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Wednesday, January 11, 2012

Auction set for ‘surplus’ YRC terminals

Source: Fleet Owner Magazine
By Brian Straight, Managing Editor

An auction will be held to facilitate the sale of what was classified at "62 surplus cross-dock industrial sites" owned by YRC Worldwide.

NRC Realty & Capital Advisors, a real estate and financial advisory firm, said it will handle the auction. NRC said the "sealed bid format" will conclude on March 15, 2012. Bids will be accepted on "one, some, or all" properties, NRC said.

A YRCW spokesman, responding to questions from Fleet Owner, said the properties represent "duplicate buildings of either Yellow or Roadway and were closed as part of the formation of YRC in 2009." In many cases, the spokesman said, YRCW owns other facilities in the area or service is handled by a larger facility nearby.

The company owns or leases more than 400 facilities in the U.S.

"Our vacant sites are currently a liability with substantial holding cost, maintenance and real estate taxes," said Jamie Pierson, CFO 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."

Many of the facilities are located in the Southeast and Midwest, NRC said, with a few sites in New England, Texas, and Los Angeles.

"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."

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.

In December, YRCW sold off "a significant portion of the assets of its Glen Moore truckload operating subsidiary to Celadon Trucking Services, a subsidiary of Celadon Group Inc. Terms were not disclosed.

"Less-than-truckload shipping is what we do best. Our efforts are precisely focused on regaining the North American market leader position in that segment," said James Welch, CEO. "To be the best LTL carrier, we mu