Ball Corp. has a lease on the production, warehouse and distribution property through May 2018. The facility is located 12 miles northwest of Downtown Syracuse. The deal was brokered by Jeffrey R. Dunne and Steven Beardsley of CB Richard Ellis' New York Tri-State Investment Team. The brokerage firm represented the seller and also procured the buyer in the transaction.
Ted Sanella, vice president of Coolidge Lysander, says the company had originally purchased the Ball Corp. Warehouse five years ago and last year built a 254,000-sf addition to the property. He adds that the building was originally acquired in conjunction with another commercial property in Lyons, NY. Recently, Coolidge Lysander decided it wanted to retire the debt on the warehouse and put the property on the market for sale.
"This 100% leased property is a high quality asset, located in a campus setting within a strong industrial region," says CB Richard Ellis' Dunne. "It should provide the Cardinal Co. with a stable cash flow over the long term." The property is situated within the 900-acre Radisson Corporate Park, a mixed-use development that boasts such tenants as: Anheuser Busch, McLane Northeast and Genesee Valley Group Health.
Ball Corp. is a packager to the beverage and food industry. The firm, headquartered in Broomfield, CO, posted record earnings in the first quarter of this year. The company reported net earnings of $46.8 million on sales of $1.2 billion.
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