PCM To Sell Real Estate For $20.2 Mln

(RTTNews) - PCM, Inc. (PCMI) said Friday that one of its subsidiaries has entered into an agreement with The Regents of the University of California to sell certain real property to them for a total cash sales price of $20.2 million.

The real property is located in Santa Monica, California and includes two parcels. The first parcel is about 32,500 square feet of land together with a building of about 9,750 square feet. The building is currently being used by PCM's subsidiary as a technology products retail store. The second parcel is adjacent to the first, and is about 5,000 square feet of land together with a building of about 3,297 square feet.

The agreement currently contemplates a closing of the purchase and sale deal in the fourth quarter of 2014 and will result in a book gain of over $15 million.