Mission-critical production facility sells for $14.25M
JLL Capital Markets closed the transaction to Gladstone Commercial
ATLANTA, October 15, 2020 – JLL Capital Markets announced today that 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.
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. 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.”
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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, 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.
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. As of June 30, 2020, Gladstone Commercial’s real estate portfolio consisted of 122 properties located in 28 states, totaling approximately 15.1 million square feet. For additional information please visit gladstonecommercial.com.