Winthrop Realty Trust’s Liquidation Plan Continues
- Jul 08, 2016
Jacksonville—Winthrop Realty Trust has announced that the company’s 550,000-square-foot warehouse property located in Jacksonville was sold for $10.5 million.
Winthrop provided the buyer $8.4 million in financing, which bears interest at rate of LIBOR plus 5 pecent, with a minimum interest rate of 6 percent and maximum interest rate of 8 percent. The loan requires monthly payments of interest only and matures on July 1, 2019. The sales price is consistent with the most recently reported liquidation value attributable to this property.
Winthrop Realty Trust, headquartered in Boston, Mass., is a NYSE-listed real estate investment trust. Winthrop’s shareholders have adopted a liquidation plan in which Winthrop is seeking to sell its assets in an orderly fashion to maximize shareholder value. The company sold a variety of properties during the past years, including a 500,000-square-foot office property in Philadelphia.