South Sea Rattan buys Linens ‘n Things facility
-- Casual Living, 10/26/2009 9:31:00 AM
Greensboro, N.C.-based South Sea Rattan furniture company is set to purchase a 279,000-sq.-ft. distribution center, made available through final liquidation of bankrupt national retailer Linens ‘n Things’ properties.
Sale of the property to a holding company formed by South Sea Rattan South Sea Rattan and Fairfax Home Furnishings is expected to close Oct. 30, according to a report in The Business Journal of the Greater Triad Area.
Jacob Kuo, president and owner of South Sea Rattan, confirmed the closing should be final on Friday, if not sooner. “We’re ready; we’re just waiting on a couple more documents to come in,” Kuo said.
The large building, located near Piedmont Triad International Airport, is well-equipped and will work well as a distribution center for his own growing company in the future, but Kuo will likely lease it to another user for a few years before moving in himself.
“The building has so much equipment in it like automatic conveyors and racking systems,” Kuo said. “It will be very valuable to somebody who can best take advantage of it now. We wouldn’t be able to take full advantage of it ourselves right now. It will probably be two or three years before we could.”
Hal Craven of Craven Commercial Properties negotiated the deal for the buyer and declined to detail the final purchase price. Linens ‘n Things purchased the property in 1993 for $6.5 million.
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