Strategic Realty Trust Completes Final Sale of Assets, Continues With Plan to Liquidate
Strategic Realty Trust Inc., a publicly registered non-traded real estate investment trust, completed the sale of all its remaining operating assets and the repayment in full of all its outstanding indebtedness. Moving forward with its plan for liquidation and dissolution, it anticipates filing its articles of dissolution with the State Department of Assessments and Taxation of Maryland on or near Feb. 26, 2025.
Earlier this month, the REIT completed the sale of the Silverlake Collection for approximately $12.4 million in cash, before customary closing and transaction costs of approximately $1.4 million. With the remaining, the company repaid the outstanding $8.7 million loan from PHP Holding Company VI, LLC, including accrued interest, and the Silverlake Collection was released as security from the deed of trust.
The Silverlake Collection was originally purchased by a REIT subsidiary in January 2017
As previously reported by The DI Wire, the Silverlake sale followed the REIT’s disposition of five operating properties in San Francisco, which partially repaid the PHP Holding loan. The latest disposition in Southern California represented the final sale of assets for Strategic Realty Trust prior to the planned liquidation, previously approved in August 2023.
The company stated that is in the “winding down of operations and dissolution.” On Feb. 21, it intends to close its stock transfer books and cease recording stock transfers except by will, intestate succession, or by operation of law. Still, the REIT stipulated that it could provide no assurances as to the timing of its final liquidating distribution, but it anticipates activity shortly after filing its articles.
Last fall, the REIT appointed Domenic Lanni to serve as chief executive officer – filling the vacancy created by former CEO Matthew Schreiber’s resignation – and Whitney Robinette to serve as chief operating officer.
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