BETHESDA, Md., June 7, 2021 /PRNewswire/ -- Broad Street Realty, Inc. (OTC Pink: BRST), a fully integrated and self-managed publicly owned real estate company, continued its previously announced series of mergers by completing the mergers involving the 57,513 square foot Highlandtown Shopping Center in Baltimore, Maryland, the 233,486 square foot Cromwell Fields Shopping Center in Glen Burnie, Maryland and the 190,650 square foot Spotswood Shopping Center in Harrisonburg, Virginia, which closed on May 21, 2021, May 26, 2021 and June 4, 2021, respectively. As consideration for the mergers, the Company issued an aggregate of 6,331,162 shares of its common stock and paid an aggregate of $0.7 million in cash to the prior investors in the Highlandtown, Cromwell and Spotswood entities.
With the closing of these mergers, the resulting company now owns thirteen primarily grocery-anchored neighborhood shopping center properties with over 1,536,991 square feet of gross leasable space in Maryland, Pennsylvania, Virginia and Washington, DC and Broad Street's operating platform, including its commercial brokerage, property management and development businesses. The combined company has approximately 45 employees and is headquartered in Bethesda, Maryland with additional offices in Denver, Colorado, Washington, D.C. and Manassas, Virginia.
Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company, said, "We are very pleased to complete the additional mergers of Highlandtown, Cromwell and BSV into the company in accordance with our previously announced plans. These shopping centers are a core part of our strategy of owning necessity based retail and mixed-use opportunities in key markets including the Mid Atlantic, Southeast and Denver, Colorado markets."
Baird is serving as exclusive financial advisor to Broad Street, and Morrison & Foerster and Shulman Rogers are serving as legal advisors to Broad Street.
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.
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SOURCE Broad Street Realty, Inc.