Broad Street Realty, Inc. (OTCQX: BRST), a fully integrated and self-managed publicly owned real estate company, announced today the acquisition of Midtown Row in Williamsburg, Virginia for $122 million. The mixed-use property is a recently completed development comprised of 240 student housing units with 620 beds and a retail component of 63,573 square feet of gross leasable area.
The Midtown Row Acquisition is subject to customary closing conditions, and the Company expects to close the Midtown Row Acquisition by the end of the second quarter of 2022. There can be no assurances that these conditions will be satisfied or that the Company will complete the Midtown Row Acquisition on the terms described herein or at all.
We are proud to further solidify our commitment to Midtown Row and the Williamsburg region with this acquisition, 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."
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company.
Midtown Row is Broad Street Realty, Inc.'s fifth active property in Virginia and sixteenth within the overall portfolio.
About Broad Street Realty, Inc.
Broad Street Realty, Inc. is a fully integrated and self-managed real estate company that owns, operates, develops and redevelops primarily grocery-anchored shopping centers and mixed-use properties in the Mid-Atlantic, Southeast and Denver, Colorado markets. Broad Street is also a market-leading commercial real estate services firm that delivers cost-effective solutions for office, industrial and retail clients. The Company has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management.