CAI Investments, LLC, a property manager/developer and private placement sponsor, has completed its latest Delaware statutory offering, CAI Investments Lake Forest Global HQ DST, after raising nearly $22.8 million from accredited investors.
The offering is comprised of a Class A office building located in the Chicago suburb of Lake Forest, Illinois that serves as the global headquarters of Pactiv Evergreen, LLC (Nasdaq: PTVE). The 268,000-square-foot, 22-acre property was purchased for the DST offering in October 2020.
Pactiv Evergreen is a manufacturer and distributor of packaging and food service products for major retailers including Starbucks, McDonalds, Walmart, Kroger, and Burger King. The firm also sells products under its own brand Hefty and Reynolds Wrap.
“We are pleased with the reception from the investing community in this DST,” said Jim Hickey, senior vice president of capital markets. “Clearly this build-to-suit core asset was deemed as recession resistant within today’s marketplace.”
Christopher Beavor, founder of CAI Investments, said that the company plans to add “several more” DST properties to its portfolio this year.
The company also announced that with the addition of future properties, it will move its DST platform to operate under the name of PFM Funds LLC. PFM Funds will be an affiliate of CAI Investments.
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.