St. Louis, MO, January 09, 2015 --(PR.com
)-- Gramercy Property Trust closed on Alpha Packaging’s 211,000-square-foot manufacturing facility located at 1555 Page Industrial Dr. for $11 million. The property is under a long-term triple-net lease to Alpha Plastics Company until the year 2029 and serves as the headquarters for Alpha Packaging’s eight plants located throughout the country.
Alpha Packaging handles production of plastic bottles and containers for the food, beverage and pharmaceutical industries. The plant, which manufactures more than one million plastic bottles per day, has been the home of Alpha Packaging since 1999. In 2002, the company spent more than $4 million to renovate the facility which allowed Alpha Packaging to expand to 33 production lines.
Hilliker Corporation, in conjunction with affiliate company Westwood Net Lease Advisors, represented the seller, Big Sky Properties, and coordinated the sale with New York-based Gramercy Property Trust, which has acquired more than 130 industrial and office net lease properties totaling over $700 million and seven million square feet.
“This is a large net lease industrial investment for the St. Louis marketplace,” said Westwood Net Lease Advisors vice president Vince Vatterott. “It shows there is an interest by national investors in our community, which is truly beneficial for our area and its businesses.”
Westwood Net Lease Advisors, which links buyers and sellers in the triple-net marketplace, specializes in 1031 tax-deferred exchanges for investment properties and has completed more than $100 million in retail and industrial net leased transactions in the past year. The company, located at 1401 S. Brentwood Blvd. and is an affiliate of Hilliker Corporation, was founded in 2002. For more information, call Vince Vatterott at (314) 563-2204.
Hilliker Corporation, which targets regional and national entrepreneurs, is St. Louis’ largest locally owned independent commercial real estate company and is located at 1401 S. Brentwood Blvd. The firm’s agents, who each average over 15 years of experience, have completed more than 10,000 sales and leases for industrial, office, retail and institutional clients since its inception in 1985. For more information, call (314) 781-0001.