iMedia Brands selected B. Riley Real Estate as Advisor to manage and complete its sale-leaseback process for one or more of its owned properties. The Company is targeting a Q4 closing date.
The Company is marketing its two buildings located in Eden Prairie, which serve as the corporate headquarters and production studios for the Company, and its distribution center building located in Bowling Green, Kentucky. In total, the three buildings are 810,679 square feet.
“B. Riley has been a great partner to iMedia for years,” said Tim Peterman, CEO of iMedia. “I am confident they will help us optimize our SLT opportunity to monetize our buildings and allow us to unlock unused cash to further reduce our leverage on an expedited basis.”
iMedia Brands is a global media company capitalizing on the convergence of entertainment, ecommerce, and advertising. The Company owns and operates a growing portfolio of vertically integrated television networks in the United States and Western Europe.