AG Net Lease Completes $34M Sale-Leaseback

AG Net Lease, the net lease arm of  Angelo, Gordon & Co., has acquired five of Consolidated Container Co.’s, manufacturing and distribution facilities located in three states for $34.3 million. The properties are located in: Santa Ana, Calif.; Tracy, Calif.; Baltimore; Elizabeth, N.J.; and Monroe, N.J.  “Like other financing alternatives, the availability of capital for sale-leasebacks is severely constrained today,”  Gordon Whiting, founder & chief portfolio manager of AG Net Lease, noted in a release. “As this deal shows, we continue to close complex transactions with leading sponsors and their portfolio companies. We will remain very active closing sale-leasebacks in the remainder of the year and throughout 2009.” Consolidated Container, a portfolio company of New York-based Vestar Capital Partners, is a North American developer, manufacturer and marketer of rigid plastic containers for many of the largest branded consumer products and beverage companies in the world. “This is the second time we have partnered with AG Net Lease for sale-leaseback financing,” Vestar president Jim Kelley said. “They have demonstrated superior execution skills and we look forward to working with the team in the future.”