The transaction follows a $33-million sale-leaseback CPA(R):15completed with Berry Plastics in 2003 and includes its headquartersand largest production facility in Evansville, IN, a manufacturingfacility in Baltimore, and a facility in Lawrence, KS. Allfacilities are being leased back to Berry Plastics on a long-termbasis.


Harris tells that this is the third transaction thatWP Carey has completed with Berry Plastics, and the proceeds wereused to finance a small add-on acquisition that they closed inconjunction with the sale-leaseback. "The timing of the transactionwas driven by this add-on acquisition, and was not impacted bymarket conditions."


Harris continues that "Berry is a very important tenant of oursand we were excited to be able to complete another transaction withthem and meet their timeframe. Over our 35-year history we haveexcelled in periods of market distress, and we expect the comingyears to present lots of great opportunities for ourinvestors."


Berry Plastics is a leading manufacturers and suppliers of adiverse mix of plastic packaging products including open topcontainers, closures, aerosol overcaps, drink cups, prescriptionvials, flexible packaging, tapes and specialty coated products.Berry Plastics sells a broad range of products to over 13,000customers including McDonald's, Procter & Gamble, Hershey,Coca-Cola, Wal-Mart and Bayer as well as smaller specialtybusinesses. Berry Plastics is majority owned by private equitysponsor Apollo Management.


"We are happy to be working with WP Carey again," notes IraBoots, chairman and CEO of Berry Plastics, in a prepared statement."The sale-leaseback of these three facilities allowed us to raisefunds for an add-on acquisition. We look forward to working with WPCarey on future projects down the road."

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.