Gyrodyne, LLC (GYRO)

[Enterprising Investor]

Gyrodyne Announces Completion of Sale of Fairfax Medical Center (5/06/16)

ST. JAMES, N.Y., May 6, 2016 /PRNewswire/ -- Gyrodyne, LLC (NASDAQ: GYRO), an owner and manager of a diversified portfolio of real estate properties ("Gyrodyne"), today announced that it completed the sale of its Fairfax Medical Center in Fairfax, Virginia for a gross sale price of $14.015 million (the "Purchase Price"), or approximately $243.23 per square foot, to JAG Associates, L.L.C., a Virginia limited liability company. Fairfax Medical Center consists of two office buildings situated on 3.5 acres with 57,621 square feet of rentable space.

Gyrodyne's predecessor, Gyrodyne Company of America, Inc. (the "Corporation") acquired Fairfax Medical Center on March 31, 2009 for a purchase price of $12.891 million (or $224 per square foot), of which $4.891 million was paid in cash and $8 million was financed. The acquisition of this property qualified for the deferral treatment under Section 1033 of the Internal Revenue Code and completed the tax-efficient reinvestment of the $26.3 million advance payment received in connection with the condemnation of 245 acres of Gyrodyne's Flowerfield property. The balance of the mortgage loan was prepaid in full in December 2012 and assumed by a subsidiary of the Corporation which was settled in full as part of the August 31, 2015 merger of the Corporation and Gyrodyne Special Distribution, LLC into Gyrodyne.

Frederick C. Braun III, Chief Executive Officer of Gyrodyne, stated: "We're pleased to announce this very successful conclusion to our efforts to sell our Fairfax property. This is but one further step in implementing our strategic plan of an orderly liquidation over a reasonable period of time. We will now continue that process. Our Board of Directors will also consider an appropriate special dividend to our shareholders, which we hope to announce at our annual shareholders meeting on June 3, if not sooner."

Gyrodyne had previously announced the completion of the sale of two buildings in its Port Jefferson Professional Park, and the execution of purchase and sale agreements to sell a third and fourth building in the Park.

About Gyrodyne, LLC

Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York metropolitan area. Gyrodyne, LLC owns a 68 acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property which is the subject of development plans. Gyrodyne, LLC also owns medical office buildings in Port Jefferson Station, New York and Cortlandt Manor, New York. Gyrodyne, LLC (through a wholly-owned subsidiary) is also a limited partner in Callery Judge Grove, L.P., the only asset of which consist of potential future payments upon the achievement of certain development benchmarks by the purchaser in the 2013 sale by the partnership of an undeveloped 3,700 plus acre property in Palm Beach County, Florida. Gyrodyne, LLC's common shares are traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne, LLC may be found on its web site at www.gyrodyne.com.

http://www.prnewswire.com/news-releases/gyrodyne-announces-completion-of-sale-of-fairfax-medical-center-300264557.html