New York City-based “opportunistic” investment firm Woodhill Real Estate bought the closing Revlon manufacturing plant in West Jacksonville.
Through Overmyer Industrial I LLC, Woodhill paid $10.07 million for the West Jacksonville property May 29.
Roux Laboratories Inc., also based in New York City, sold the property, which comprises 185,179 square feet of manufacturing and warehouse space among several buildings on 7.38 acres.
Beauty products company Revlon filed a notice under the Worker Adjustment and Retraining Notification Act saying it is closing the manufacturing facility at 5344 Overmyer Drive, resulting in the permanent layoff of 127 employees.
In a May 16 letter to the Florida Department of Commerce, Revlon said the layoffs will begin July 18 and will continue for three months.
“The decision to terminate these operations is to streamline our business operations to ensure the long-term sustainability of our company,” the letter said.
Lou Urso, director of human relations at the Jacksonville plant, said the facility makes cosmetics including Creme of Nature and American Crew hair care products.
A Revlon spokesperson said by email said the affected employees were told of plans to close the plant several months ago.
“After careful consideration and thorough evaluation, earlier this year, we informed our workforce of our plans to permanently close our Jacksonville, FL manufacturing facility and transition production to our existing Oxford, NC facility,” she said.
“We currently have no plans for additional facility closures.”
The Jacksonville operation was built in 1961-64 on the property south along Overmyer Drive. It is north of Interstate 10 between Stevens Street and Beautyrest Avenue, south of Highway Avenue and several blocks west of Cassat Avenue.
New York-based Revlon filed for a Chapter 11 bankruptcy reorganization in 2022, 90 years after its founding, and emerged in May 2023 as a private company called Revlon Group Holdings owned by a group of its lenders.
Revlon said it had sales of $490 million and operating income of $51 million in the first quarter of 2023, its final quarter as a public company.
The company said it simplified its capital structure in the Chapter 11 reorganization by eliminating more than $2.7 billion in debt, reducing its outstanding debt to $1.5 billion.
The Woodhillre.com says the real estate firm “is an opportunistic real estate investment firm with a focus on industrial properties in strong secondary markets throughout the United States, as well as event driven value-add opportunities across all asset types.”
The site says the company was founded and is led by industry veterans Benjamin Singfer and Daniel Kuflik.
Singfer signed the property mortgage with First Carolina Bank of Raleigh, North Carolina.
First Carolina executed a mortgage of $8.47 million for the deal.
Woodhill said it has more than 20 years of experience in the industry, closing more than $1 billion in combined transactions.
It says its industrial strategy includes occupied or vacant, single- or multitenant or flex properties of at least 100,000 square feet generally from $5 million to $100 million.
It invests nationwide in “well-located and functional property at or below replacement cost.”
Among its 6.2 million square feet of space, it owns properties in Alabama, Georgia, Illinois, New York, North Carolina, South Carolina, Tennessee and Florida, where its warehouse and building holdings are in Deland, Largo, St. Petersburg and Tampa.