MacKenzie Realty Capital Inc., a publicly registered non-traded real estate investment trust, announced the sale of the property owned by Dimensions28 LLP to a third-party buyer.
MacKenzie made the initial investment into Dimensions28 in January 2019 in the amount of $10.8 million, receiving a majority interest in the LLP. The property was purchased for $23 million. On Jan. 23, 2023, the property was sold for $46.75 million. MacKenzie has received an initial liquidating distribution in the amount of $21 million from Dimensions28 and the company expects to receive any remaining reserves later this year.
“We are very pleased with this transaction. Our strategic partner in Arizona did a great job finding, buying and improving this property, and the results of this work have proven to be extraordinarily successful,” said Rob Dixon, chief executive officer of MacKenzie.
“We are excited to realize the profits from this transaction and to re-deploy the original capital into exciting new opportunities, including purchasing the remaining partnership interest in the Main Street West property, which we expect to complete on Feb. 1, 2023,” said Chip Patterson, MacKenzie’s chairman and general counsel. “We also completed the purchase of the remaining partnership interest in Woodland Corporate Center Two LP on Jan. 3, 2023. We will now have completed the purchase of 4 of the Wiseman properties.”
MacKenzie Realty Capital has launched a series of offerings since 2014. The latest, a Regulation A offering of up to $50 million shares of Series A preferred stock, began in November 2021. The company’s current portfolio includes interests in 4 multifamily properties and 10 office properties in 3 states.
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