Griffin Capital Corp., on behalf of Griffin Capital Net Lease REIT Inc., has acquired the North American corporate headquarters of Zeller Plastik USA, located at 1515 Franklin Blvd. in Libertyville, for $15.6 million.
The Zeller Plastik property is a 194,000-square-foot single-story manufacturing and warehouse facility leased to Zeller Plastik USA, a producer of plastic closures and packaging components for food, beauty and beverage products. Representative clients of Zeller include SC Johnson & Company, Clorox, Unilever, Proctor & Gamble and PepsiCo.
The Zeller property serves as Zeller’s North American corporate headquarters and principal domestic production facility and includes extensive above-standard improvements and infrastructure such as injection mold presses, assembly equipment and high-capacity cranes. The manufacturing operations run continuously, with operations ceasing only for scheduled maintenance. The Zeller property is located in the Lincoln Commerce Center business park in Libertyville, within close proximity to Interstate 94. Zeller has been in Libertyville since 1983, has occupied the property since its original construction in 1992, and completed an approximately 113,000-square-foot expansion of the property in 2003 to accommodate general business growth and an expanded food-grade product line.
The Net Lease REIT’s purchase price of $15.6 million represents an 8.11 percent initial capitalization rate on in-place rents and equates to $81 per square foot, which management believes is accretive to the Net Lease REIT.
