Byrd tells GlobeSt.com that it's not likely the grouping will be sold as a portfolio since some holdings are purely agricultural sites. Buyers, for the most part, will be local, he says.
Imperial Sugar will use sale proceeds to reduce debt, a strategy being employed across the board as more corporations unload non-core assets to help strengthen themselves in the tight economic times. Byrd says several of his clients have taken a similar tact. "Real estate can distract companies," he says, "and decrease returns."
Imperial Sugar's "to go" list for Texas includes 18 acres of residential and commercial acreage in Sugar Land, about seven acres in Arlington's Great Southwest Industrial Park and 1,402 agricultural acres in Hereford, TX. The Sugar Land commercial acreage houses a 4,860-sf office building while the Hereford location has a manufacturing plant.
Outside Texas borders, Imperial Sugar is seeking buyers for 850 acres of agricultural and industrial acres in Woodland, CA; 1,120 acres in Tracy, CA, also carrying agricultural and industrial zoning; 14 industrial acres in Visalia, CA; 4.2 industrial acres in St. Louis, MO; and 30 industrial acres in Savannah, GA. The St. Louis property includes 53,127 sf of masonry buildings.
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