Net lease REIT W. P. Carey Inc. closed three investments totaling $149 million and covering approximately 1.5 million square feet. The investments comprise operationally-critical properties triple-net leased to industry-leading tenants with a weighted-average lease term of approximately 24 years. The transactions bring Midtown Manhattan-based WPC’s year-to-date investment volume to $203 million.
The investments include:
• $75-million sale-leaseback of two packing, production and distribution facilities in California’s Central Valley, which include cold storage, net leased to a leading vertically integrated grower-packer-shipper of seasonal, high-value summer-fruit.
• $55-million acquisition of seven auto dealerships, a centralized vehicle conditioning center and two office facilities totaling 170,000 square feet, net leased to Auto Lenders, a leading regional used-vehicle retailer focused on the remarketing of higher-quality off-lease vehicles in New Jersey and Pennsylvania.
• $19-million SLB of two U.S. distribution facilities totaling 296,300 square feet, net leased to a leading plastics distributor in North America and Europe.
Pictured: W. P. Carey headquarters.
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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