Colbert Packaging Corp. has sold its headquarters facility in Kenosha to Dallas-based real estate investment trust Spirit Realty for nearly $19 million in a sale-leaseback deal, according to state records and a news release from the company.
The company said it also sold its South Bend, Indiana distribution warehouse facility in the sale-leaseback deal.
"This financial transaction aligns with Colbert's long-term strategic plan, focusing on our core business and providing the financial agility to continue growth through capital investment," said Colbert Packaging president John Lackner.
Colbert Packaging is a manufacturer of packaging and many of its customers are in the pharmaceutical, health care and consumer goods industries.
Founded in 1959, the company was previously headquartered in Lake Forest, Illinois.
In 2016, the company announced it was moving its flexographic packaging operations and 100 jobs from Illinois to Kenosha. It was offered up to $1.6 million in incentives from the state, city and county to do so. At the time, the company planned to keep its headquarters in Lake Forest, but later moved the headquarters to its 173,165-square-foot Kenosha facility.
Located on a 7.2-acre site at 9949 58th Place in Kenosha, the building was built in 2015 on speculation by Milwaukee-based Zilber Ltd., which sold it in 2017 to Colbert Packaging.
Today, Colbert has 350 employees at two manufacturing facilities, its Kenosha headquarters facility and a facility in Elkhart, Indiana, and its South Bend distribution facility.
Officials with the company could be reached for comment Friday.