Business
Medalist Diversified REIT Announces the Purchase of the Parkway Property
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 November 1, 2021, Medalist Diversified Holdings, L.P., the Company’s operating partnership, acquired a mixed-use Industrial/Flex portfolio consisting of two buildings totaling 64,109 square feet of gross leasable space in Virginia Beach, Virginia, commonly referred to as the Parkway Property. The purchase price for the Parkway Property was $7.3 million, exclusive of closing costs. The Company used approximately $2.1 million of cash, which is a portion of the net proceeds from the Company’s April 13, 2021 common stock offering. In addition, an unaffiliated non-controlling owner provided approximately $460,000 in cash. The balance of the purchase price for the Parkway Property was funded by a mortgage loan.\n\nBill Elliott, Vice Chairman and President of the Company, stated, \"The Parkway Property has a diverse workforce tenancy, consistent with our strategy, that we believe will generate positive cash flow immediately. One of Medalist’s goals is to grow our portfolio with similarly cash flowing properties. Purchasing robust cash flowing properties like the Parkway Property strengthens our ability to continue to build value for our shareholders.\"\n\nThomas E. Messier, Chairman and Chief Executive Officer of the Company, stated, “Our successful common stock offering in April 2021 funded the acquisition of the Lancer Center property in May 2021, the Greenbrier Business Center in August 2021 and now the Parkway Property. We expect to use the remaining funds from the April 2021 common stock offering for additional acquisitions during early 2022. The acquisition of the Parkway Property and the sale of the Hampton Inn property in August 2021 demonstrate the Company’s success in continuing its growth while positioning its investment property portfolio into positive cash flowing properties.”\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 r...