Business
First Choice Healthcare Signs $15.45 Million Purchase Agreement to Sell and Leaseback Marina Towers Building
First Choice Healthcare Signs $15.45 Million Purchase Agreement to Sell and Leaseback Marina Towers Building.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n \n \n First Choice Healthcare Signs $15.45 Million Purchase Agreement to Sell and Leaseback Marina Towers Building\n \n \nFirst Choice Healthcare Signs $15.45 Million Purchase Agreement to Sell and Leaseback Marina Towers Building\n\nSale Expected to Release Approximately $7.5 Million in Previously Unrecognized Net Tangible Equity -- Cash That Can Be Used to Support First Choice's Growth Initiatives and Position the Company for Up-Listing to a National Stock Exchange\n\n \n MELBOURNE, FL--(Marketwired - Jan 20, 2016) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) (\"FCHS,\" \"First Choice\" or \"the Company\"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of Orthopaedic care and treatment, today announced that its wholly owned subsidiary, Marina Towers, LLC, has entered into a Purchase Agreement to sell its 78,000 square foot office building, Marina Towers, located in Melbourne, Florida to Global Medical Reit Inc. for a purchase price of $15.45 million. \n In addition, the entire facility, which houses FCHS' corporate headquarters and its Medical Center of Excellence, First Choice Medical Group, will be leased back to the Company's wholly-owned subsidiary, FCID Holdings, Inc., via a 10-year absolute triple-net master lease agreement that will expire in 2026, and be renewable for two five-year periods on the same terms and conditions as the primary lease term with the exception of rent, which will be adjusted to the prevailing fair market rent at renewal and will escalate in successive years during the extended lease period. Specifically, the cumulative rent to be paid by the Company will equal $189,627.83 over the 10-year lease period, or 1.23% of the sale price.\n The material terms of the Agreement provide for: (i) an \"Advanced Deposit\" paid by Seller by January 18, 2016 in the amount of $20,000 to the title company; (ii) an \"Earnest Money\" deposit paid by the Company by January 18, 2016 in the amount of $20,000 to the title company that will be applied to the Purchase Price at closing; (iii) the delivery by Seller of items identified on the preliminary due diligence checklist attached as an exhibit to the Agreement; (iv) a property inspection (\"Due Diligence Period\") that will expire at 5:00 P.M. Eastern Time on February 8, 2016, dur...