ST. LOUIS—New York-based Gramercy Property Trust just bought Alpha Packaging's 211,000-square-foot manufacturing facility located at 1555 Page Industrial Dr. for $11 million. It's another sign that national investors are continuing to snap up attractive properties in the St. Louis area.
Alpha Packaging's home since 1999, the facility produces more than one million plastic bottles and containers per day and plays a key role in the company's operations, greatly increasing its value to investors. The company has a triple-net lease until the year 2029 and it serves as the headquarters for eight plants located throughout the country. Furthermore, in 2002 the company spent more than $4 million to renovate the facility, which allowed Alpha to expand to 33 production lines.
St. Louis-based Hilliker Corp., in conjunction with its affiliate Westwood Net Lease Advisors, represented the seller, Big Sky Properties. Gramercy, which has a regional office in suburban Clayton, has acquired more than 130 industrial and office net lease properties totaling over $700 million and seven-million-square-feet.
“This is a large net lease industrial investment for the St. Louis marketplace,” says Westwood vice president Vince Vatterott. “It shows there is an interest by national investors in our community, which is truly beneficial for our area and its businesses.”
2014 was a solid year for the metro region's industrial market. As reported in GlobeSt.com, users absorbed record amounts of space, pushed down vacancy rates and even began to see significant construction projects get in the ground.
Westwood links buyers and sellers in the triple-net marketplace and specializes in 1031 exchanges. It has completed more than $100 million in retail and industrial net leased transactions in the past year, company officials say. Hilliker targets regional and national entrepreneurs and is St. Louis' largest locally-owned independent real estate company.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
