{"id":1004108385,"date":"2014-11-25T13:58:24","date_gmt":"2014-11-25T21:58:24","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=308192"},"modified":"2022-12-08T19:17:05","modified_gmt":"2022-12-09T03:17:05","slug":"w-p-carey-buys-pratt-plant-in-lewisburg-for-21m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-p-carey-buys-pratt-plant-in-lewisburg-for-21m\/","title":{"rendered":"W. P. Carey Buys Pratt Plant in Lewisburg For $21M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Pratt Industries Manufacturing Facility<\/p>\n<\/div>\n

W. P. Carey has completed the $21 million sale-leaseback acquisition of Pratt Industries Inc.\u2019s new manufacturing facility in Lewisburg, about 30 miles from Dayton. Pratt, one of the nation\u2019s largest corrugated packaging companies, will lease the building on a long-term basis.<\/p>\n

W. P. Carey\u2019s newly acquired 356,000-square-foot plant is located at 301 West Clay St. It was custom-built to fulfill all of Pratt\u2019s corrugating and box manufacturing needs, and the manufacturer spent approximately $35 million to equip it. In a statement released Nov. 14, W. P. Carey called its new acquisition Pratt\u2019s \u201cnewest and most efficient corrugating facility nationwide.\u201d<\/p>\n

Pratt was represented in the sale-leaseback by JLL. According to John Simcoe, Division President of Pratt Properties, the transaction supports the manufacturer\u2019s current growth strategy, allowing it to unlock capital from a core asset and use it in other operations.
\n\u201cThis sale-leaseback with Pratt is consistent with W. P. Carey\u2019s strategy of investing in long-term, single tenant assets that are critical to a tenant\u2019s business. Given the long-term lease, the criticality of the asset and Pratt\u2019s additional capital investment in the equipment housed in the facility, we are pleased to add this asset to our portfolio,\u201d said Kathleen Barthmaier, a W. P. Carey executive director, in a statement.<\/p>\n

The plant opened this September. According to Cassidy Turley\u2019s latest industrial market report, it was one of six projects delivered to the Dayton market during the third quarter. Together, they totaled 426,000 square feet. Cassidy Turley reported that the industrial building boom continues across the region, with 2.4 million square feet of space currently under construction.<\/p>\n

Photo credit: \u00a0W. P. Carey<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

W. P. Carey announced last week it has completed the $21 million sale-leaseback acquisition of Pratt Industries, Inc.’s manufacturing facility in Lewisburg, about 30 miles from Dayton. Pratt, one of the nation’s largest corrugated packaging companies, will lease the building on a long-term basis.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21742],"tags":[],"class_list":["post-1004108385","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest"],"acf":[],"yoast_head":"\nW. P. 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