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Medalist Diversified REIT Announces the Sale of 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 August 31, 2021, Medalist Diversified Holdings, L.P., the operating partnership of Medalist Diversified REIT, Inc., completed a successful sale of the Company’s Hampton Inn Property in Greensboro, North Carolina (the “Property”) to an unaffiliated purchaser. The sales price of the Property was $12,900,000. After repayment of the $10.4 million mortgage on the Property and payment of the sales commission and closing costs, net proceeds from the transaction were approximately $2.1 million. Of these proceeds, approximately $380,000 were due to an unrelated, non-controlling owner of the Property. The Company’s net proceeds from the transaction were approximately $1.7 million.\n\nThomas Messier, CEO of Medalist Diversified REIT, commented that “the successful sale of the Hampton Inn Property demonstrates the Company’s continued successful implementation of its strategy.”\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 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.\n\nForward Looking Statements \n\nThis 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 contingencie...