International Paper Operations Sold; Warehouse Purchased For $7.5 M

By Eliza Theiss, Associate Editor International Paper, a global paper and packaging company, has announced via a press release that it has completed the sale of three of its operations as part of a February 2012 settlement agreement with the U.S. Department of Justice, this following the February 2012 acquisition of Temple-Inland Inc. All three [...]

International Paper, a global paper and packaging company, has announced via a press release that it has completed the sale of three of its operations as part of a February 2012 settlement agreement with the U.S. Department of Justice, this following the February 2012 acquisition of Temple-Inland Inc. All three facilities are containerboard mills and are allegedly worth a combined $470 million, though no official selling prices were disclosed.

Two of the facilities, one located in Ontario, Calif. and another in Oxnard (Hueneme), Calif., were purchased by New-Indy Containerboard LLC—a joint venture recently formed by Schwarz Partners LP and The Kraft Group LLC. The third mill, located in New Johnsonville, Tenn., was acquired by Hood Companies Inc. and is a former Temple-Inland facility.

In other news, Dallas-based commercial developer Hillwood Investment Properties, working under the name Pilot Distribution Center Inc., has acquired an industrial property in Southeast Memphis for $7.5 million, reports the Memphis Business Journal.

The property, located at 4221 Pilot Dr., is a 600,000-square-foot warehouse built in 1973. Sprawling over 25.1 acres, it is compartmentalized into six 100,000-square-foot areas. The warehouse has a 26-foot clearance height, 42 dock doors, two drive-in doors and 21 rail doors. The warehouse also features 6,700 square feet of office space.

Hillwood also acquired a similar-sized warehouse in Olive Branch for $13.5 million in February. The 605,427-square-foot facility, located at 9105 Hacks Cross Rd., was previously owned by Mazda North America Inc.

Hillwood has developed 4.1 million square feet of industrial space in the DeSoto submarket of Memphis and owns enough land to develop 7 million more.

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Photo courtesy of Paul Anderson via Wikimedia Commons