The Dixie Group Announces Letter Of Intent To Sell And Lease Santa Ana Facility

Friday, August 9, 2019

The Dixie Group, Inc. Friday announces it has entered into a letter of intent to sell to CenterPoint Properties Trust the company’s Santa Ana, Ca. facility. The transaction is subject to entering into a definitive purchase and lease agreement.

The property consists of 10 acres with one building totaling approximately 200,000 square feet. The transaction is anticipated to close in early October. The purchase price is in excess of $40 million and is anticipated to generate an after tax gain on sale in excess of $20 million. Simultaneously, under the agreement, the company shall sign a lease for 10 years with two 5-year renewal options.

Commenting on the anticipated transaction, Daniel K. Frierson, chairman and chief executive officer, said, “We believe this transaction will strengthen our balance sheet by paying down debt, increasing our equity and substantially improving the availability under our lines of credit. We are pleased with this opportunity to work with CenterPoint Properties Trust and begin a mutually beneficial relationship. Our commitment to the Santa Ana operation is demonstrated by this long term lease. We have an excellent work force that we have developed over the years here in Orange County that continues our tradition of producing for our Fabrica Brand and its emphasis on 'Quality without Compromise'. This transaction, along with our becoming profitable in the second quarter excluding restructuring related charges, helps ensure our long term financial stability."


Allie Weiss Named As Baker Donelson's Pro Bono Committee Office Chairwoman For Chattanooga

Yoga Landing Celebrates green|light Certification With Exemplary Green Business Practices

Online Personalized License Plate Application Now Available


Baker Donelson has appointed Allie Weiss to serve as Pro Bono Committee Office chairwoman for the firm's Chattanooga office. As the Chattanooga Pro Bono Committee Office Chair, Ms. Weiss ... (click for more)

Yoga Landing on East Broad Street, a boutique yoga studio welcoming all walks of life and supporting many paths of yoga, has received its green|light certification. green|light focuses on locally-owned ... (click for more)

The Department of Revenue is offering Tennesseans the ability to apply for a personalized license plate online, rather than through a paper application. The online application, available at ... (click for more)


Business

Allie Weiss Named As Baker Donelson's Pro Bono Committee Office Chairwoman For Chattanooga

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Yoga Landing Celebrates green|light Certification With Exemplary Green Business Practices

Yoga Landing on East Broad Street, a boutique yoga studio welcoming all walks of life and supporting many paths of yoga, has received its green|light certification. green|light focuses on locally-owned small to large organizations throughout Chattanooga and the surrounding area who are interested in improving their social and environmental impacts. The program is an independently-verified ... (click for more)

Breaking News

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Lookout Mountain, Ga., Council Chooses Builder For Town Center; To Issue RFP For Commercial Portion; Trail Named For Super Volunteer Campbell

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Opinion

Abuse To Animals Is Intolerable

In a recent article titled “McKamey Animal Services Seeks Information Pertaining to Dog Fight Victim”, McKamey Animal Center is urging people to share any information regarding a recent dog fight victim that was left abandoned with multiple serious injuries. Abuse to animals is something that I cannot tolerate in the slightest. My heart goes out to the precious little dog that ... (click for more)

Sister Says Leg Surgery For Roy Exum Is A Success

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