Building material distributor BlueLinx Holdings Inc. (NYSE: BXC), Marietta, Georgia, on Monday announced that it has completed a sale-leaseback transaction for its owned distribution facility in Denver, Colorado, for $10.6 million.
The transaction closed on Aug. 14, and as a part of the transaction, the company entered into a lease agreement for the property with multiple renewal options, demonstrating its long-term commitment to this local market.
Net proceeds from the sale-leaseback transaction were used to repay indebtedness under the company’s term loan.
“I am very pleased to announce the closing of this latest sale-leaseback transaction, which generated meaningful net cash proceeds for debt repayment,” said Mitch Lewis, President and CEO. “We remain in active and ongoing discussions on other opportunities to monetize our owned real estate portfolio as we continue to aggressively pursue our deleveraging strategy.”