CMC sells southern California land for $313M

Commercial Metals Co. (CMC), Irving, Texas, has finalized the sale of its land underlying the former Steel California and Rebar Etiwanda operations, located in Rancho Cucamonga, California, located east of Los Angeles. CMC ceased operations at that site in December 2020, and customers of CMC’s Rebar Etiwanda operations are now being serviced from other CMC fabrication locations.

According to a news release from CMC, gross proceeds from this transaction total $313 million. The company had previously reported that it intended to use proceeds from the sale to partially offset the cost of the company’s Arizona 2 micromill in Mesa, Arizona, which is expected to be commissioned in the second half of 2023. That electric arc furnace (EAF) micromill will be the company’s second in Mesa and third EAF micromill overall.

CMC was represented in the transaction by Jones Lang LaSalle Brokerage Inc., a global commercial real estate services provider.