WS PACKAGING ACQUIRES ASSET AND RESTRUCTURES AND EXTENDS EXISTING LEASE FOR ENTIRE 82,000-SQUARE-FOOT FULLERTON FACILITY
Orange County, CA (January 14, 2013)
WS Packaging Group, which leases the entire 82,000-square-foot manufacturing facility at 531 Airpark Drive in Fullerton, California, has secured its occupancy in the building through 2027.
Represented by Studley’s Industrial Services Group and Chicago-based Corporate Real Estate Advisors, WS Packaging structured an opportunity to acquire the asset, and execute an early renewal and long-term extension of its existing lease. As part of the transaction framework, the company assigned its ownership position to Cohen Asset Management, a private real estate investment firm that specializes in industrial properties nationwide.
“WS Packaging had already invested significant dollars in the building’s infrastructure. The transaction preserved that investment and secured our client’s tenancy in the building at below market rents, while delivering an asset that provides a good return on investment,” said Jeff Cannon, the Studley corporate managing director who led the negotiations.
WS Packaging has been located at 531 Airpark Drive since 2005.
Also representing WS Packaging were Paul Jones of Studley, and Brian J. Quirk, Managing Director, of Corporate Real Estate Advisors.
About WS Packaging: WS Packaging Group, Inc., with more than 45 years of experience, is one of the largest printing and label converting operations in North America. It operates 21 manufacturing facilities and produces high-quality packaging products. Its customers range in size from small businesses to large, high-volume manufacturers and consumer product goods companies doing business locally, nationally, and in marketplaces worldwide. WS Packaging Group is majority owned by J.W. Childs Associates, L.P. (JWC), a private equity firm based in Boston, Mass., investing in middle-market growth companies. Since 1995, JWC has invested in over 40 companies, with a transaction value of more than $12 billion. Visit www.wspackaging.com for more information.
About Studley: Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 24 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available atwww.studley.com.