S&K Finds Buyer For Short Pump Headquarters
February 16, 2009 - 10:32 pm
By Trevor Dickerson
Short Pump-based S&K Famous Brands men’s clothier has found a buyer for their corporate headquarters on West Broad Street at Interstate 64. TGM Realty Investors, a subsidiary of local company Thalhimer Commercial Real Estate, purchased the corporate offices, attached 110,000 square foot warehouse, and adjacent S&K retail store for $5.6 million. The property’s assessed value is $7.6 million.
Thalhimer was one of two companies the building was listed with when S&K put it up for sale in December. S&K filed for bankruptcy last Monday in order to restructure, and the sale of the headquarters will bring the company much needed cash.
A bankruptcy court judge approved S&K for a $13 million line of credit to continue operating under the condition that it found a buyer for the complex by May 15. Applicable bankruptcy laws require S&K to solicit other bids for the property, but the TGM offer will stand as the minimum bid.
The company will lease 15,000 square feet of warehouse space and 11,000 square feet of office space for 6 months at $23,500 per month. The 6,600 square foot retail store will be leased for 5 years, starting at $21.50 per square foot.
[...] was financed in part by the sale of S&K’s corporate headquarters at West Broad Street and Interstate 64, which was purchased by TGM Realty Investors Inc., part of [...]
[...] another attempt at raising cash, the company also sold its Short Pump headquarters on Broad at I-64. TGM Realty Investors, a subsidiary of local company Thalhimer Commercial Real [...]
[...] another attempt at raising cash, the company also sold its Short Pump headquarters on Broad at I-64. TGM Realty Investors, a subsidiary of local company Thalhimer Commercial Real [...]
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[...] another attempt at raising cash, the company also sold its Short Pump headquarters on Broad at I-64. TGM Realty Investors, a subsidiary of local company Thalhimer Commercial Real [...]
[...] Realty Investors, a subsidiary of Thalhimer Commercial Real Estate, purchased the corporate offices, attached 110,000 square foot warehouse and adjacent S&K retail store for $5.6 million last [...]