Sysco Lists 106-Acre Property for Sale
HOUSTON, TX - As COVID-19 continues to force companies across all industries to be nimble with their strategies, Sysco has begun to implement changes as it now looks to divest its 106-acre property in Houston, Texas. Sysco has partnered with JLL to list the property, originally purchased in 2010, for sale.
According to an article from the Houston Business Journal, JLL has not disclosed the price of the property on its listing, but it was valued at $28.4 million on January 1, based on Harris County Appraisal District records.
Previously owned by Hewlett-Packard, Sysco purchased the property in 2010 to establish a shared services facility for its North American Distribution centers. Based on JLL’s listing, the property has 94.11 usable acres and also includes a vacant 660,717-square-foot building standing on the property.
Although affected by the ongoing pandemic, Sysco beat out estimates of $11.75 billion for its most recent quarter revenue, recording $11.78 billion. Sysco also recorded net earnings of $216.9 million, which surpassed analyst estimates.
Although the motivations behind Sysco’s divestment are not completely clear yet, what will the company’s future strategy look like? ANUK will continue to report.