The sale-lease back transaction supports Pratt Industries’ current growth strategy and allows the company to unlock capital from a core asset that can be redeployed in its operations, said John Simcoe, Pratt Properties division president.
Pratt Industries, a leading recycling firm and corrugated packaging maker, opened the plant at at 301 W. Clay St. in September.
The new facility will have a full-time workforce of 140 at capacity and save the equivalent of up to 10,000 trees a day by using 100 percent recycled paper from Pratt’s mill system, company officials said.
W.P. Carey also has properties in Cincinnati, Columbus and Bluffton, Ohio.
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