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COPPELL, Tex. -- Minyard Food Stores Inc. said it has sold its 800,000-square-foot corporate campus, which includes a major distribution center, headquarters offices, storage, and maintenance facilities, and 30 acres of undeveloped land to KTR Capital Partners, a New York City private equity firm.
The chain will lease back its office space and remain in Coppell, said Minyard c.e.o. Michael D. Byars. The warehouse sale is in line with Minyard's plan announced in January to outsource its warehouse and distribution functions to Kansas City, Kan. based Associated Wholesale Grocers. Byars said the transition to AWG is on schedule to be completed this fall.
KTR said it intends to upgrade the facility, and develop an additional 500,000 square feet of industrial space across four new buildings beginning next year.
Minyard is AWG's largest co-op member. Minyard has said the move to outsource warehouse and distribution functions will free up financial and human resources and allow it to continue to upgrade its portfolio of supermarkets.
"Our new flagship Carnival Super Market and our remodeled Carnival stores have been a resounding success, and we are taking further steps to position our company to compete with renewed vigor," Byars said.
Minyard Food Stores Inc. operates 61 supermarkets, 36 pharmacies, and 15 fuel stations in the Dallas/Fort Worth Metroplex, including 23 Minyard, 24 Carnival and 14 Sack 'n Save stores.