BlueLinx Holdings Inc. (NYSE: BXC) saw its shares rise Monday, on word that two companies have acquired its four-building, 2.3-million-square-foot industrial portfolio.
Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops, and operates industrial facilities, announced its purchase and simultaneous leaseback of four buildings to BlueLinx in a joint venture with a client of Arch Street Capital Advisors, LLC.
The portfolio is geographically dispersed throughout several top markets in the United States including Boston, Raleigh-Durham, Atlanta, and Washington, D.C.
BlueLinx is a leading distributor of building and industrial products in the United States and operates through a broad network of distribution centers. Since 2011, through multiple ventures, Brennan and Arch Street have acquired over $1 billion of single tenant, net leased, industrial assets.
Brennan CEO Scott McKibben said, "We acquired four strategically important facilities of BlueLinx, an established tenant with long-term commitment to the areas.This acquisition is consistent with our investment objective of producing stable, long-term cash flow for our investors."
Concurred Arch Street President Anup Patel "Over the past seven years, Arch Street and Brennan have been very active investors in the single tenant, net leased, industrial space and have developed an expertise for originating, evaluating, acquiring and financing single tenant, net leased, industrial assets.”
BlueLinx shares jumped 53 cents, or 3.4%, to $15.98.
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