Maxus Realty Trust Inc. entered into an agreement to acquire a property in Frisco Square, Texas from Behringer Harvard Opportunity REIT I, Inc. for $55 million.

Maxus Realty Trust Inc. (OTCPK:MRTI) entered into an agreement to acquire a property in Frisco Square, Texas from Behringer Harvard Opportunity REIT I, Inc. for $55 million on October 11, 2017. Maxus Realty Trust Inc. made a non-refundable earnest money deposit of $0.75 million in connection with the execution of the agreement. The transaction includes the acquisition of 114 apartment units and 130,000 square feet of office and retail space of Frisco Square and a theater operated by Cinemark and approximately 2.3 acres of developable land. The transaction is subject to customary closing conditions and due diligence by the Maxus Realty Trust and is expected to close during the fourth quarter of 2017. Evan Stone, Gary Carr, John Alvarado, Eric Mackey, Robert Hill, Jared Chua, Ryan Reid, Jeremy Faltys and Nita Stewart of CBRE represented Behringer Harvard Opportunity on the transaction. Jones day acted as legal advisor to from Behringer Harvard Opportunity REIT I, Inc.