Safe and Green Development Corporation Executes Contract to Sell St Mary’s Site for $1.35M

MIAMI, Fla, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Safe and Green Development Corporation (NASDAQ: SGD) (“SG Devco” or the “Company”) announced that it has entered into an agreement to sell its St Mary’s property to Pigmental Studios for $1.35 million. The property consists of approximately 29 acres zoned for a manufacturing facility.

After discussions with the City and Pigmental Studios, the Company decided to sell the property to accommodate Pigmental Studios’ expansion in the area. The Company remains interested in the St Mary’s region and will remain active via its investment in the Cumberland Inlet Project.

The pending sale is a result of the Company’s previously announced plan to strategically monetize its real estate holdings. The transaction was expected to close on or about April 1st, 2024.

Pigmental Studios is an animation studio focused on the development of high value, internally owned IP in feature films, TV series, gaming and licensing and merchandising, allowing the use of the characters and story in multiple platforms and sequels, derivatives, and other exploitation avenues.

David Villarreal, President & CEO of Safe and Green Development Corporation, stated, “It has been a pleasure to deal with Pigmental and I could not be happier that the St Mary’s property is in the hands of such a great company. We believed this was the opportune time to sell the property which sale strengthens our balance sheet and provides us with the flexibility to move forward on other real estate properties and various projects that we are developing and considering.”

Source: Safe and Green Development Corporation press release, distributed via GlobeNewswire.