ATLANTA — Sentury Tire North America has engaged Jones Lang Lasalle IP Inc. (JLL) of Atlanta to help it solicit offers from developers interested in becoming equity partners in the $530 million tire plant it's planning to build near LaGrange, Ga.
To that end, Sentury hopes to find a developer prepared to construct the 1.7 million-sq.-ft. facility, valued at $200 million, then lease it back to Sentury in a 25-year sale-leaseback agreement, according to JLL's Capital Markets unit.
"Sentury Tire…is looking for an equity partner in this state-of-the-art facility so it can rapidly continue to grow its North American market share," according to Todd Torok, managing director of JLL Capital Markets.
"We are expecting to see heavy interest from institutional investors both domestically and abroad."
Sentury recently selected SSOE Group of Toledo, Ohio, to design the plant that it's hoping to have on line by 2019.