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.

Posted in Crown Cork & Seal, Patriot Portfolio  |  No Comments »