Michelin sells three warehouses

NEW YORK (Aug. 26)—Michelin North America Inc. has sold three of its warehouses—two in the U.S. and one in Canada—for nearly $50 million to a real estate investment trust as part of its plan to outsource distribution. Michelin disclosed in early August it was going to outsource its distribution in the U.S. and Canada, signing a six-year, multi-million dollar agreement with TNT Logistics North America. In mid-August, Michelin sold its distribution centers in Laurens, S.C.; Temperence, Mich.; and St. Albert, Alberta, to units of Lexington Corporate Properties Trust, a New York-based real estate investment trust. Lexington then signed multi-year lease arrangements with TNT Logistics. Lexington paid $45.9 million for the Laurens and Temperence facilities, and $2.9 million for the St. Albert site.