Tuesday, January 10, 2012
NRC announces auction of cross-dock industrial portfolio
NRC Realty & Capital Advisors LLC has announced that it has been retained by YRC Worldwide to coordinate the sale of 62 surplus cross-dock industrial sites located throughout the country.
Geographically, the sites are primarily in the Southeast and Midwest with the remaining sites in New England, Texas and Los Angeles. While the sites are improved with cross-dock terminals, they also are adaptable to a variety of industrial, and in some cases retail, uses. YRC Worldwide has one of the largest less-than-truckload networks in North America, has designated these sites as surplus and has closed the facilities over the past several years.
"Our vacant sites are currently a liability with substantial holding cost, maintenance and real estate taxes", said Jamie Pierson, chief financial officer of YRC Worldwide. "We have chosen the auction process to monetize these properties and turn a liability into an asset, which can be quickly reinvested in our business. Some of these sites have been on the market for over three years, and YRC Worldwide is marking them down to sell".
The properties will be sold through NRC's "buy one, some or all" sealed bid format. The bid deadline has been set for March 15.
"This sale offers some great opportunities," said Evan Gladstone, NRC's executive managing director. "While the demand for industrial real estate has been gradually improving over the past 12 months, many of the sites will likely sell to smaller or other types of trucking users, investor buyers and for adaptive reuse. We expect interest from adjacent property owners, industrial developers and opportunistic investors."