Retailer Tuesday Morning gets more money for its Dallas HQ and Farmers Branch warehouse
Tuesday Morning Corp. announced on Friday that the company has received a better deal on its North Dallas headquarters and warehouse facilities on Inwood Road in Farmers Branch and Addison.
The headquarters at 6250 Lyndon B. Johnson Freeway and warehouse were to be sold to Miami-based investment firm Rialto Capital for $ 60 million.
Instead, the properties will be sold to PVB – 14303 Inwood LP for $ 70.25 million. The bankruptcy process requires that the sale of assets be made to the highest bidder.
The buildings will be rented back on Tuesday morning, which is close to the end of its bankruptcy and a confirmation hearing is scheduled for December 22nd.
The lease for the headquarters has a term of 10 years, while the warehouse buildings have an initial term of 2.5 years, followed by an extension of one year.
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