BlueLinx sells California DC
Building materials distributor BlueLinx has announced the sale of its distribution center in Newark, Calif., in a Sept. 20 filing with the Securities and Exchange Commission (SEC). The 235,000-sq.-ft. warehouse sold for approximately $17.7 million.
The Atlanta-based company expects to record a gain of approximately $9.1 million related to this transaction in the third quarter of 2012 as a reduction of operating expense. Approximately $12.84 million of the net proceeds will be used for immediate prepayment of the indebtedness under its mortgage agreement without incurring a prepayment premium. About $2.76 million of the net proceeds will be used for general corporate purposes.
The SEC filing did not disclose the name of the buyer.
In a press release, Blue Linx said the sale would strengthen its balance sheet and position the company better for strategic growth. “We plan to relocate in the surrounding area by the end of the year to continue serving the Northern California market," said BlueLinx CFO Doug Goforth.
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HD Supply Repair & Remodel opens Santa Ana store
HD Supply Repair and Remodel, a California chain of pro-oriented retail warehouses, will open its newest location in Santa Ana on Oct. 13. This will be Repair & Remodel’s eighth store in the greater Los Angeles area and its 11th store in California.
The 91,500-sq.-ft. Santa Ana facility, which is expected to hire 75 employees, includes two buildings with nearly a third of the store dedicated to kitchen and bath decor. This location will offer key categories, such as millwork, cabinetry, flooring, plumbing, electrical, insulation, roofing, drywall and some high-velocity lumber items.
Headquartered in Roseville, Calif., HD Supply Repair & Remodel targets remodeling contractors, tradesmen and DIY customers, as well as professionals who work in the single- and multi-family rental markets and foreclosed, deferred maintenance and investment properties.
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Maine dealer purchases eight-acre parcel
Eldredge Lumber & Hardware has bought the former Central Maine Power building in York, Maine for $1.34 million, according to an article posted on Seacostonline.com.
The building and 7.9-acre property, which has been on the market for years, has an assessed value of $1.6 million.
Eldredge Lumber & Hardware, which has a store located further down Route 1, may use the new building as a distribution center, according to manager Dan Remick. "There are no concrete plans as yet," Remick told the news outlet.
Built in 1988, the large commercial space once housed Central Maine Power offices and was once considered as a possible location for a municipal complex or town hall.
Eldredge Lumber & Hardware, headquartered in York, Maine, also operates Portland Eldredge Lumber in Portland, Maine and Kittery Ace Hardware in Kittery, Maine.