Estes announced today that it has entered into real estate contracts with YRC Worldwide subsidiaries YRC Inc., USF Reddaway, Inc., and USF Holland Inc., to buy and simultaneously lease back facilities located throughout the U.S. The total investment could be as much as $122 million. This move gives Estes the ability to grow its investment network of real estate properties.
Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. The YRC logistics business unit uses Estes as a transportation service provider for its clients in the ordinary course of business. "We have also worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry," said Estes' Director of Real Estate and Economic Development, Angela Maidment. "This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment."
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