National Lumber Sells Ontario Store

National Lumber & Supply Inc., the Fountain Valley-based home improvement center operator, said it has sold its 60,000-square-foot Ontario store for $3 million in an arrangement giving National a 20-year lease with renewal options on the property. Mel Jaffee, National Lumber’s president, said the store, which sits on 3.9 acres, was sold to National Ontario Ltd., a limited partnership, for $1 million cash and a $2-million note payable over five years. “We can thus free up cash to assist our growth while continuing to utilize a modern facility we designed and built to our own specifications,” he said. Jaffee added that National Lumber also is negotiating to sell the remaining 10.2 acres adjacent to the Ontario home center.