Tandy Leather Factory to Sell Headquarters for $26.5 Million
Deal News | Dec 06, 2024 | Globenewswire
Tandy Leather Factory announced on December 6, 2024, that it has entered into an agreement to sell its corporate headquarters facilities, which includes its primary distribution center and retail store, to Colonna Brothers, Inc. for $26.5 million. This transaction is projected to conclude in January 2025. Post-sale, Tandy Leather plans to lease back its current spaces until September 2025, as it seeks new headquarters within Fort Worth, Texas. Chairman Jeff Gramm noted the company's initiative is aimed at creating value for shareholders, with plans to distribute a portion of the proceeds as dividends. Founded as a specialty retailer, Tandy Leather is recognized for its expansive product line and international presence. The transaction aligns with the company's strategic goals amidst a robust local real estate market.
Sectors
- Retail
- Real Estate
Geography
- United States – Tandy Leather Factory's headquarters and primary operations are located in Fort Worth, Texas, USA.
- Texas – The headquarter facilities involved in the sale are located in Fort Worth, Texas.
Industry
- Retail – Tandy Leather Factory operates as a specialty retailer, selling leather goods and related products.
- Real Estate – The transaction involves the sale of corporate real estate, highlighting the significance of the real estate market in this deal.
Financials
- 26,500,000 – The agreed sale price for Tandy Leather Factory's headquarters facilities.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tandy Leather Factory, Inc. | Target | Company | A specialty retailer headquartered in Fort Worth, Texas. |
| Colonna Brothers, Inc. | Buyer | Company | The purchasing entity of Tandy Leather's headquarters facilities. |
| Jeff Gramm | Chairman | Person | Chairman of Tandy Leather Factory, Inc. |