MDRR - Medalist Diversified REIT buys North Carolina shopping center for $10M

Medalist Diversified REIT (NASDAQ:MDRR) said Monday its operating partnership Medalist Diversified Holdings purchased a community shopping center in Salisbury, North Carolina. The property - Salisbury Marketplace - was acquired from an unaffiliated seller for ~$10M. MDRR invested ~$3.3M of cash in Salisbury Marketplace, which is anchored by Food Lion, CitiTrends and Family Dollar. MDRR also completed a $18.6M financing transaction with Wells Fargo Bank for the acquisition of Salisbury Marketplace and to refinance mortgages on 2 existing properties - Lancer Center, a shopping center in Lancaster, South Carolina, and the Greenbrier Business Center in Chesapeake, Virginia. The financing deal also includes a $1.5M credit line, which MDRR will use to fund future acquisitions. "The acquisition of Salisbury Marketplace will immediately contribute to the company's cash flow," said MDRR CEO Thomas Messier.

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Medalist Diversified REIT buys North Carolina shopping center for $10M