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HAVERHILL, MA-Evans Packaging Corp has acquired a 172,000 sf industrial building here for $4.3 million. The previous owner, Victory Plastics, which will maintain a 15-year lease on 12,000 sf., began manufacturing flexible vinyl films and laminated fabrics here in 1960 and has been located in the site since it was first built in 1970.

Bradford Spencer, vice president with Grubb & Ellis’ Boston office, tells GlobeSt.com that the arrangement allowed the Canadian-based Victory to scale back its operation at 25 Shelley Rd. and gave the new owner additional space to rent on the open market. The Winchester-based Evans Packaging, a distributor of recycled paperboard boxes, point-of-purchase displays and packaging materials, will take 50,000 sf for its own use, according to Spencer, who represented the buyer. The seller was represented by Robert Cronin with Meredith & Grew in Boston.

“The new owner particularly liked the fact that there was some upside in the rental stream,” Spencer says. The remaining space in the single-story industrial building, located on 14 acres in the Ward Hill Business Park near Interstate 495, is on the market for $3.95 per sf triple net.

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