B. Riley Real Estate, subsidiary of B. Riley Financial, served as exclusive real estate advisor in connection with the United Furniture Industries (UFI) Chapter 11 bankruptcy and related 363 asset sale of all its properties, including the Lane Furniture real estate portfolio.
UFI’s 15-property industrial portfolio represented the Lane Furniture brand’s core manufacturing and distribution assets, alongside its surplus land holdings, spanning approximately five million square feet and 626.5 acres across Mississippi and North Carolina. B. Riley led an expedited sale process which concluded on Aug. 30, and resulted in a final sale price of $65 million, generating sufficient proceeds to deliver full recovery to UFI’s secured creditors holding liens on these assets.
“B. Riley Real Estate was an invaluable partner throughout the United Furniture Industries real estate sale,” Derek Henderson, bankruptcy trustee for United Furniture Industries, said. “Leveraging significant bankruptcy experience and strong real estate execution expertise, the team’s hands-on approach throughout the process led to a highly organized and efficient transaction that generated sale proceeds exceeding initial targets.”
B. Riley Real Estate served as a key partner in assisting with the successful 363-sale and secured multiple stalking horse bids, assisted the trustee with selection of the approved bid, negotiated PSA agreement terms and coordinated required additional diligence to facilitate the eventual transaction closing.
