An affiliate of W.P. Carey, a New York-based real estate investment trust (REIT), has purchased a 215,000-square-foot industrial building in Pleasant Prairie for $20 million, according to state records.
The building, located on a 50-acre site at 7201 108th St. in the LakeView Corporate Park, was sold by an affiliate of Balcan Plastics, a Quebec-based manufacturer of flexible packaging and technical films.
Representatives for W.P. Carey and Balcan were not immediately available for comment on the deal.
Balcan Plastics bought the building last year for $13 million and announced plans to establish operations there with 60 employees. The company said it planned to use the facility to manufacture polyethylene blown film and associated products such as bags, pouches and sheeting, according to the village.
Previously, the building was owned and occupied by Mondi Akrosil, a division of London and Vienna-based international packaging and paper company, Mondi plc. In 2020, Mondi Akrosil announced that it was shutting down its operations there, which resulted in the termination of 108 employees. The company then sold the building last year to Balcan Plastics.
The property has an assessed value of about $8.6 million, according to Kenosha County records.