Broad Street Realty Closes Previously Announced Merger Transaction Of The Shops At Greenwood Village

Broad Street Realty, Inc. (OTCQX: BRST), a fully integrated and self-managed publicly owned real estate company, continued its previously announced series of mergers by completing the merger of the 198,327 square foot The Shops at Greenwood Village, a retail shopping center located in Greenwood Village, Colorado, on October 6, 2021. As consideration for the merger, the Company issued an aggregate of 2,752,568 shares of its common stock to the prior investors in BSV Greenwood as consideration in the Greenwood Merger. In connection with the closing of the Greenwood Merger, the Company entered into a $23.5 million mortgage loan secured by The Shops at Greenwood Village, which bears interest at Prime minus 0.35% per annum and matures on October 10, 2028. The Company has entered into an interest rate swap which fixes the interest rate of the loan at 4.082%.

With the closing of this merger, the Company now owns fifteen primarily grocery-anchored neighborhood shopping center properties with over 1,735,384 square feet of gross leasable space in ColoradoMarylandPennsylvaniaVirginia and Washington, DC, as well as Broad Street’s operating platform, including its commercial brokerage, property management and development businesses. The Company has approximately 45 employees and is headquartered in Bethesda, Maryland with additional offices in Denver, Colorado and Washington, D.C.

Michael Z. Jacoby, Chairman of the Board of Directors and Chief Executive Officer of the Company, said, “We are very pleased to complete the additional merger of The Shops at Greenwood Village into the company in accordance with our previously announced plans. This 92.5% leased shopping center is a core part of our strategy of owning necessity based retail and mixed-use opportunities in key markets including the Mid Atlantic, Southeast and Denver, Colorado markets.”

Baird is serving as exclusive financial advisor to Broad Street, and Morrison & Foerster and Shulman Rogers are serving as legal advisors to Broad Street.

About Broad Street Realty, Inc.

Broad Street Realty, Inc. is a fully integrated and self-managed real estate company that owns, operates, develops and redevelops primarily grocery-anchored shopping centers and mixed-use properties in the Mid-Atlantic, Southeast and Denver, Colorado markets. Broad Street is also a market-leading commercial real estate services firm that delivers cost-effective solutions for office, industrial and retail clients. The Company has extensive experience in tenant representation, landlord representation, property acquisition and disposition, real estate development, project/construction management, finance, strategic consulting, property management and asset management.