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MedAmerica Properties agrees to merge with Broad Street

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MedAmerica Properties agrees to merge with Broad Street

Commercial real estate management company MedAmerica Properties Inc. signed merger agreements with Broad Street Realty LLC and Broad Street Ventures LLC to form Broad Street Realty Inc.

The resulting entity will be a self-managed public real estate company owning 17 regional shopping center properties with gross leasable area of more than 2 million square feet in Colorado; Maryland; Pennsylvania; Virginia; and Washington, D.C.

Upon completion of the mergers, investors in Broad Street, Broad Street Ventures and other Broad Street entities will own 92.0% of the common shares of the new company, with the remaining stake owned by current MedAmerica shareholders.

Headquartered in Bethesda, Md., Broad Street Realty Inc. will have satellite offices in Denver; Washington, D.C.; and Manassas, Va.