Hanesbrands Inc. said Tuesday that it has sold three of its distribution centers to real-estate companies and is leasing them back for their operations.
In a sale-and-leaseback transaction, one group sells an asset and leases it back for a long term, thus continuing to use the asset without tying up capital by owning it.
In January, the company sold its 930,451-square-foot center at 521 Northridge Park Drive in Rural Hall for $23.5 million to Winston-Salem NC Associates LP, which is affiliated with Capital Solutions Inc. of Blue Bell, Pa.
In February, Hanesbrands sold two centers in Kings Mountain for a combined $14.6 million to Charlotte Canterbury LLC, which is affiliated with Stoltz Real Estate Partners of Bala Cynwyd, Pa. Those buildings were a combined 856,000 square feet.
Hanesbrands said that the proceeds from the sales are considered part of its cash flow. The company said that its priorities for cash flow after internal investments are debt reduction and potential purchases of companies in its industry.
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