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Medalist Diversified REIT Announces the Execution of a Sales Contract for the Hampton Inn in Greensboro, North Carolina
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), is a Virginia-based real estate investment
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), 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.\n\nOn June 2, 2021, Medalist Diversified Holdings, L.P., the operating partnership of Medalist Diversified REIT, Inc., entered into an agreement to sell the Company’s Hampton Inn Property located in Greensboro, North Carolina to an unaffiliated purchaser. The prospective purchaser has a 30 day due diligence period which, at its election, can be extended an additional 15 days. Upon satisfactory completion of the due diligence period, the purchaser has an additional 30 days to close, which can also be extended, at the purchaser’s election, for an additional 15 days.\n\nThe purchase agreement contains provisions, representations, warranties, covenants and indemnities that are customary and standard for the real estate industry and the purchase of a hotel property. Several conditions to closing on the sale remain to be satisfied, including the satisfactory completion of the due diligence period described above, and there can be no assurance that the Company will complete the transaction on the general terms described above, or at all.\n\nAbout Medalist Diversified REIT \n\nMedalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic 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. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the Company website at https://www.medalistreit.com.\n\nForward Looking Statements \n\nThis press release contains statements that are “forward-looking statements” within the meaning of th...