Rex Stores sold a Cheyenne, Wyo., distribution center for $4.4 mi...
Rex Stores sold a Cheyenne, Wyo., distribution center for $4.4 million cash and leased back about 64,000 square feet of the facility under an agreement that expires Aug. 31, 2011. The carrying value of the 145,000-square foot building is…
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$2.1 million, the company said. Rex used $600,000 from the proceeds to pay debt tied to the property and will use the remaining money for “general corporate purposes,” the company said. The minium annual rents for the distribution center range from $100,000 for the fiscal year ending Jan. 31, 2009 to $300,000 each in 2010 and 2011 and $200,000 in 2012, it said. Rex also sold vacant land next to the distribution center earlier this month for $848,000, the retailer said. The land had a $140,000 carrying value, it said. The sale comes as Rex weighs the fate of its 110 remaining stores with a report expected by mid-November. At its peak, Rex had 262 stores.