Retail Value Inc. (OTC Pink Market: RVIC) of Beachwood announced it has closed its final property sale and has declared a special cash distribution on the company’s common shares.
The company, known as RVI, said in a news release that it completed the sale of Crossroads Center, a 591,252-square-foot shopping center in Gulfport, Mississippi, for $38.5 million in cash.
Crossroads Center was the final disposition property for RVI, which was spun out in summer 2019 by SITE Centers Corp. (NYSE: SITC), the company previously known as DDR Corp., to sell shopping centers DDR had owned.
RVI said in the release that net proceeds of the Crossroads Center transaction of about $37.2 million, along with cash on hand, are expected to be used for a special cash distribution on the company’s common shares.
The company’s board of directors declared a distribution of $2.13 per common share, payable May 10 to shareholders of record at the close of business on April 25.
RVI voluntarily de-listed its common shares from the New York Stock Exchange on April 7 in anticipation of the sale of its last real estate asset. With the sale complete, RVI said it is “in the process of winding up its business.”
