$SPZI SPZI: JP 3E Holdings, Inc. Acquires $37,460,
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Posted On: 07/18/2024 9:54:48 AM
$SPZI SPZI: JP 3E Holdings, Inc. Acquires $37,460,000 Appraised Value, 510 Hamilton Real Estate
https://www.globenewswire.com/en/news-release...state.html
NEW YORK, July 18, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. (OTC: SPZI), formerly known as Spooz, Inc. is excited to announce the addition of our first of several real estate purchases, which falls into the education/real estate platform of JP3E’s three “E’s” platform strategy of combining education, eating and energy under JP3E. The 510 Hamilton Real Estate property was acquired through a signed Membership Interest Purchase Agreement with Hamilton Street Associates, LLC, and was appraised by A.F. Lama Realty Services, Inc. at $37,460,000 with $14,300,000 equity.
The 510 Hamilton property is cash flow positive and currently generates approximately $200,000 in monthly income and is on track to generate $2,430,000 annual rental income for 2024. JP3E acquired 510 Hamilton for $24,000,000 with a $150,000 closing fee – $14,000,000 in the form of 70,000,000 warrants exercisable at $.20 per share, and $10,000,000 in the form of 20,000,000 Series C Preferred Stock at $0.50 per share, convertible into common stock on a one for one basis – 20,000,000 shares of common stock.
The 510 Hamilton Street Property is located at 510 Hamilton Street, Somerset, NJ 08873 and was constructed in 2019. It is an 84 multipurpose student housing facility with two commercial spaces. The property is improved with a 4-story over parking garage and is an elevator mixed-use building. The facility is approximately 93,000± SF of gross building area (GBA) and 71,330 SF of rentable building area (RBA). It is approximately 1.03 acres and zoned HBD, Hamilton Business District.
John Park, Chairman and CEO of JP 3E Holdings, commented, “The acquisition of 510 Hamilton will bring immediate value to JP3E, strengthening our Balance Sheet and Income Statement. A larger real estate acquisition will be announced in the coming days to reflect our commitment to bringing significant value into JP3E. I will also be converting my $100,000 personal loan to common stock at $.02 per share to eliminate such JP3E debt.”
Investor Presentations will be available under the “Research” tab for the above real estate project and business entity at OTC Markets: https://www.otcmarkets.com/stock/SPZI/research
To receive information on JP3E, sign up for email news alerts at: https://www.jp3e.com/subscription
https://www.globenewswire.com/en/news-release...state.html
NEW YORK, July 18, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. (OTC: SPZI), formerly known as Spooz, Inc. is excited to announce the addition of our first of several real estate purchases, which falls into the education/real estate platform of JP3E’s three “E’s” platform strategy of combining education, eating and energy under JP3E. The 510 Hamilton Real Estate property was acquired through a signed Membership Interest Purchase Agreement with Hamilton Street Associates, LLC, and was appraised by A.F. Lama Realty Services, Inc. at $37,460,000 with $14,300,000 equity.
The 510 Hamilton property is cash flow positive and currently generates approximately $200,000 in monthly income and is on track to generate $2,430,000 annual rental income for 2024. JP3E acquired 510 Hamilton for $24,000,000 with a $150,000 closing fee – $14,000,000 in the form of 70,000,000 warrants exercisable at $.20 per share, and $10,000,000 in the form of 20,000,000 Series C Preferred Stock at $0.50 per share, convertible into common stock on a one for one basis – 20,000,000 shares of common stock.
The 510 Hamilton Street Property is located at 510 Hamilton Street, Somerset, NJ 08873 and was constructed in 2019. It is an 84 multipurpose student housing facility with two commercial spaces. The property is improved with a 4-story over parking garage and is an elevator mixed-use building. The facility is approximately 93,000± SF of gross building area (GBA) and 71,330 SF of rentable building area (RBA). It is approximately 1.03 acres and zoned HBD, Hamilton Business District.
John Park, Chairman and CEO of JP 3E Holdings, commented, “The acquisition of 510 Hamilton will bring immediate value to JP3E, strengthening our Balance Sheet and Income Statement. A larger real estate acquisition will be announced in the coming days to reflect our commitment to bringing significant value into JP3E. I will also be converting my $100,000 personal loan to common stock at $.02 per share to eliminate such JP3E debt.”
Investor Presentations will be available under the “Research” tab for the above real estate project and business entity at OTC Markets: https://www.otcmarkets.com/stock/SPZI/research
To receive information on JP3E, sign up for email news alerts at: https://www.jp3e.com/subscription
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