Patriot Acquires 1.1 Million Sq. Ft. Portfolio from Crown Cork & Seal
February 2, 2007, 08:27 AM
With assets in Chicago, IL and Omaha, NE, the transaction increases Patriot’s real estate holdings by more than 1,000,000 square feet to a total of approximately 2,500,000 square feet. By selecting Patriot, Crown was able to dispose of a diverse group of assets to a single purchaser. Patriot overcame environmental challenges, as well as varying degrees of occupancy and geographic dispersion to meet the aggressive year end timing requirements of the seller.
PORTFOLIO HIGHLIGHTS:
1. Chicago, IL
550,000 square feet of manufacturing, warehouse and R&D space, 90% leased back to Crown for 7 years; additional expansion available.
2. Omaha, NE
340,000 square feet of manufacturing and warehouse space, 30% leased back to Crown. The balance of the building and additional land will be redeveloped.
