Precise Technology is owned by Chicago-based private equity firm Code Hennessy & Simmons LLC. "This sale-leaseback transaction allowed us to monetize the true value of Precise's real estate assets, which strengthened the company's balance sheet and improved its future financing alternatives," says Code Hennessy & Simmons vice president Mark A. Dolfato.

The property, which includes 10.83 acres, has been marketed by a CB Richard Ellis team that includes Keith Puritz and Brett Kroner. The asking price was $13.9 million. Although terms of the lease were not disclosed, space in Corporate Grove also was being marketed for $6.50 per sf.

The 12-year-old property was on behalf of New York-based W.P. Carey & Co.'s Corporate Property Associates 16 - Global Inc. publicly held, non-traded REIT. W.P. Carey & Co.'s Corporate Property Associates 15 bought five properties from Precise Technology in October 2003, totaling 616,000 sf, for $29.3 million. In addition to a Buffalo Grove property, facilities in St. Petersburg, FL; West Lafayette, IN; Excelsior Springs, MO and Pittsburgh were involved were sold by the thermoplastic packaging components and assemblies maker.