A Richmond-based real estate investment trust whose property investments include the Hanover Square North shopping center has completed a public stock offering.
Medalist Diversified REIT Inc. said it sold 240,000 shares of common stock at a price of $10 per share, raising gross proceeds of $2.4 million.
The new shares, combined with about 1.99 million shares previously sold, started trading on the Nasdaq Capital Market under the ticker symbol MDRR on Nov. 28.
The company previously raised $8.7 million in a stock offering in 2017.
The company was formed in 2015 to acquire, renovate, lease and manage properties in the Southeast, according to a prospectus filed with the U.S. Securities and Exchange Commission. The REIT focuses on commercial and retail properties such as neighborhood shopping centers and hotels, and flexible industrial and multifamily residential properties.
Medalist Diversified acquired an undivided 84 percent tenant-in-common interest in the Hanover Square North shopping Center in May, according to the prospectus.
The 72,440-square-foot shopping center on Bell Creek Road sold for $12.173 million. Its tenants include Marshalls, Old Navy and Famous Footwear.
In addition to Hanover Square North, Medalist Diversified has two other investments in its portfolio: The Shops at Franklin Square, a 134,299-square-foot retail property in Gastonia, N.C., and the Greensboro Airport Hampton Inn, a 125-room hotel in Greensboro, N.C. Those properties were acquired in 2017.
The company plans to add to its portfolio of properties, said Thomas E. Messier, its chairman and chief executive officer. He co-founded the company with William R. Elliott, who serves as vice chairman, president and chief operating officer.