Educational Development Signs Sale, Leaseback Deal for Headquarters, Warehouse Facility
MT Newswires Live
Aug 22
Educational Development (EDUC) said Thursday that it contracted to sell its headquarters and distribution warehouse in Tulsa, Oklahoma, for $32.5 million.
Upon closing, the company said it will assign third-party tenant leases to the unnamed buyer and will sign a separate lease for its occupied space in the complex.
Proceeds from the sale will be used to pay off debt, Educational Development said.
The buyer will have 45 days to complete due diligence, the company said, adding that the close of the contract is expected to be completed 45 days after the due diligence period.
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