Retail Value Inc. has closed on two sales. First, RVI closed the sale of the Longhorn Steakhouse Pad at Peachstreet Marketplace in Erie, Pennsylvania for $2.1 million prior to closing costs, prorations and other closing adjustments. Ninety percent of net proceeds were used to repay mortgage debt with the remaining proceeds retained as cash
It also closed on the sale of Plaza Palma Real in Humacao, Puerto Rico for $50 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 11 properties located in the continental U.S. and 11 properties in Puerto Rico.