HOUSTON, Dec. 23, 2024 /PRNewswire/ -- Silver Star Properties REIT, Inc. ("Silver Star" or the "Company"), a self-managed real estate investment trust currently repositioning into the self-storage asset class, announced that it has formalized its engagement of CBIZ CPAs P.C. ("CBIZ CPAs") as its independent certifying accountant.
Independent Registered Public Accounting Firm
CBIZ CPAs recently acquired Marcum LLP. On December 23, 2024, the Company finalized its engagement of CBIZ CPAs in connection with the audits of the Company's consolidated financial statements as of and for the years ending December 31, 2023 and 2024. Jack Tompkins, chairman of the audit committee stated, "We are very pleased to have successfully concluded the engagement process. We are now well positioned to complete our required filing obligations and such other filings as the Company may undertake which require the review or filing consent of our independent registered public accounting firm."
Dispositions Update
On December 20, 2024, the Company completed the sale of the Northchase office property located in Houston, Texas. The contract sale price is $2.15 million. On December 23, 2024, the Company closed on the sale of the Atrium I and Atrium II office properties, also located in Houston, Texas. The contract sale price is $5.375 million.
As previously announced, on January 10, 2025, the Company expects to close the sale of the Ashford Crossing office property located in Houston, Texas. The contract sale price is $4.65 million. As also previously announced, on January 15, 2025, the Company expects to close the sale of the Commerce Plaza Hillcrest office property located in Dallas, Texas.
Gerald Haddock, Executive Chairman and Chief Executive Officer stated, "Our disciplined approach to legacy asset dispositions and strategy for execution of our New Direction Plan including acquisition of self-storage assets is working. As I have said before, we firmly believe that we have and will continue to enhance our overall portfolio quality and deliver improved value to shareholders."
NAV Announcement
On December 20, 2024, the Company reported the determination by its Executive Committee of the net asset value ("NAV") per common share and operating partnership unit of $2.01. The determination and announcement have been provided to the Company's transfer agent and is being communicated to financial advisors and custodians of shareholder accounts. For further information, please see the Company's Current Report on Form 8-K filed with Securities and Exchange Commission. A copy of the filing is available on the Company's website at www.silverstarreit.com