Deadline set for offers on Tupelo’s Lane Furniture plant

 

June 19 is the deadline that has been set for offers on bankrupt Furniture Brand’s 430,000 square-foot manufacturing/distribution facility and data center in Tupelo.

Property disposition specialist Hilco Real Estate is marketing the Tupelo plant along with 16 Furniture Brands properties involved in the Furniture Brands International bankruptcy case. The portfolio of Thomasville and Lane real estate ranges from manufacturing and distribution facilities to prime development land, located throughout Mississippi, North Carolina, Tennessee and Virginia are included

Along with the data center, the former Lane Furniture facility in Tupelo offers significant office space, Hilco Real Estate of Northbrook, Ill., said in a press statement.

Lane-logoHilcon says all of the properties are situated close to transportation networks and can be converted to new uses. The portfolio does not include Furniture Brands’ Saltillo plant from which more than 400 workers were laid off last spring.

A  complete list of the 17 properties within the portfolio, including general descriptions and due diligence information is available for viewing here.

Furniture Brands International, a world leader in the design and manufacture of well-known home furnishing brands including Thomasville, Broyhill, Lane, and Drexel Heritage among others, filed for Chapter 11 bankruptcy protection late in 2013. As part of the wind-down and liquidation of the Furniture Brands business, the portfolio of properties being marketed are some of the last remaining real estate assets in the holdings of Furniture Brands International

Along with the Tupelo plant, assets up for sale include a 353,000 square-foot facility that served as the Thomasville brand headquarters for nearly 100 years in Thomasville, N.C., and an 800,000 square-foot manufacturing facility on 85 acres in Appomattox, Va.

The format and structure of the sale allows for the properties to be purchased individually or in any combination. The deadline for submitting bids to Hilco is scheduled for June 19.

Joel Schneider, senior VP of Hilco, said, the buildings in the portfolio offer a number of structural and location-related attributes that will be attractive to a variety of potential buyers. “As such, we expect this sale to attract active interest from a broad spectrum of real estate investors, developers and end users,” he said.

“Virtually all sites could be converted for other uses. Many of the sites are located close to interstate highways, rail lines, and major state routes.”

 

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