Talon Real Estate Holding Corp. entered into an asset purchase agreement to acquire the membership units in LSOP 3 Reit MN, LLC, LSOP 3 Reit MN 2, LLC and LSOP 3 Reit MN 3, LLC and property portfolio from LSOP 3 Joint Venture, LLC and LSOP 3C Ii, LLC for $82 million.
Under the terms of the agreement, in exchange for the assets Talon Real Estate Holding Corp will pay $0.25 million an initial deposit, an additional $0.75 million upon the satisfactions of certain conditions on or before February 29, 2016, which includes Talon Real Estate Holding Corp approving the then current condition of the properties and the leases for the properties and has elected to proceed with closing of the transaction subject to satisfaction or waiver all of conditions precedent and the balance of $81 million at closing less amounts previously paid, subject to adjustments as set forth in the purchase agreement. Talon Real Estate Holding Corp will assume certain liabilities of the sellers in connection with the transaction.