REBusinessOnline

W. P. Carey Purchases Industrial Property in Opelika, Alabama Leased to JOANN for $49M

OPELIKA, ALA. — W. P. Carey Inc., a New York City-based net lease REIT, has purchased an industrial property located at 3101 Anderson Road in Opelika for $49 million. W. P. Carey purchased the 703,000-square-foot, Class A logistics facility in a sale-leaseback transaction with JOANN, a sewing and fabrics retailer based in Hudson, Ohio. The property is triple-net-leased to JOANN for a period of 20 years, with fixed annual rent escalations.

The cross-dock facility features up to 40-foot clear heights and is on a site that allows for future expansion. The property is located along Interstate 85. Built in 2005, it supplies products to more than one-third of JOANN’s nearly 900 retail locations nationwide.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Webinars on Demand


Conferences


Subscribe to the newsletter

Read the Digital Editions

Midwest Multfiamily & Affordable Housing Business

Western Multfiamily & Affordable Housing Business

Texas Multfiamily & Affordable Housing Business

Southeast Multfiamily & Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews