The home of one of Lawrence’s largest private-sector employers is under new ownership.

Berry Plastics Corp. has sold its production center in northern Lawrence to an investment group, which in turn leased the complex back to the company as part of an $87 million transaction.

New York-based W.P. Carey & Co. announced Tuesday that it had bought the Lawrence center and two others from Berry:

¢ Berry headquarters in Evansville, Ind., which includes the company’s largest production plant.

¢ A manufacturing plant in Baltimore.

All three sites promptly were leased back to Berry in long-term agreements designed to free up capital for Berry to use for financing an “add-on acquisition,” said Ira Boots, Berry’s chairman and chief executive officer.

Last month, Berry announced two acquisitions: an agreement to buy Captive Holdings Inc., parent company of Captive Plastics Inc., for $500 million in cash; and MAC Closures Inc., which has operations in Canada.

“We are pleased to have been able to provide Berry with the financing they required during such choppy market conditions,” said Benjamin P. Harris, head of domestic investments for W.P. Carey, in a statement.

The Lawrence complex makes drink cups, garden equipment and other plastic products for Berry Plastics.

The sale and lease agreements will have no effect on employees or operations at Berry in Lawrence, other than to permit the company to have more cash available to spend as it sees fit, said Guy Lawrence, a spokesman for W.P. Carey.

“The idea is that these are all assets that are critical, long-term components of their business,” Lawrence said. “That’s why these financings make sense for them, and make sense for us. :

“It’s their plant, and they basically financed it in a very cost-effective way.”

Berry has more than 400 employees in Lawrence.