Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 1998
Lease Type NN
Current / Passing Rent
Lease Expiration 2026-01-31
Remaining Term 5 years, 6 months
Tenant BERRY GLOBAL, Incorporated
Building Area
Last Updated Date 26 Jun 2020

Property Description

JLL is pleased to offer for sale the Berry Plastics Manufacturing and Distribution Facility. The property consists of 163,360 square feet of the net rentable area located in Bettendorf, Iowa, which is part of the Quad Cities. The Quad Cities are located within 300 miles of six major metropolitan areas: Chicago, Des Moines, Minneapolis, Milwaukee, Omaha and St. Louis. The Quad City Region is located along the Mississippi River on the Illinois and Iowa border and has an advanced transportation and telecommunications network that can efficiently move goods, services and information throughout the world.


The property is strategically located in the Riverside Development Park, which provides easy access by roadways, barge, and a rail spur that the tenant uses for raw product. It also has convenient access to Interstates 74, 80, 88, and 280 which allow access to all the Midwest metropolitan areas within a day’s drive. The offering presents a 100% occupied asset leased to Captive Plastics a subsidiary of Berry Plastics Corporation, a publicly-traded entity on the New York Stock Exchange (NYSE: BERY). The tenant has been the sole occupier of the property since its original construction in 1998. This offering represents an excellent opportunity to purchase a high-quality asset with a committed tenancy. GRAFCO and Captive Plastic have shown a commitment to the property through five executed amendments during its tenure at the property. Since its original commencement in 1998, GRAFCO executed both of its expansion options in order to have the property help satisfy the growing consumer packaging business and has additional land for future expansions if needed. The facility currently houses 21 lines of Berry Plastics injection mold and blow mold and has a distribution network that covers the Central U.S. The tenant has a significant amount of capital in the facility and continues to invest in additional machinery that would be very costly to move.

Investment Highlights

• Fee simple interest

• Credited tenant with history of renewals

• Attractive cash-on-cash yields with limited risk and landlord responsibilities

• Investors will achieve returns from the lease’s contractual annual escalations

• In-place debt provides an attractive 4.86% interest rate through 2025

• Offers can be made free and clear of existing debt

Alex Sharrin
Alex Sharrin
Managing Director, Capital Markets
License details
IL - 475.170243
Nicholas Kanich
Senior Director, Capital Markets

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