Wednesday, January 4, 2012
NRC announces auction of cross-dock industrial portfolio
NRC Realty & Capital Advisors, LLC, announced today that it has been retained by YRC Worldwide to coordinate the sale of 61 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, California. While the sites are improved with cross-dock terminals, they are also adaptable to a variety of industrial, and in some cases retail, uses. YRC Worldwide has one of the largest less-than-truckload (LTL) networks in North America YRC Worldwide 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 well-known “buy one, some or all” sealed bid format. The bid deadline has been set for March 15, 2012. To view property specific information and to receive sale updates, register online at www.nrc.com/1120. Sales brochures are available by calling 800.747.3342, ext. 1120, or by download from the NRC website.
"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.”
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, Holland, Reddaway, and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
NRC Realty & Capital Advisors, LLC
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services and specializes in the accelerated sale of commercial and industrial real estate. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), financial institutions (GE Capital and Fifth Third Bank) and opportunity funds such as Platinum Equity. For more information, visit www.nrc.com.