Educational Development Corporation Announces 1st Amendment to Real Estate Contract and Receipt of Buyers Intent to Proceed with Purchase of Real Estate
Educational Development Corporation (NASDAQ: EDUC) announced a 1st Amendment to the commercial real estate contract for the Hilti Complex dated October 1, 2025. The amendment extended the due-diligence period to October 6, 2025 and reduced the purchase price to $32,200,000. On October 6, 2025 the buyer delivered a Notice to Proceed, subject to conditions, waiving the buyer's escrow rights. Proceeds are planned to repay outstanding bank borrowings; closing is expected within the remaining 45-day period in the original contract.
The Complex is 402,000 rentable sq ft on 37 acres with ~183,800 sq ft leased to Hilti (15 years) and ~110,000 sq ft leased to Crusoe Energy (10 years). EDC will assign third-party leases and enter a separate triple-net lease for its occupied space at closing.
Educational Development Corporation (NASDAQ: EDUC) ha annunciato un 1° Emendamento al contratto immobiliare commerciale per Hilti Complex datato 1 ottobre 2025. L'emendamento ha esteso il periodo di due diligence al 6 ottobre 2025 e ha ridotto il prezzo di acquisto a $32,200,000. Il 6 ottobre 2025 l'acquirente ha fornito una Notifica per procedere, soggetta a condizioni, rinunciando ai diritti di deposito dell'acquirente. I proventi sono previsti per rimborsare i prestiti bancari in essere; la chiusura è attesa entro il restante periodo di 45 giorni previsto dal contratto originale.
Il Complex è di 402.000 piedi quadrati locabili su 37 acri con ~183.800 sf affittati a Hilti (15 anni) e ~110.000 sf affittati a Crusoe Energy (10 anni). EDC cederà i contratti di locazione di terze parti e stipulerà un ulteriore contratto di locazione triple-net per lo spazio occupato al closing.
Educational Development Corporation (NASDAQ: EDUC) anunció una Primera Enmienda al contrato de bienes raíces comerciales para Hilti Complex fechado el 1 de octubre de 2025. La enmienda extendió el periodo de diligencia debida hasta el 6 de octubre de 2025 y redujo el precio de compra a $32,200,000. El 6 de octubre de 2025 el comprador entregó una Notificación para Proceder, sujeta a condiciones, renunciando a los derechos de custodia del comprador. Se espera que los ingresos sirvan para pagar los préstamos bancarios pendientes; se espera el cierre dentro del periodo restante de 45 días del contrato original.
El Complex tiene 402,000 pies cuadrados rentables en 37 acres, con ~183,800 pies cuadrados alquilados a Hilti (15 años) y ~110,000 pies cuadrados alquilados a Crusoe Energy (10 años). EDC transferirá los contratos de arrendamiento de terceros y firmará un contrato de triple neto separado para su espacio ocupado al cierre.
Educational Development Corporation (NASDAQ: EDUC) 상업용 부동산 계약에 대한 1차 수정안이 2025년 10월 1일자로 Hilti Complex에 대해 발표되었습니다. 수정안은 실사 기간을 2025년 10월 6일까지 연장하고 매매가를 $32,200,000로 축소했습니다. 2025년 10월 6일 구매자는 조건부로 수행 통지서를 제출하고 매수자의 에스크로 권리를 포기했습니다. 수익은 존재하는 은행 차입금 상환에 사용될 예정이며, 종결은 원래 계약의 남은 45일 이내에 예상됩니다.
Complex는 37에이커에 402,000 임대 가능 제곱피트로 구성되며, ~183,800 제곱피트가 Hilti(15년), ~110,000 제곱피트가 Crusoe Energy(10년)에 임대되어 있습니다. EDC는 제3자 임대계약을 양도하고 종결 시 점유 공간에 대해 별도의 트리플넷(Triple-Net) 임대계약을 체결할 것입니다.
