Graham Packaging Co. has sold its Evansville manufacturing facility to a New York commercial real estate investment firm for just under $25 million. The nearly 270,000-square-foot rail connected facility in the Vanderburgh Industrial Park was purchased by SomeraRoad.
The showcase plastics manufacturing warehouse was built in 2002 and leased to Graham Packaging in 2008 after an expansion.
Savills is representing Graham in the sale and its Executive Managing Director, Maurice Nieman, says properties of this nature to be available for purchase are rare these days.
“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.
SomeraRoad Director of Net Lease Platform Brian Mansouri says this a welcomed addition to the company’s portfolio.
“We are thrilled to add this institutional-quality industrial asset to our existing portfolio of mission critical, net leased properties around the country. 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.”