Businessman signing contract
HARRISBURG, NC-A thermoforming and injection molding company has sold a building in one of the premier distribution locations here to secure more flexibility on its balance sheet amid a turbulent economic market.
JLL Capital Markets closed the sale-leaseback of the 126,000 square foot single-tenant, fully leased manufacturing facility on behalf of its client, Wilbert Plastic Services.
The buyer, AIC Ventures, is an investment fund manager that provides alternative capital solutions to domestic middle-market companies. AIC Ventures purchased the asset and executed a long-term, absolute net lease with the seller.
Managing Director Pete Pittroff was among a team at JLL Capital Markets representing the seller in this transaction. Senior Director Patrick Nally, Associate Val Derrick and Analyst Dave Andrews also played a role.
"Industrial demand remains strong in the Carolina's markets," Pittroff said, "particularly for quality assets with quality tenants."
For Wilbert Plastic, the building provides a mission-critical location for its services. The property encompasses is over 14.60 acres along the Interstate 85 corridor at the 7000 block of Caldwell Road. The I-85 corridor is one of the premier distribution locations within the Charlotte market, where the City of Harrisburg is situated.
The building has a strong location for regional transportation. The location is about two miles from Interstate 485 and five miles from I-85. In addition, it is around 30 minutes from the Wilbert Plastic headquarters and thermoforming facility in Belmont. In addition,
Pittroff praised AIC Ventures after the close of the deal.
"This transaction led to a positive outcome for our client, and we would like to thank AIC Ventures for their efficient approach," Pittroff said.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
