Talon Real Estate Holding Corp. Sells First Trust, LLC
Minneapolis, Minnesota--(Newsfile Corp. - July 2, 2018) - Today Talon Real Estate Holding Corp. (OTC Pink: TALR) (Talon), through its operating partnership, Talon OP, LP, announced that it has sold Talon First Trust, LLC, the ownership entity of the property located at 180 East 5th Street, St. Paul, MN. The entity was sold for Ninety-Eight Million Dollars ($98,000,000), including stock and debt, to First Capital Real Estate Trust, Inc. (FC REIT). The structured sale helped Talon maximize the value of the asset and will allow FC REIT to reposition the property, which may include adding a hotel, condos or apartments, while finalizing financing for the property.
Talon CEO MG Kaminski said, "We are very happy with the sale. After attempting to negotiate with the current lender for several months, it became clear the sale was in the best interests of Talon and will bring additional economic growth to St. Paul."
FC REIT has renamed the entity FC First Trust, LLC.
ABOUT TALON REAL ESTATE HOLDING CORP:
Talon Real Estate Holding Corp. is a publicly traded real estate investment company that owns and manages select Industrial, Office and Retail properties. Talon's Umbrella Partnership offers distinct tax-deferred advantages to property sellers; where property owners contribute property to Talon in exchange for Partnership Units that can convert to common stock.
For further questions regarding these and other announcements, please contact Talon Real Estate Holding at 612-604-4600.