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NEW YORK CITY-Locally based Ashley Capital has acquired three industrial buildings from Solo Cup Co. Two of the properties are located in the metropolitan Atlanta cities of Conyers and Jonesboro, while the other is in Chicago. They total 1.1 million sf and had an asking price of $18 million.
The acquisitions double Ashley's presence in the Atlanta market. With the Chicago purchase, the firm now owns the entire 14-building Calumet Business Center. Ashley has been involved with the two-million-sf industrial park on the south side for more than 20 years.
"The Atlanta acquisitions are a great addition to our portfolio as we seek to expand our presence in the Southeast," says Ashley vice president Lori Roth. "We already own two fully leased buildings and an additional 200 acres of land in Conyers that will be developed into a first class industrial park."
Solo plans to consolidate operations at other sites. In the mean time, the cup manufacturer is leasing back all three properties until its new facilities are ready for occupancy. Roth tells GlobeSt.com she expects Solo will be in the two Georgia facilities for a year to 18 months. She anticipates the company will be out of the Chicago facility by the end of the year. Solo also leases additional space in other Ashley holdings and has had a relationship with Ashley for 20 years.
Once Solo moves out, Ashley will embark on renovations to both upgrade and convert the facilities to multi-tenant use. Roth says the acquisition gives Ashley the "desired inventory to meet immediate market demand for quality warehouse/distribution space." Financing was provided by LaSalle Bank National Association. Founded in 1984, Ashley Capital has a portfolio in excess of 21 million sf in industrial real estate throughout the eastern half of the US.
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