Stonehaven Realty Trust Sells Thresher Square East and West

MINNEAPOLIS-The REIT plans to focus on its RESoft online software management business, so it is selling its interest in the property to an investment group comprised of a Stonehaven trustee and executives of the property's largest tenant.

By Jim McCartney | Updated on January 17, 2001

MINNEAPOLIS-Stonehaven Realty Trust said it has sold its interest in the Thresher Square East and West property to an investment group comprised of a trustee of Stonehaven and executives of the property’s largesttenant. The property was sold for about $170,000 and stock.

The trust receives 522,000 shares of Stonehaven’s common stock and 62,000units that were convertible into the company’s common stock. Stonehaven, which is focusing on its RESoft software management business, will be released of $6.6 million of debt and $800,000 of its restricted cash. The decision was prompted by lease negotiations with Thresher’s largest tenant.

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