Business Journal
Southeastern Aluminum property sold in sale-leaseback deal
Edited by : AL CIRCLE
1 min read
An Austin, Texas, investment group has bought Southeastern Aluminum Products Inc.’s Jacksonville building and leased it back to the company.
AIC Ventures paid $9 million for the 197,000-square-foot industrial building at 4925 Bulls Bay Highway, according to public records.
Southeastern Aluminum Products, which manufactures bath and shower doors, entered a long-term lease on the building with AIC after the transaction closed, AIC said in a news release.
Terms of the lease were not disclosed.
Florida Coastal School of Law completed a similar sale-leaseback transaction in February 2010, when it sold its Jacksonville land and building to a New York investment firm for $27 million and entered a 20-year lease.
Sale-leaseback transactions are typically done to free up capital for a company that owns its real estate.
AIC Ventures paid $9 million for the 197,000-square-foot industrial building at 4925 Bulls Bay Highway, according to public records.
Southeastern Aluminum Products, which manufactures bath and shower doors, entered a long-term lease on the building with AIC after the transaction closed, AIC said in a news release.
Terms of the lease were not disclosed.
Florida Coastal School of Law completed a similar sale-leaseback transaction in February 2010, when it sold its Jacksonville land and building to a New York investment firm for $27 million and entered a 20-year lease.
Sale-leaseback transactions are typically done to free up capital for a company that owns its real estate.
Tagged with:Building and construction
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