Mill Valley Lumber on the block
The owners of Mill Valley Lumber are looking to sell their historic lumberyard after suffering through several years of declining revenues, according to an article in the Mill Valley Patch.
Opened in 1892, the Northern California business has had six owners over its 120-year history. Dan Cerri and his family bought picturesque lumberyard — it’s surrounded by old redwood trees and has a creek running through it — in 1998. The one-acre property also contains a cabinet shop. Asking price is $1.8 million.
Although it’s located in Marin County, one of the wealthiest communities in the Bay Area, Cerri told the Patch that sales have dropped 20% each year since the 2008 downturn. The company’s revenue is almost 60% below where it was four years ago.
If the Cerri family can’t find a buyer for the lumberyard by the end of the year, their plan is to close the business and put the land up for sale, according to the article.
Former Temple-Inland CEO joins Weyerhaeuser board
Doyle Simons, the former chairman and CEO of Temple-Inland, has joined the board of directors of Weyerhaeuser, effective June 29, 2012, according to a filing with the Securities and Exchange Commission (SEC). The 49-year-old executive held various positions with Temple-Inland, including executive VP from 2005 through 2007 and chief administrative officer from 2003 to 2005. He became CEO and chairman in 2008 and served until February 2012, when Temple-Inland was acquired by International Paper Co.
Prior to joining Temple-Inland, Simons practiced real estate and banking law with Hutcheson and Grundy. He also serves on the board of directors for Fiserv; is a member of the board of visitors for the University of Texas M. D. Anderson Cancer Center, and the Texas Governor’s Business Council; and serves on the advisory councils of the College of Natural Sciences and the Texas Memorial Museum at The University of Texas at Austin.
New funding emerges for home builders
Oaktree Capital Management, a global investment firm headquartered in Los Angeles, is investing an undisclosed sum in a lender that specializes in financing home builders.
An article in the Wall Street Journal reported that Oaktree has become a big shareholder in Sabal Financial Group, which makes small loans to builders to buy and develop land and construct houses. The Newport Beach, Calif., lender has set aside at least $100 million for these loans, which carry interest rates in the 8.5% to 9.5% range.