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Medalist Diversified REIT Announces the Purchase of Salisbury Marketplace and the Completion of a Financing Transaction With Wells Fargo Bank
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist 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.\n\nBill 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.”\n\nIn 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.\n\nThomas 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.”\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 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...