RICHMOND, Va.--(BUSINESS WIRE)--Medalist Diversified REIT (NASDAQ: MDRR), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., today announced the closing of its initial public offering of 240,000 shares of its common stock at a price to the public of $10.00 per share for gross proceeds of $2.4 million. The new shares, combined with approximately 1,995,000 shares previously sold, began trading on NASDAQ on November 28, 2018.

Maxim Group LLC (“Maxim”) acted as the sole book runner for the offering.

About Medalist Diversified REIT

Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. The company uses a diverse approach and focuses on four property types Flex/Industrial, Multifamily, Neighborhood Shopping Centers and Limited Service Hotels. Medalist utilizes a rigorous and consistent process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to asset management while monitoring market for acquisition opportunities and disposal of properties as considered appropriate. For more information on Medalist, please visit the Company website at https://www.medalistreit.com.