Educational Development Corporation (NASDAQ: EDUC) a annoncé un Premier Amendement au contrat immobilier commercial pour Hilti Complex daté du 1er octobre 2025. L'amendement a étendu la période de diligence raisonnable jusqu'au 6 octobre 2025 et a réduit le prix d'achat à $32,200,000. Le 6 octobre 2025, l'acheteur a délivré une Notifaction de Procéder, sous conditions, renonçant aux droits d'entiercement de l'acheteur. Les produits/produits sont prévus pour rembourser les emprunts bancaires en cours; la clôture est prévue dans la période restante de 45 jours du contrat original.
Le Complex est de 402 000 pieds carrés locatifs sur 37 acres, avec ~183 800 pieds carrés loués à Hilti (15 ans) et ~110 000 pieds carrés loués à Crusoe Energy (10 ans). EDC cèdera les baux de tiers et signera un bail net triple séparé pour l'espace occupé lors de la clôture.
Educational Development Corporation (NASDAQ: EDUC) hat eine 1. Änderung des gewerblichen Immobilienvertrags für das Hilti Complex datiert auf 1. Oktober 2025 angekündigt. Die Änderung hat die Due-Diligence-Frist bis zum 6. Oktober 2025 verlängert und den Kaufpreis auf $32,200,000 reduziert. Am 6. Oktober 2025 hat der Käufer eine Notwendige Vorgehensweise mit Bedingungen eingereicht und die Treuhandrechte des Käufers verzichtet. Die Erlöse sollen voraussichtlich ausstehende Bankdarlehen tilgen; der Abschluss wird innerhalb des verbleibenden 45-Tage-Zeitraums des Originalvertrags erwartet.
Der Komplex umfasst 402.000 vermietbare Quadratfuß auf 37 Acres mit ~183.800 Quadratfuß, die an Hilti vermietet sind (15 Jahre) und ~110.000 Quadratfuß an Crusoe Energy (10 Jahre). EDC wird Drittvermieter übertragen und zum Closing einen separaten Triple-Net-Mlease abschließen.
Educational Development Corporation (NASDAQ: EDUC) أعلنت عن تعديل أول للعقد العقاري التجاري لمجمع Hilti بتاريخ 1 أكتوبر 2025. مدد التعديل فترة العناية الواجبة حتى 6 أكتوبر 2025 وخفض سعر الشراء إلى $32,200,000. في 6 أكتوبر 2025 قدم المشتري إشعارًا للمضي قدمًا، مع شروط، متنازعًا عن حقوق تثبيت الودائع للمشتري. من المتوقع أن يتم استخدام العوائد لسداد القروض المصرفية المعلقة؛ ومن المتوقع إغلاقه خلال الفترة المتبقية من 45 يومًا في العقد الأصلي.
المجمع يضم 402,000 قدم مربع قابلة للإيجار على مساحة 37 فدانًا مع حوالي 183,800 قدم مربع مستأجرة لـ Hilti (15 سنة) وحوالي 110,000 قدم مربع مستأجرة لـ Crusoe Energy (10 سنوات). ستقوم EDC بنقل عقود الإيجار الخاصة بالأطراف الثالثة والدخول في عقد إيجار ثلاثي-net منفصل للمساحة المشغولة عند الإغلاق.
