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CenterPoint Buys Building in Sale-Leaseback

WHEELING, IL-Pactiv Corp. sold the 219,732-sf industrial building, which had an asking price of $9.5 million.

By Gina Kenny | Updated on July 29, 2008

WHEELING, IL-Pactiv Corp., headquartered in Lake Forest, IL, has sold the 219,732-sf industrial building at 1500 S. Wolf Rd., here. CenterPoint Properties, based in Oak Brook, IL, acquired the building. The asking price was $9.5 million.

David Tropp, Keith Puritz and Brett Kroner, Ryan Bain and Zach Graham, all with CB Richard Ellis, represented Pactiv Corp. and CenterPoint in the sales transaction. Pactiv used the facility for distribution and packaging of metal cooking and food trays, says Kroner, a SVP with CB Richard Ellis. Pactiv will move out of the building by the end of this month. The company is vacating the facility because they have constructed an addition to expand a facility at Wheeling Road and Hintz Road, here, to approximately 400,000 sf and will be consolidating the two locations, he says.

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