Secured Diversfd (NASDAQ:SCDIE)
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Secured Diversified Investment, Ltd. Acquires Controlling
Interest in Las Vegas Real Estate
NEWPORT BEACH, Calif., May 26 /PRNewswire-FirstCall/ -- Secured Diversified
Investment, Ltd. (OTC:SCDIE) (BULLETIN BOARD: SCDIE) (previously SCDI), a
diversified real estate holding and financial services company, today announced
that the company has acquired the controlling interest in "The Canary West
Specialty Retail Center" (An Entire City Block), located at 3475 East Flamingo
Road Las Vegas, Nevada.
On May 14, 2004, the company and Denver Fund l, Ltd. entered into an agreement
with Iomega Investments, Ltd. for the Cannery retail shopping center, located
on Flamingo Road in Las Vegas Nevada.
"The acquisition was made possible by William Biddle, Vice-President of
Business Development and Acquisitions for Secured Diversified Investment, Ltd.,
who used creative structuring to resolve a number of seller's problems,
including default on existing second mortgage," stated CEO Cliff Strand.
The Cannery is located on approximately 3.4 Acres and has approximately 37,000
sq. ft of retail space.
"We believe that the Cannery is a substantial opportunity to increase value by
increasing and stabilizing occupancy," added Strand.
Secured Diversified Investment, Ltd will deliver 250,000 shares of the
Company's Series C Preferred Stock (valued between the parties at $3.00 per
share) and a two-year Promissory note in the principal amount of approximately
$155,000 bearing interest at an annual rate of 7%. The principal amount of the
note is payable $50,000 at the six month anniversary, $50,000 at the 12 month
anniversary and the remainder at maturity.
Pursuant to the lease agreement, the Company and Denver Fund I are entitled to
receive all lease payments from tenants. The lease/option agreement provides
that the company and Denver Fund I will acquire the property for $5,950,000.
The Property was appraised for $7,150,000 in December of 2001.
About Secured Diversified Investment, Ltd.
Secured Diversified Investment, Ltd. is a diversified real estate holding and
financial services company. Diverse in industry segment by acquiring and
owning / managing office buildings, shopping centers, hotels, apartment
buildings and self storage buildings. The company estimates that the net fair
market value of its portfolio is in excess of $10 million.
The company intends to build a portfolio of income generating assets that will
be, as a whole, less sensitive to economic downturns in any particular region
of the United States or in any particular industry. Presently, the focus is on
acquiring properties valued in the $5-20 million range.
Note: Certain statements in this news release may contain "forward looking"
information within the meaning of rule 175 under the Securities Act of 1933 and
Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor
created by those rules. There can be no assurance that such forward looking
statements will be accurate and actual results and future events could differ
materially from those anticipated in such statements.
For further information, please contact: Mark Taggatz, Investor & Media
Relations, +1-909-244-2828, email: .
DATASOURCE: Secured Diversified Investment, Ltd.
CONTACT: Mark Taggatz, Investor & Media Relations of Mark Taggatz
Marketing Group, +1-909-244-2828, , for Secured
Diversified Investment, Ltd.