Educational Development Corporation (NASDAQ: EDUC) 公告了针对 Hilti Complex 的商业地产合同的第一修正案，日期为 2025 年 10 月 1 日。修正案将尽职调查期延长至 2025 年 10 月 6 日，并将购买价格降至 $32,200,000。2025 年 10 月 6 日，买方提交了进入程序通知，附条件，放弃了买方的托管权。所得款项计划用于偿还未清银行借款；根据原合同剩余的 45 天内预计完成交割。
该综合体占地 37 英亩，可出租面积 402,000 平方英尺，其中约183,800 平方英尺租给 Hilti（15 年），约110,000 平方英尺租给 Crusoe Energy（10 年）。EDC 将在交割时转让第三方租约，并就其占用空间签订一个单独的净三租（Triple-Net）租约。
- Purchase price set at $32,200,000
- Buyer issued Notice to Proceed on October 6, 2025
- Proceeds earmarked to repay outstanding bank borrowings
- Expected elimination of monthly mortgage payments improving monthly cashflow
- Purchase price was reduced (amendment lowered price)
- Buyer Notice to Proceed is subject to conditions, not unconditional
- Due-diligence period had to be extended to October 6, 2025
Insights
Sale of the Hilti Complex for
Educational Development Corporation executed a 1st amendment extending due diligence to
Key dependencies and risks remain explicit: the transaction requires a closing within the remaining 45-day period of the original contract and the buyer’s conditional waiver of escrow. If closing occurs as planned, EDC will eliminate monthly mortgage payments and reduce working capital borrowings, which the company states will improve monthly cashflow immediately. Watch for the actual closing within the contractual window and confirmation that proceeds were applied to bank balances as stated; these are the monitorable items over the next 45 days.
Tulsa, Oklahoma--(Newsfile Corp. - October 6, 2025) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", the "Company" or "Seller") (http://www.edcpub.com) announced that on October 1, 2025, the Company and 10Mark 10K Industrial, LLC, a Delaware limited liability company ("Buyer") executed the 1st Amendment to the Commercial Real Estate Contract ("Contract") for the Hilti complex, (the "Complex") extending the term of the initial 45 day due diligence period from October 2, 2025 to October 6, 2025 and reduced the purchase price of the Hilti Complex to
October 6, 2025, the Company received the Buyer's Notice to Proceed pursuant to the Contract. This notice to proceed, subject to certain conditions, waives the Buyer's right to the escrow outlined in the Contract.
Per Craig White, President and Chief Executive Officer of Educational Development Corporation, "Over the last several weeks we have been working with the buyer to resolve certain issues associated with the sale of the Hilti Complex. Today, I am pleased to announce that we have received notice from the buyer of their intention to close on the transaction. The proceeds from the sale will be used to pay back our outstanding balances owed to our bank. The closing of the transaction is expected to occur within the remaining 45 days period outlined in the original Contract."
"Selling the Hilti Complex and reducing our borrowings is in the best interest of our shareholders, and we expect to have limited working capital borrowings going forward. The interest saved on the reduced borrowings will exceed our monthly rental payments and we will no longer have monthly mortgage payments, providing an immediate improvement to our monthly cashflows. We also expect our cashflow from operations to be very strong in the upcoming years as we convert our excess inventory into cash."
The Complex consists of multiple buildings totaling 402,000 square feet of rentable office and warehouse space on 37-acres. Approximately 183,800 square feet of the Hilti Complex is occupied by Hilti under a 15-year lease. In addition, approximately 110,000 square feet of the Hilti Complex is occupied by Crusoe Energy under a 10-year lease. At closing, EDC will assign the existing third-party tenant leases to the Buyer and will execute a separate Triple-Net Lease (the "Lease") for its occupied space in the Hilti Complex.
About Educational Development Corporation (EDC)
EDC began as a publishing company specializing in books for children. EDC is the owner and exclusive publisher of Kane Miller Books ("Kane Miller"); Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. EDC is also the exclusive United States MLM distributor of Usborne Publishing Limited ("Usborne") children's books. EDC-owned products are sold via 4,000 retail outlets and EDC and Usborne products are offered by independent brand partners who hold book showings through social media, book fairs with schools and public libraries, in individual homes, as well as other in-person events and internet sales.
Contact:
Educational Development Corporation
Craig White, (918) 622-4522
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269374
FAQ
What price did Educational Development Corporation agree to sell the Hilti Complex for (EDUC)?
When did the buyer deliver the Notice to Proceed for the Hilti Complex sale (EDUC)?
How will the Hilti Complex sale proceeds be used by Educational Development Corporation (EDUC)?
What is the expected timing for closing the Hilti Complex sale (EDUC)?
How large is the Hilti Complex and who are the major tenants (EDUC)?
What happens to existing tenant leases at closing of the Hilti Complex sale (EDUC)?
