FULLERTON, CA—WS Packaging Group, which leases the entire 82,000-square-foot manufacturing facility at 531 Airpark Drive in Fullerton, California, has secured as lease 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 Airpark Drive since 2005.