Net lease REIT W. P. Carey Inc. (WPC) said it had completed four industrial investments in December 2020 totaling approximately $121 million and covering more than 1.5 million square feet. The properties are triple-net leased to industry-leading tenants.
Along with the previously reported $29-million sale-leaseback of four industrial facilities totaling 449,300 square feet in Texas and Pennsylvania, net leased to Time Manufacturing Company, WPC completed the following transactions:
• A $39-million SLB of four manufacturing facilities totaling 488,800 square feet, located predominantly in the Midwest and net leased to one of the largest U.S. contract manufacturers of nonresidential precast concrete wall panels.
• A $30-million SLB of two food manufacturing facilities totaling 177,000 square feet, located in Missouri and Wisconsin and net leased to an industry-leading producer and distributor of pizza crusts.
• A $23-million follow-on investment in an off-market transaction for a 505,800-square-foot distribution facility in the western U.S., net leased to an existing WPC tenant.
Jason Fox, CEO of WPC, said, “In line with our expectations, we ended the year with a flurry of deal closings in the final weeks of the fourth quarter. This brought total investment volume for 2020 to approximately $826 million, despite the significant slowdown in transaction activity that followed the first wave of COVID.”
Pictured: A Time Manufacturing facility in Waco, TX.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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