Meek’s Lumber completes real estate deal
Meek’s has completed the sale-leaseback of 41 properties.
HFF – a commercial real estate brokerage – reported that it has completed a sale-leaseback of 41 distribution centers and commercial assets for Meek’s Lumber and Hardware.
The deal includes more than 2 million square-feet across 23 properties in Missouri, 10 in California, 6 in Arkansas and 2 in Nevada, all of which represents nearly the entirety of the company’s operational real estate, HFF said in a press release. Terms were not disclosed.
Meek’s Lumber, based in Springfield, Mo., was acquired by LBM startup American Construction Source (ACS) last week. Funding for ACS is lead by Angeles Equity Partners, LLC, a Los Angeles-based private investment firm, and Clearwater Capital Group, L.P., also a private investment firm.
This portfolio consisted of distribution assets with a retail component along with manufacturing facilities, a design center, and the headquarters.
A second closing for an additional set of properties is set for the fourth quarter of 2018, HFF said. Meek’s operates more than 50 locations.
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