Great Lakes Packaging HQ sold for $8 million

Fitchburg-based Sara Investment Real Estate announced today that it has purchased the headquarters of Great Lakes Packaging Corp. in Germantown. The sale price was $8.05 million, according to state records.

The property consists of three buildings, with a total of 142,277 square feet of space, on a 12-acre site at W190 N11260 Carnegie Dr. in Germantown.

Great Lakes Packaging has a long term lease in the complex through 2023, said controller Keith Torbeck.

“It will remain business as usual for us,” he said. “We just have a new landlord to cut the rent check to.”

“It was purchased as an investment property,” said Traci Dalsin, executive vice president for Sara Investment Real Estate. “We have a long term, stable tenant in place in a good industrial area. The existing lease remains in place.”

Robert Flood and Ben Adank of RFP Commercial brokered the sale for the seller, Germantown-based ARE Holdings LLC, which includes Glen Arnold, the owner of Germantown-based American Paper & Packaging and the former owner of Great Lakes Packaging. In late 2011/early 2012 he sold Great Lakes Packaging to Chicago-based private equity firm Arbor Investments.

Great Lakes Packaging provides corrugated and plastic corrugated containers, point-of-purchase products, foam and specialty packaging, fulfillment/contract packaging and related services to a broad range of customers and industries.

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