Y-City News

Avon distribution center sells for 34.7 million

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Avon distribution center sells for 34.7 million

By Staff

Avon, the company which officially opened its Zanesville distribution plant in 2009, has recently sold the Zanesville distribution center to Exeter 3605 Eastpointe LLC in a $34.7 million dollar deal.

Avon will continue to operate out of the building, however, instead of owning the property and building, the company will now lease the facility from Exeter Property Group, according to Paige Cali, Director of Corporate Communications at Avon.

Ohio business filings show that Exeter 3605 Eastpointe LLC was incorporated in Columbus, Ohio on August 17th of this year.

Registration filings show this entity was created as a component of the Exeter Core Industrial Club Fund ii LLC, which is owned by the Exeter Property Group, and has major investors such as the Commonwealth of Pennsylvania Public School Employees’ Retirement System.

Representatives from both AVON and the Exeter Property Group refused to comment on the purpose of creating the sub-company in August.

Paige Cali noted that this is a very common occurrence in the marketplace and allows Avon to free up substantial capital to reinvest in their business, establishing a long term lease for the property with Exeter Property Group.

According to the company’s 2017 annual 10-K filed with the SEC in February of this year, Avon reported earnings of $22 million for all of 2017.

For their first quarter of 2018 ending March 31st, Avon recorded a $20.3 million dollar lost and in their second quarter ending June 30th they recorded a $36.1 million dollar loss to the company.

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