Tandy Leather Factory, Inc. has officially completed the sale of its corporate headquarters, including its main distribution center and flagship retail store, to Colonna Brothers, Inc for $26.5 million. Despite the sale, the company will continue to operate in its current space under a lease agreement that extends until September 2025. Meanwhile, Tandy Leather is actively searching for a new location for its Fort Worth flagship store, which remains open.
As part of its strategic move, Tandy Leather Factory has signed a 10-year lease for a new headquarters and distribution center at Chisolm 20 Commerce Park in Benbrook, Texas—just a few miles from its current location.
- The new space spans 134,000 square feet
- The lease begins in July 2025, with rent waived until September 2025
- Monthly rent will be approximately $111,000, covering taxes, maintenance, and other expenses
- The lease will run through September 2035
This move is aimed at optimizing operations, as the new facility is better suited to the company’s current and future needs.
“We have a challenging year ahead, with a complex headquarters move and the relocation of our most profitable retail store. Higher expenses from the new leased facilities will also be a factor, but we are committed to returning the company to profitable growth while maintaining our dedication to quality products and services.”
Johan Hedberg, CEO, TLF
In addition to its real estate transactions, Tandy Leather Factory’s Board of Directors has declared a special cash dividend of $1.50 per share for stockholders.
- The dividend will be paid on February 18, 2025
- Stockholders must hold shares as of February 3, 2025, to be eligible
Company Chairman Jeff Gramm emphasized that the sale of Tandy’s facilities allowed them to monetize an underutilized asset and pass on the benefits to shareholders. He also hinted that the board may consider an additional special dividend once the headquarters and flagship store relocations are completed.