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| WestRock Corrugated Box Production Facility, a 240,714-square-foot, fully leased manufacturing and distribution property in Montgomery, AL |
ATLANTA, GA – JLL Capital
Markets announced it has closed the $14.25 million sale of the
WestRock Corrugated Box Production Facility, a 240,714-square-foot,
fully leased manufacturing and distribution facility in Montgomery, Alabama.
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| Britton Burdette |
JLL worked on behalf of the seller, a private investor. Virginia-based Gladstone Commercial purchased the asset.
The facility was specifically designed for WestRock, one of the
largest corrugated box and specialty paper products companies in the world with
more than 15,000 worldwide customers.
The facility, which is used to manufacture and
distribute corrugated boxes, features 22-foot clear heights, 23 dock doors plus
two with ramps, LED lighting, a designated two-story office space and an
internal CSX rail spur for heavy material loading.
Situated on 22 acres at 111 Folmar Parkway, WestRock Corrugated
Box Production Facility is within the 700-acre Montgomery Interstate Industrial
Park and within an enterprise and Foreign Trade Zone.
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| Dennis Mitchell |
The facility is less than one-third of a mile from Interstate 65 and across from the $1.8-billion Hyundai automotive plant. Additionally, this location allows quick access to the entirety of WestRock’s “forest resource” suppliers across North America.
The JLL Capital Markets team representing the seller was led by Britton
Burdette, Dennis Mitchell, Matt Wirth and Crosby Taylor. The Gladstone
acquisitions team representing the buyer was led by Buzz Cooper and EJ
Wislar.
“The balance of a premium credit with a heavy embedded operation
drove significant investor demand for this offering,” Burdette said. “We are
seeing strong investor demand for almost all things industrial right now, and
this trend should only continue for the foreseeable future.”
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| Matt Wirth |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global
investor knowledge delivers the best-in-class solutions for clients — whether
investment sales, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit
our newsroom.
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| Crosby Taylor |
About Gladstone Commercial (Nasdaq: GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States.
For additional information, please visit gladstonecommercial.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
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| Buzz Cooper |
JLL is a Fortune 500 company
with annual revenue of $18.0 billion, operations in over 80 countries and a
global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name,
and a registered trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
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