Colbert Packaging sells Kenosha HQ to REIT for $19 million

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.

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