BlueLinx Hits Cumberland Market For New Headquarters Space
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The headquarters for a major building products distribution company is on the hunt for a new home in the Cumberland/Galleria area.
Atlanta-based BlueLinx has hit the market with a request for proposals seeking some 60K SF, Transwestern Managing Director Bradley Fulkerson confirmed to Bisnow. Fulkerson is representing BlueLinx in its search.
The company, created in 2004 as a spinoff from Georgia-Pacific, is currently headquartered at 4300 Wildwood Parkway, a 100K SF office building in the Wildwood Office Park, also in Cumberland/Galleria. Fulkerson declined to elaborate on the search.
BlueLinx, at one time, had a much larger headquarters at Wildwood. But the housing bust and credit crunch that led to the Great Recession shrank the need for space. In 2008, the firm gave up 100K SF at the office park, the Atlanta Business Chronicle previously reported.
BlueLinx has had a reversal of fortune. For the nine months ending Sept. 30, the firm earned more than $9.7M on sales of more than $1.38B, according to its most recent quarterly filing with the Securities and Exchange Commission. It lost more than $5M on $1.4B in revenues for the same period in 2016.
The firm also recently sold four warehouse facilities to Brennan Investment Group for $110M and leased the facilities back from the new owner. Those facilities included warehouses in Lawrenceville, Georgia, Massachusetts, North Carolina and Maryland, the company reported. BlueLinx used the sale proceeds to pay off the remaining principal outstanding of nearly $100M from a 2006 loan with German American Capital Corp., according to SEC filings.