Armstrong to Sell California Property for $76 Million
Lancaster, PA, February 26, 2021-Armstrong Flooring has entered into a definitive agreement to sell its production facility, warehouse and real estate property located in South Gate, California to an affiliate of Overton Moore Properties, one of the leading industrial developers in California, for a purchase price of $76.7 million in cash.
Armstrong Flooring will receive proceeds of approximately $65 million in cash, net of fees, expenses, and $10.5 million to be held in an environmental related escrow. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2021.
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