Paine Wetzel-TCN Worldwide (PW) Senior Vice President Jeff Blake represented Phoenix Closures in the purchase of a 450,000-square-foot manufacturing facility on a 23.1-acre site at 1425 S. Curry Pike in Bloomington, Indiana.
The seller, Saran Industries, Inc, leased back 200,000 square feet on a long-term basis.
This acquisition culminates a three-year search covering six states and compliments PCI’s 250,000-square-foot Greencastle, Indiana facility, also sold by Blake four years ago. The proximity allows sharing of resources and provides long-term manufacturing and warehousing expansion.
The State of Indiana, Monroe County and the city of Bloomington were involved in the search and provided incentive options.
Phoenix Closures is one of the nation’s largest and oldest privately-owned packaging companies.
Saran, part of the Titan Commercial Group, was represented by Chip Barnes of JLL Indianapolis and Chris Cockerham of FC Tucker in Bloomington.
Ryan Potts & Chris Cirillo of Brotschul Potts, LLC Chicago represented PCI as counsel and Andrew Torre of Vedder Price represented Saran, the seller.