A 211,000-square-foot manufacturing facility in Overland has sold for $11 million.
Gramercy Property Trust acquired the property, which is home to Alpha Packaging’s Alpha Plastics Co., from Big Sky Properties.
Alpha has leased the building, which serves as its headquarters for Alpha Packaging’s eight plants in the United States, until 2029.
According to St. Louis County property records, the property has an appraised value of $5.46 million.
According to a release, Alpha spent more than $4 million to renovate the facility in 2002, which allowed Alpha Packaging to expand to 33 production lines.
Alpha Packaging, led by CEO Jeff Kellar, is one of the largest private companies in the St. Louis region. It had revenue of $232 million for 2013. It makes plastic bottles and jars for the nutritional supplement, personal care products, consumer chemical, pharmaceutical, and food and beverage markets.
Hilliker, together with affiliate company Westwood Net Lease Advisors, represented Big Sky in the deal. Gramercy Property Trust, a New York-based self-managed commercial real estate investment company, has a regional asset management office in Clayton.
“This is a large net lease industrial investment for the St. Louis marketplace,” said Westwood Net Lease Advisors vice president Vince Vatterott. “It shows there is an interest by national investors in our community, which is truly beneficial for our area and its businesses.”
