Medalist Diversified, Inc. has executed a joint venture agreement and completed the sale of several real estate properties, according to a filing with the Securities and Exchange Commission dated September 8, 2026.
The company, through its wholly owned subsidiary MDI Mira Sav, LLC, entered into a joint venture agreement on September 1, 2026, with Spandrel Development Partners, LLC. The entity, named Mira Sav Partners, LLC, will focus on real estate development. The company committed $4.0 million for a 42% preferred equity interest in the venture. Spandrel Development Partners holds a 37% common equity interest, while Medalist’s Chief Executive Officer Frank Kavanaugh and Board member Emanuel Neuman hold 11% and 11% common equity interests, respectively.
Under the terms of the agreement, Spandrel Development Partners serves as the managing member with exclusive authority over management and operations. The company is entitled to a preferred return of 6% on its invested capital, paid quarterly, and an additional accrued preferred return of 9% upon exit. Additionally, the company has approval rights over major decisions and may assume sole management control if a material adverse impact occurs. In connection with the venture, the company’s operating partnership agreed to provide a limited guaranty for an approximate $13.5 million construction loan expected to close within 30 days.
Separately, the company reported the completion of a sale of the Brookfield Property in Greenville, South Carolina, on September 1, 2026. The 64,880 square foot retail property was sold for $10,100,000. The company used $4,342,261 of the proceeds to defease and retire the mortgage loan secured by the property.
The filing also details the reinstatement of a purchase agreement for a property in Aubrey, Texas. Originally terminated on August 18, 2026, the agreement with NPH Ventures, LLC was reinstated on September 3, 2026. The sales price was reduced from $5,494,444 to $5,404,864, and the inspection period was extended to seven days.
The filing includes unaudited pro forma financial statements reflecting the impact of these dispositions and the deconsolidation of the MDRR XXV DST 1 entity, which was completed on September 1, 2026, generating approximately $7,983,278 in net cash proceeds from the sale of all Class 1 beneficial interests.
