$8M Office Sale Part of Transition to Multifamily

Maxus Realty Trust has a contract to sell the property, one of two office assets in its portfolio, to Nebraska-based SGD Investments, Inc. The sale is subject to SGD Investment's due diligence as well as receiving approval from the mortgage holder to assume Maxus Realty Trust's debt on the property.

Maxus Realty Trust also says the sale could become part of a Section 1031 exchange. It most likely would acquire a multifamily property, as it continues to move toward that sector. Assuming the sale closes, the REIT's sole office asset would be the 89,000-sf Atrium Business Center in Bloomington, MN, which it has held since 1985. Meanwhile, Maxus Realty Trust has five multifamily complexes, totaling 812 units, in Little Rock, AR; Olathe, KS; Topeka, KS and Kansas City.