Will Medalist Diversified REIT, Inc. (NASDAQ:MDRR) Trade Lower?

veryone knows, traders don’t like gaps in charts. At this point, both the gap up in October has been filled and the gap down from April has been filled. Now, where will MDRR go?

Market Action

As of 1:21, MDRR is trading at 1.39 up .095, gaining 6.9% on the session. MDRR opened at 1.32 and has traded between 1.32 and 1.41. Volume is 2.1 million shares about average for the day.

MDRR Acquires Property

MDRR acquired a retail center in Lancaster, South Carolina.

• Purchase price of $10.1 million, exclusive of closing costs, and a $0.2 million credit to the company for major repairs.
• Equity investment in the acquisition of approximately $0.3,75 million.
• The acquisition was funded using a portion of the net proceeds from MDRR’s common stock offering that it closed with Kingswood Capital in April this year. The balance of the purchase price for the Lancer Center was funded by a commercial loan.
• It is approximately 178,626 square feet of gross leasable space.

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