Star Equity Holdings (STRR) has released an update to notify the public and investors about an entry into a material definitive agreement.
Star Real Estate Holdings USA, Inc. sold its property at 300 Park Street, South Paris, Maine to SP Capital Partners LLC for $5.9 million, while simultaneously leasing it back, ensuring continued operation of their factory without disruption. The sale and leaseback deal is expected to close in the first quarter of 2024, subject to standard closing conditions and due diligence. The company will bear all expenses related to the property during the 20-year lease term, with an option to extend.
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