Broad Street Realty Inc (OTCMKTS:BRST) Stock Flat After Announcing a Key Acquisition
Shares of Broad Street Realty Inc (OTCMKTS:BRST) have been moving within a narrow range over the past few sessions.
Market Stats
On Tuesday, BRST stock ended flat at $2.50 with more than 1K shares, compared to its average volume of 2K shares. The stock moved within a range of $2.5000 – 2.5000 after opening trading at $2.50.
Key Details
Fully integrated and self-managed real estate company owning and developing primarily grocery-anchored shopping centers as well as mixed-use properties in Mid-Atlantic, Southeast and Denver, Colorado markets, Broad Street Realty Inc (OTCMKTS:BRST) on February 22, 2022 announced the acquisition of Midtown Row in Williamsburg, Virginia for $122 million.
Mixed-use property has been finished recently and comprises of 240 student housing unites with 620 beds. It also has a retail component of 63,573 square feet of gross leasable area.
The acquisition will be subject to customary closing conditions and the firm is expecting to close it by end of quarter two of 2022. There are no assurances that the conditions would be satisfied or the firm will be completing acquisition on the terms specified.
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer said that the firm is proud on strengthening its commitment to Williamsburg region and Midtown Row with the current acquisition. Jacoby added that the company has served as development manager for Midtown Row. The CEO added that it has also served as property manager as well as leasing broker for retail portion.
Midtown Row is Broad Street Realty, Inc.’s fifth active property in Virginia. It is also the sixteenth within the overall portfolio.
Key Quote
“We are proud to further solidify our commitment to Midtown Row and the Williamsburg region with this acquisition,” remarked Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company. “We have served as the development manager for Midtown Row and serve as the property manager and the leasing broker for the retail portion as well so this is truly a natural evolution.”