(To read more on the industrial market, click here.)
ATLANTA-Video Display Corp. is placing its manufacturing plants on the market in a move to distribute its capital elsewhere. The locally based corporation has hired the Staubach Co. of Addison, TX to help dispose of the industrial assets.
All total, the properties for sale number eight, five owned by VDC and three owned by chairman and CEO Ron Ordway which the corporation leases, Ordway tells GlobeSt.com. He adds that the properties total 391,000 sf.
Expecting to generate between $8 million and $10 million, Ordway explains that directing the capital elsewhere is "probably the best use of the company's assets" rather than sit on real estate. VDC and Staubach are eying a six-month timeline to sell the portfolio.
The properties for sale are in Georgia, Ohio, Pennsylvania, New York and Louisiana. While VDC plans to sell the manufacturing plants, it is not looking to vacate the properties. "We plan to leaseback the properties for anywhere between three to 10 years," Ordway tells GlobeSt.com.
"Ownership of real estate has been an excellent long-term investment for the company," he says in a release. "At this juncture, however, numerous other opportunities for investment, which may expand our display business, need to be considered. Converting our equity in real estate to enhance the growth of VDC appears to be a more logical choice at this time and we believe the Staubach Co. is the ideal firm to work with on this project."
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