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NEW YORK CITY-The Net Lease Group of Angelo Gordon & Co. has acquired three bottling facilities from Cincinnati-based Sunny Delight Beverage Co. The properties were then leased back to SunnyD. The total transaction had a $58-million price tag. Angelo Gordon officials declined to release the terms of the leases, telling GlobeSt.com that the firm is looking to do 15- to 20-year leases at cap rates above 7.75%.

The bottling facilities, which total 732,000 sf, are located in Anaheim, CA; Dayton, NJ; and Atlanta. SunnyD produces juice drinks including SunnyD Original, SunnyD Intense Sport and SunnyD Baja. J.W. Childs Associates LP purchased SunnyD from Proctor and Gamble in 2004.

“We are delighted to have worked with SunnyD and J.W. Childs on this transaction. We believe that SunnyD’s strong brand and management team coupled with J.W. Childs’ sponsorship ensures a bright future for the company,” says Teddy Kaplan, managing director and co-manager of AG Net Lease, in a release.

The money SunnyD gained in the transaction will be used to further grow the business and pay down senior indebtedness. “We are aggressively pursuing several significant new product launches and major investments in a new packaging capability that will be much more affordable now that we have completed this transaction,” says SunnyD’s CFO Bill Schumacher. “These initiatives, in combination with the strong business results we have delivered over the past year, will create a very bright future for SunnyD, its shareholders and employees.”

Jeff Teschke, a principal at J.W. Childs, adds, “AG Net Lease provided an important source of capital in connection with SunnyD’s bank refinancing which helped the company to substantially reduce its leverage and accelerate its ability to pursue various growth initiatives and investments.”

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