a balance of risk and returns.
