TitanStar Properties Inc. (TSXV:TSP) entered into a definitive agreement to acquire The Gordon Biersch Brewery restaurant property from Realty Income Corporation (NYSE:O) for $6 million on January 6, 2014. In consideration, Realty Income will receive approximately $6.04 million, of which $0.06 million has already been paid by way of deposit. An additional non-refundable deposit of $0.06 million will be paid upon TitanStar electing to, upon its satisfactory completion of a due diligence review of the property on or before February 28, 2014, proceed with the acquisition. TitanStar anticipates that, of the remaining cash to complete, approximately $3.3 million will be funded by secured debt financing from Barclays if the maximum offering is not raised. Following completion of the proposed acquisition, the property will continue to be operated by the existing tenant and its management group.

Transaction is subject to obtaining a loan, third party approval, completion of a due diligence review of the property, the receipt of an estoppel certificate and subordination and non-disturbance agreement from the restaurant tenant as prescribed in the purchase agreement and the satisfactory completion of a due diligence review of the property on or before February 14, 2014. The transaction is expected to close by March 31, 2014.