CAI Investments, LLC, a property manager/developer and private placement sponsor, has purchased the global headquarters of Pactiv LLC in the Chicago suburb of Lake Forest, Illinois for an undisclosed amount. CAI said that it intends to release the property to the market as a 506(c) Delaware statutory trust offering.
Built in 1997, the Class A, 268,000-square-foot office building is situated on nearly 22 acres of land and includes 826 parking spaces.
“We believe this property, which is a NNN leased industrial corporate facility, fits our philosophy of finding great assets with phenomenal tenants who are in necessary industries,” said Christopher Beavor, founder and manager of CAI Investments. “This is true especially given the current environment. I am grateful to our team who have worked long hours and overcame multiple hurdles to bring this offering to our broker-dealer selling group.”
The property is 100 percent leased to Pactiv, a subsidiary of Pactiv Evergreen (NASDAQ: PTVE), which serves as the lease guarantor and has an S&P rating of B+.
Founded in 1965, Pactiv is a manufacturer and distributor of packaging and food service products for major retailers including Starbucks, McDonalds, Walmart, Kroger, Burger King and others. It also sells products under its own brand Hefty and Reynolds Wrap. From their global headquarters, Pactiv oversees and operates more than 50 foodservice and manufacturing distribution facilities.
Headquartered in Las Vegas, Nevada, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties in key markets across the United States.