SKS Bottle and Packaging faced unexpected challenges during the COVID-19 pandemic, leaving the Saratoga Springs, New York-based supplier in need of capital. The solution was a sale-leaseback deal that kept the company operating in its existing — and now shared — facility.
Constructed in 2018, the industrial processing plant at 10 Skyward Dive offers 143,000 square feet on just over 22 acres. Green Mountain Electric Supply purchased the property and plans to share space in the building with SKS. Through this agreement, the companies have fostered job creation and retention in the area, allowing SKS to maintain employment and affording Green Mountain the space to expand.
The deal received a CoStar Impact Award for sale of the year for Albany, as judged by real estate professionals familiar with the market.
About the Project: This 143,000-square-foot facility traded hands for $14.83 million — or just about $103 per square foot — in the third quarter of 2023.
What the Judges Said: The jurors remained anonymous, but applauded the transaction as being a "creative deal that added and retained jobs in the market," while another added that “the building involved one of the nicest industrial buildings in the Capital Region.”
They Made it Happen: Tyler Culberson of NAI Platform arranged the sale-leaseback transaction.