Seven more of Yellow’s terminals have a new home as the bankrupt less-than-truckload (LTL) carrier keeps selling off bits and pieces of its real estate portfolio.
Knight-Swift Transportation paid $9.9 million for three California-based terminals in San Diego, Downey and Santa Maria, as well as a facility in Roanoke, Va. A. Duie Pyle paid $4.5 million for terminals in Bowling Green, Ohio, and Charleston, W.Va. And TFI International forked over $700,000 for a terminal in Fayetteville, N.C.
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All seven of the terminals were leased, selling for a combined $15.1 million. Court approval of the deals was sought Feb. 11.
Yellow’s estate has sold more than 170 terminals for more than $2.2 billion since the liquidation first began.
Two separate auctions were held in late 2023, generating $1.88 billion and $82.9 million for the estate through the sale of 130 and 23 of Yellow’s owned and leased terminals, respectively.
Yellow is expected to host a third auction for its remaining real estate by the end of February, but trucking firms have pounced on some facilities early.
Estes and R&L Carriers purchased 12 terminals for a combined $192.5 million in stand-alone deals in December. R+L Carriers and Central Transport than bought a combined four properties for a combined $56.5 million the next month.
Knight-Swift is the largest truckload operator in the U.S., generating $5 billion in truckload revenue in 2024. After entering the LTL market in 2021, the company has continually expanded its presence in the segment, especially upon Yellow’s exit from the field. The company bought 13 of Yellow’s terminals for a combined $51.3 million in its first real estate auction.
“While the past 18 months have been a period of significant investment to expand our network, the focus in 2025 will pivot to growing shipment count to drive margin expansion through revenue growth, freight mix upgrades, operational efficiency gains and better cost absorption while maintaining price discipline,” said Knight-Swift CEO Adam Miller in a January earnings call. “We will continue to be opportunistic regarding organic and inorganic opportunities to grow our network and business where the strategic fit is right, but we expect to be more selective in 2025.”
Miller also said in the call that the trucking firm sees an opportunity to “maintain disciplined pricing and grow the volume that we need to really start to gain some traction and to start to optimize some of these new terminals that we’ve opened up.”