PR Newswire
Blue Ridge Real Estate Company (OTC Pink: BRRE) announced today that the Company closed on the sale of 284 acres of land located along Route 940 in Blakeslee, PA (the "Property") to Exeter Industrial Drive Route 940 Land LLC ("Exeter") for the construction of a logistics and distribution center in Carbon County. The proceeds from the sale are to be used for general corporate purposes. "This sale is part of Blue Ridge's strategy of unlocking the value embedded in the Company's natural resource portfolio and accretively redeploying capital to maximize shareholder value," said Bruce Beaty, Blue Ridge's President and Chief Executive Officer.