RICHMOND, Virginia, June 13, 2022–(BUSINESS WIRE)–Diversified REIT, Inc. Medalist (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust specializing in the acquisition and management of commercial real estate in the Southeastern United States, announced today Today Medalist Diversified Holdings, LP, the operating partnership of Medalist, has completed the purchase of a 79,732 square foot leasable community shopping center 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 in cash in Salisbury Marketplace, which is anchored by Food Lion, CitiTrends and Family Dollar.
Bill Elliott, Vice President and President of Medalist, commented: “With a stable line of profitable anchors, we see a great opportunity to add value to this property through rental of vacant space while enhancing the credit and consolidating local rental.
Additionally, on June 13, 2022, Medalist completed an $18.6 million financing transaction with Wells Fargo Bank to fund the acquisition of Salisbury Marketplace and to refinance mortgages on two of the company’s existing properties, Lancer Center , a 181,590 square foot retail center located in Lancaster, South Carolina, and the Greenbrier Business Center, an 89,280 square foot flex/industrial property in Chesapeake, Virginia. The financing transaction also includes a $1.5 million line of credit that the Company expects to use to finance future acquisitions.
Thomas Messier, CEO of Medalist, said, “Medalist continues to execute on 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.”
About Medalist Diversified REIT
Medalist 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 United States. The company’s strategy is to focus on commercial real estate which should offer an attractive balance of risk and return. Medalist uses a rigorous, consistent, and repeatable process for acquisition research and due diligence. For more information about Medalist, please visit the company’s website at https://www.medalistreit.com.
This 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, and are generally identified by words such as “believe”. , “expect”, “anticipate”, “intend”, “estimate”, “may”, “will”, “should” and “could”. and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on the Company’s current expectations, but such statements are not guaranteed to occur, including, without limited to, with respect to the completion of the proposed public offering on the terms described or not at all. Further, the Company disclaims any obligation to publicly update or revise any information. forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. Investors should not place undue reliance on forward-looking statements. For a more in-depth discussion of factors that could affect results, please refer to the “Risk Factors” section of the Prospectus dated June 21, 2021 and accompanying Prospectus Supplement dated November 17, 2021, as well as subsequent annual and periodic reports of the Company and other documents filed with the SEC, copies of which are available on the SEC’s website, www.sec.gov.
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