Lakeland Industries has completed the sale of its Alabama warehouse property

Lakeland Industries (LAKE) announced that it has completed the sale of its Decatur, Alabama warehouse property to an unrelated party. The sale is part of the company’s previously disclosed financial and operational initiatives to streamline global operations and improve profitability. Lakeland has commenced a search for a new upgraded warehouse, logistics and lab facility in a more strategic location to replace the Decatur facility. The sale price was $6.1 million, less customary commissions and closing expenses. Harbert Realty Services provided brokerage and advisory services, and Maynard Nexsen provided legal services for the sale. The sale of the Decatur facility includes a short-term leaseback on one of the three property warehouses while the Company continues to explore alternative sites.