NORTH KANSAS CITY, MO - Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust ("REIT") with corporate headquarters located in North Kansas City, MO, has recently completed the acquisition of a controlling interest in a mixed use development in the heart of downtown Frisco, Texas. Frisco is located on the north side of suburban Dallas.
MRTI completed the acquisition of a controlling interest in Frisco Square on December 21, 2017 for $45.5 million. Frisco Square consists of 114 apartment units and 130,000 square feet of office and retail space. Frisco Square is adjacent to Toyota Stadium, home of the FC Dallas soccer club and the National Soccer Hall of Fame.
In addition, a related party of MRTI acquired a theater operated by Cinemark and approximately 2.3 acres of developable land for $7.7 million adjacent to Frisco Square.
“We are pleased to expand our footprint in the Dallas metropolitan area, particularly in a high growth area like Frisco,” said David Johnson, MRTI’s Chairman and CEO. "We believe we acquired Frisco at an attractive price and that the surrounding investment and development and walkable amenities add long term appeal to residents and tenants.”
MRTI is a REIT that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties with properties in Alabama, Arkansas, Florida, Georgia, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Oklahoma and Texas. MRTI has ownership interests in 36 multifamily properties (8,642 apartment homes) and has approximately 222,000 square feet of retail space. MRTI’s common stock is quoted on the OTC Pink market tier of the OTC market, which operates an interdealer quotation system and electronic messaging service, called OTC Link®, for broker-dealers to trade OTC equity securities. Additional information about MRTI may be found at www.otcmarkets.com (symbol “MRTI”).