United Furniture Industries,
Inc. Commences Sale Process of Real Estate Portfolio
in Connection with Chapter 11 Liquidation
B. Riley is operating the sale of the Lane Furniture
real estate portfolio
April 19, 2023 -- B. Riley Real Estate, LLC ("B. Riley") is acting as real estate advisor to United Furniture Industries, Inc. (the "Debtor") in connection with its Chapter 11 liquidation and has commenced the sale process for the Lane Furniture real estate portfolio on behalf of the Debtor.
Founded in 1912, Lane Furniture operated as one of the largest upholstered furniture manufacturers and distributors in the United States. Its real estate portfolio includes 14 properties strategically located throughout Mississippi and North Carolina with 5 million square feet and over 700 acres of core manufacturing, warehouse and distribution facilities, in addition to vacant land holdings.
This sale offers opportunities for local redevelopment and provides the necessary infrastructure to support a broad range of new manufacturing and distribution uses. Offers for the full portfolio, a subset, and individual properties will be considered.
Stalking horse bids will be accepted through May 12, 2023. The portfolio will be sold at a concluding auction, tentatively scheduled for late June 2023. Formal bidding and sale procedures were filed with, and are subject to the approval of the Bankruptcy Court.
To learn more about the sale process, or for additional information on the Lane Furniture real estate portfolio, please visit www.brileyre-UFI.com or contact Jim Terrell at jterrell@brileyfin.com or (815) 355-0880 or Chris Draper at cdraper@brileyfin.com or (312) 894-7625.
Lane Furniture Real Estate
Portfolio Assets for Sale
|
Property
Address |
City |
State |
Zip
Code |
County |
Square
Footage |
Acres |
Type |
|
61312 Hwy 278 East |
Amory |
MS |
38821 |
Monroe |
179,506 |
12.8 |
Warehouse |
|
60063 Puckett Drive |
Amory |
MS |
38821 |
Monroe |
379,450 |
28.2 |
Various |
|
311 Martin Luther King Dr |
Amory |
MS |
38821 |
Monroe |
42,900 |
12.6 |
Lumber Yard |
|
212 108th |
Amory |
MS |
38821 |
Monroe |
45,095 |
3.4 |
Warehouse |
|
3301 Adams Farm Rd |
Belden |
MS |
38826 |
Lee |
711,650 |
76.7 |
Warehouse |
|
389 Hwy 6 East |
Nettleton |
MS |
38858 |
Monroe |
434,000 |
49.4 |
Production |
|
30440 MS-41 |
Nettleton |
MS |
38858 |
Monroe |
507,200 |
155.3 |
Warehouse |
|
431 E Monroe Ave |
Okolona |
MS |
38860 |
Chickasaw |
626,500 |
51.6 |
Production |
|
0 Laster Road |
Okolona |
MS |
38860 |
Chickasaw |
N/A |
5.0 |
Vacant Land |
|
5380 Hwy 145 South |
Tupelo |
MS |
33801 |
Lee |
492,000 |
91.8 |
Warehouse |
|
Mccullough Blvd & I-22 |
Tupelo |
MS |
38804 |
Lee |
N/A |
72.3 |
Vacant Land |
|
210 East Sweet Potato St |
Vardaman |
MS |
38878 |
Calhoun |
138,122 |
9.9 |
Production |
|
315-325 Kettering Rd |
High Point |
NC |
27263 |
Guilford |
188,999 |
11.3 |
Production |
|
100 United Furniture Dr |
Lexington |
NC |
27292 |
Davidson |
375,310 |
13.1 |
Production |
|
3761 Old Glenola Rd |
Trinity |
NC |
27370 |
Randolph |
196,400 |
55.1 |
Production |
|
401 W Hanes Mill Rd |
Winston Salem |
NC |
27105 |
Forsyth |
705,599 |
54.5 |
Various |
About B. Riley Real Estate,
LLC
B. Riley Real Estate advises companies, financial institutions, investors, family offices and individuals on projects in order to preserve and maximize real estate value. Real estate solutions span acquisitions and sales, lease restructuring, construction dispute services, rent reductions, terminations and renewals; sale-leasebacks and auctions; and capital solutions to support acquisitions and dispositions. B. Riley serves clients across the retail, office, education, industrial, manufacturing, distribution centers, restaurant, grocery store, multi-family housing and health services industries. The firm is a wholly owned subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY).
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. Through its affiliated subsidiaries, B. Riley provides end-to-end, collaborative financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services.
B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates.
Media:
Jo Anne McCusker
B. Riley Financial
(646) 885-5425