BlueLinx completes sale-leaseback of Yulee, Fla. facility

6/24/2019
BlueLinx Holdings Inc. announced that it has completed a sale-leaseback transaction for its distribution facility in Yulee, Fla. for a purchase price of $22 million.

Proceeds from the transaction were used to repay indebtedness under the company’s term loan and revolving credit facility.

The building products distributor said it remains "committed to the market" and will continue to operate out of its north Florida location under a long-term lease with multiple renewal options. BlueLinx also operates locations in Tampa, Pensacola, Lakeville, and Miami, Fla.

“We previously indicated our intent to monetize certain real properties earlier in the year and are pleased with our execution on this commitment.  We will remain focused on reducing our leverage in the months ahead,” said Mitch Lewis, president and CEO of BlueLinx.

Earlier this month, BlueLinx announced that it had sold its former distribution facilities in Minneapolis, Minn., and Des Moines, Iowa, for $12 million. The Marietta, Ga.-based company said that it decided to sell the two facilities after integrating operations into existing Cedar Creek facilities in Minneapolis and Des Moines last year.

BlueLinx completed its acquisition of Cedar Creek in April 2018. At the time, the $413 million deal added 31 Cedar Creek distribution locations to BlueLinx’s existing 39 distribution facilities. BlueLinx operates in 40 states.

 

 
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