RICHMOND, Va., May 10, 2017 /PRNewswire/ -- On Friday, April 28th, Medalist Diversified REIT, Inc., located in Richmond, Virginia surpassed the minimum threshold for companies raising capital under a Regulation A+ filing. The REIT sold $8,700,000 worth of shares in a public offering on its way to a $50 million target. Medalist Properties, co-founded in 2003 by Thomas E. Messier and William R. Elliott, invests in commercial real estate in the Mid-Atlantic and Southeast. On reaching the minimum threshold the REIT purchased its first property, a retail shopping center in the Charlotte, North Carolina area. They are currently raising equity in the REIT to purchase a hotel in Greensboro, North Carolina. The company has several other pipeline properties to choose from.
The REIT will invest in 4 core property types, industrial/flex, anchored retail, multi-family and limited service hotels. The company's core geographic focus is Virginia, North Carolina, South Carolina and Georgia.
The company plans to list the REIT's stock on the OTCQX market once the IPO period is over. It is using St. Louis based, Moloney Securities as the lead underwriter and securities law firm, Kaplan, Voekler, Cunningham and Frank located in Richmond, Virginia.
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SOURCE Medalist Diversified REIT, Inc.