SomeraRoad acquired a 266,720-square-foot rail connected Net Leased food container manufacturing facility in Evansville, Indiana
Savills announced that it has facilitated the $24.75 million sale of Graham Packaging’s showcase plastics manufacturing warehouse facility comprised of 266,720 square feet located at Vanderburgh Industrial Park in Evansville, Indiana. Maurice Nieman, executive managing director at Savills, represented the seller in the transaction.
5504 Foundation Drive, which was constructed in 2002 and expanded in 2008, is leased to Graham Packaging, an industry leader in the design and manufacturing of innovative and sustainable packaging solutions. The long-term lease provides in-place cash flow for the foreseeable future. The property is part of Vanderburgh Industrial Park, a master-planned industrial park within a core location in the heart of “Plastics Valley.”
Graham Packaging operates multiple plastic blow molding lines around the clock, which produce a staggering 300 million food and beverage containers annually. This plant is considered a near facility as Graham’s major clients, which include some of the biggest names in the food industry, are within 50 miles.
“The investment presented an exceptional opportunity for SomeraRoad to acquire a highly specialized industrial facility occupied by an essential tenant that thrived during the COVID-19 pandemic,” said Nieman. He also commented that industrial properties of this nature are a rare find in today’s hot market segment.
“We are thrilled to add this institutional-quality industrial asset to our existing portfolio of mission critical, net leased properties around the country,” said Brian Mansouri, director of SomeraRoad’s Net Lease Platform. “Our Net Lease vehicle now consists of nine properties spanning 1.8 million square feet, and we look forward to continuing to scale the portfolio in the near future.”
About Savills Inc.
Savills helps organizations find the right solutions that ensure employee success. Sharply skilled and fiercely dedicated, the firm’s integrated teams of consultants and brokers are experts in better real estate. With services in tenant representation, workforce and incentives strategy, workplace strategy and occupant experience, project management, and capital markets, Savills has elevated the potential of workplaces around the corner, and around the world, for 160 years and counting. For further information, visit https://www.savills.us/
About SomeraRoad
SomeraRoad is an opportunistic commercial real estate investment and development firm focused on identifying dislocation and mispricing, while maintaining an entrepreneurial mindset with a rich workplace culture. SomeraRoad is based in New York City and Nashville but invests in markets across the United States. Its projects are diversified across all asset classes, U.S. geographies, and within financial products throughout the capital structure. SomeraRoad aims to create asymmetric, high-return investment opportunities through proprietary sourcing strategies and intensive value-add. Visit: https://someraroadinc.com/
