New York-based investment company Gramercy Property Trust has acquired Alpha Packaging’s 211,000-square-foot manufacturing facility located in Overland, Missouri, for $11m.
The property in the St. Louis County, which serves as the headquarters to Alpha's eight other plants across the country, is under a long-term triple-net lease to Alpha Plastics Company until the year 2029.
Alpha Packaging produces plastic bottles and containers for the food, beverage and pharmaceutical industries.
The plant has a capacity of producing more than one million plastic bottles per day and has been a part of Alpha Packaging since 1999.
The facility was renovated in 2002 which cost the company around $4m and allowed it to expand to 33 production lines.
According to St. Louis County property records, the property has an appraised value of $5.46m, reported St. Louis Business Journal.
With revenues of around $232m in 2013, Alpha Packaging is considered to be one of the largest private companies in the St. Louis region.
Big Sky 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."
Gramercy Property recently said that the company has acquired properties totalling approximately $636.5m in 28 separate transactions for 2014, which exceeded its projected acquisition target of $600m for 2014.
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.
