BOCA RATON, Fla., June 16, 2017 /PRNewswire/ -- MedAmerica Properties Inc., formerly known as Banyan Rail Services Inc. (OTC: BARA, pending application for MAPI), today announced that it has entered into a letter of intent to purchase a medical office building in Surprise, Arizona for $9.5 million. This transaction would be the first acquisition of a medical office building by MedAmerica as part of the company's recently announced strategy to acquire well-located medical office buildings throughout the United States, particularly in the sunbelt.
The building, known as Surprise Medical Plaza, is a recently constructed 34,000 square foot Class A medical office building and has as its anchor tenant the Banner Medical Group, one of the largest healthcare providers in the United States. It is located in Surprise Arizona, a rapidly growing municipality in the greater Phoenix metropolitan area.
MedAmerica entered into the letter of intent with Patriot Equity, LLC, a company owned by MedAmerica's Chairman, Gary O. Marino, and is subject to customary documentation, completion of due diligence and financing.Paul S. Dennis, the company's acting CEO and CFO, commented, "Acquiring the Surprise Medical Plaza will be the first concrete step in our new strategy articulated by our board and management team of investing in well-located medical office buildings." He added, "We are now focused on completing our due diligence and financing necessary to close the transaction so that we can move forward with our strategic plan."
About the Company
MedAmerica Properties Inc. is a Delaware corporation pursuing the acquisition and management of well-located medical office buildings with the intention of aggregating multiple properties with strong fundamentals in attractive geographic locations, particularly in the sunbelt states.
Safe Harbor Regarding Forward-Looking Statements
Although we believe that the acquisition and ownership of medical office buildings is fundamentally sound, we cannot assure you that we will be successful in this endeavor or that we can locate, finance and acquire these properties. We also cannot guaranty that we will be able to complete the acquisition of the Surprise Medical Plaza. Some of the statements that we make in this press release, including statements about our confidence in the company's prospects and strategies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical information or statements about our current condition. Forward-looking statements can be identified by the use of terms such as "believes," "contemplates," "expects," "may," "will," "could," "should," "would," or "anticipates," other similar phrases, or the negatives of these terms. We have based the forward-looking statements on our current expectations, estimates and projections about us. We caution you that these statements are not guarantees of future performance and involve risks and uncertainties. We have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including our ability to (i) continue to successfully raise capital to fund our operations; (ii) successfully find medical office buildings to acquire; (iii) comply with SEC regulations and filing requirements applicable to us as a public company; and (iv) any of our other plans, objectives, expectations and intentions contained in this release that are not historical facts. You should not place undue reliance on our forward-looking statements, which reflect our analysis only as of the date of this release. The risks and uncertainties listed above and other documents that we file with the SEC, including our annual report on Form 10-K, quarterly reports on Form 10-Q, and any current reports on Form 8-K, must be carefully considered by any investor or potential investor in the company. We undertake no obligation to update forward-looking statements, except as required by law.
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SOURCE MedAmerica Properties Inc.