One More Piece from RadioShack’s Legacy Dismantled
As Commercial Property Executive has reported, it’s been a tough year for RadioShack Corp., which, despite its history of almost 100 years, had to file for Chapter 11 bankruptcy after amassing $1.4 billion in debt. While certain assets have already been disposed of, others are now making headlines.
By Liviu Oltean, Associate Editor
It’s been a tough year for RadioShack Corp., given its Chapter 11 bankruptcy filing after amassing $1.4 billion in debt. As Commercial Property Executive has reported, while certain assets have already been disposed of, others are just now making headlines.
BH Properties LLC, a Los Angeles-based firm that specializes in acquiring and repositioning distressed commercial assets, announced that it has closed on an industrial portfolio for $39.2 million, which it has purchased from RS Legacy Corp., formerly RadioShack. This is the latest transaction in the company’s Chapter 11 asset sale.
BH Properties was selected from a group of interested buyers to submit the stalking horse bid. The deal was approved by a bankruptcy judge on June 16 and closed on June 26.
The portfolio included five properties totaling more than 1.8 million square feet located in the Sacramento suburb of Woodland, California and Forth Worth, Texas, as well as a seven-acre plot in Fort Worth.
Aerial View of One of the Industrial Buildings
“This is a unique combination of industrial distribution assets varying in size, class and location. It needed a creative buyer to understand the complexities of the portfolio,” said Andrew Van Tuyle, chief acquisition officer of BH Properties. “We are constantly looking to bolster our portfolio with industrial properties such as these. Located in the dynamic markets of Fort Worth and Sacramento, we have no doubt these properties will be successful.”
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