|By PR Newswire||
|February 5, 2014 07:30 AM EST||
NEW YORK, Feb. 5, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT") specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net-lease properties, announced today two acquisitions completed 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.
Solo Cup Distribution Facility
The distribution facility, located on a 90.24 acre site outside Chicago, in University Park, Illinois, is leased to a Solo Cup affiliate. Founded in 1936 and recently acquired by Dart Container Corporation, Solo Cup Company focuses on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. The total acquisition price of the 1,552,475 square foot facility was approximately $85 million.
Air Enterprises Manufacturing/Warehouse Facility
The 178,180 square foot property, located less than 25 miles from Cleveland's central business district in Streetsboro, Ohio, is leased to Air Enterprises for a period of 15 years. Founded in 1964, Air Enterprises assembles and produces custom aluminum air handling equipment for commercial customers. The total acquisition price was approximately $7 million.
Gino Sabatini, W. P. Carey Managing Director and Co-Head of Global Investments: "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. 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 Inc.
W. P. Carey Inc. is a publicly-traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Sabatini are examples of forward looking statements. A number of factors could cause CPA®:18 – Global'sactual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated; and risks related to CPA®:18 – Global'soffering of shares. For further information on factors that could impact CPA®:18 – Global, reference is made to CPA®:18 – Global'srespective filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
SOURCE W. P. Carey Inc.