Investment firm Gramercy Property Trust has acquired Alpha Packaging’s manufacturing facility in Overland, Missouri, US, in a deal worth $11m.
Spread over an area of approximately 211,000ft², the property in the St. Louis County serves as the headquarters for Alpha’s eight other plants across the US.
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It is under a long-term, triple-net lease to Alpha Plastics Company until 2029.
The company produces plastic bottles and containers for the food, beverage and pharmaceutical industries.
The facility, which has been a part of Alpha Packaging since 1999, is capable of producing more than one million plastic bottles a day.
It was renovated in 2002 at a cost of $4m, which allowed it to expand to 33 production lines.
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By GlobalDataAccording to St. Louis County property records, the property has an appraised value of $5.46m, the St. Louis Business Journal reported.
With revenues of $232m in 2013, Alpha is considered to be one of the largest private companies in the St. Louis region.
Big Sky Properties, the seller, was represented in the deal by Hilliker, along with affiliate company Westwood Net Lease Advisors.
Westwood Net Lease Advisors vice-president Vince Vatterott said: "This is a large net lease industrial investment for the St. Louis marketplace. It shows there is an interest by national investors in our community, which is truly beneficial for our area and its businesses."
To date, Gramercy has acquired more than 130 industrial and office net lease properties for more than $700m.
Image: Alpha manufactures plastic bottles and jars for the nutritional, pharmaceutical, personal care, housewares, consumer chemical and niche food and beverage markets. Photo: courtesy of rakratchada torsap / freedigitalphotos.net.
