UNIVERSITY PARK, ILL. AND STREETSBORO, OHIO — W. P. Carey Inc. (NYSE: WPC), a publicly traded real estate investment trust (REIT), has completed two acquisitions on behalf of CPA:18 – Global, one of its managed non-traded REIT affiliates. The total investment in the two assets, which are located in Illinois and Ohio, was approximately $92 million.
The Illinois property is a distribution facility located on a 90.2-acre site outside Chicago in University Park. The property is leased to an affiliate of Solo Cup Co. The total acquisition price of the approximately 1.6 million-square-foot facility was $85 million.
Solo Cup, founded in 1936 and recently acquired by Dart Container Corp., is the manufacturer of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets.
The Ohio property is a 178,180-square-foot facility located less than 25 miles from Cleveland's central business district in Streetsboro. The facility is leased to Air Enterprises for a period of 15 years. The total acquisition price was approximately $7 million.
Air Enterprises, founded in 1964, assembles and produces custom aluminum air handling equipment for commercial customers.
“The two transactions closed on behalf of CPA:18 – Global demonstrate how W. P. Carey can tailor transactions that enable private companies and institutional real estate investors to sell assets on a timely basis consistent with their specific investment strategies and liquidity requirements,” says Gino Sabatini, managing director and co-head of global investments at W. P. Carey. “Sourcing, structuring and executing on a variety of single-tenant property types in diverse industries and locations supports our established investment strategy of generating stable, long-term cash flow for investors.”
W. P. Carey specializes in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties. The company owns and manages an investment portfolio totaling more than $15 billion.
W. P. Carey’s stock price closed Tuesday at $58.75 per share, up from $56.42 per share this time last year.
— John Nelson