RenX Enterprises Enters Sale Agreement to Sell Georgia Property

What Happened
RenX Enterprises (through its 50%‑owned subsidiary Norman Berry II Owner, LLC) entered into a Purchase and Sale Agreement on August 17, 2026 with Arbour Valley Development, LLC to sell an approximately 7.7‑acre parcel in East Point, Fulton County, Georgia for a $2.6 million purchase price. The company announced the agreement in a press release on August 21, 2026. Closing is contingent on the purchaser securing state tax‑credit allocations and financing and meeting customary due diligence conditions.

Key Details

• Seller: Norman Berry II Owner, LLC (50% owned by RenX); Purchaser: Arbour Valley Development, LLC. Agreement dated August 17, 2026.
• Purchase Price: $2,600,000.
• Earnest money: $60,000 due within 10 business days of the effective date; additional $60,000 due within 10 business days after the Application Period if the purchaser accepts a tax‑credit award (both refundable until the purchaser files its application).
• Timing and conditions: purchaser expected to submit application in the 2026 round (pre‑application expiration expected Sept 25, 2026); award expected March 2027. Purchaser has 180 days after the Application Period to secure financing. Closing must occur within 120 days after the Financing Period (with up to two 60‑day extensions available for additional non‑refundable $20,000 deposits each, credited at closing).
• Proceeds use: at closing, approximately $800,000 (plus interest) is expected to repay two notes the company holds on the property; the remaining ~$1.8M would be split between Norman Berry members — RenX’s 50% share would be about $900,000 (no assurance these amounts or the closing will occur).

Why It Matters
This agreement could generate cash proceeds for RenX (potentially around $900,000 net to RenX if the sale closes and allocations/financing are secured), reduce property‑backed liabilities by repaying notes, and shift development risk to the purchaser. However, the sale is conditional on the purchaser obtaining state tax credits/HOME funds and securing financing; deposits are refundable in several scenarios and the purchaser can terminate under certain conditions, so the outcome is uncertain. Investors should view this as a potential one‑time asset sale contingent on external approvals and financing, not a guaranteed source of revenue.