WP Carey, RML Strike Agreement on Toyota Dealership

LEWISVILLE, TX-WP Carey, through its CPA17-Global REIT, has engineered a sales-leaseback transaction for the 74,000-square-foot Toyota of Lewisville. Specifically, the New York City-based financier closed the $15 million deal with sellers Rene Isip and John Eagle, then struck a sale-leaseback agreement with RLJ-McLarty-Landers Automotive Holdings LLC (RML Automotive) of Little Rock, AR.

The facility at 1547 S. Stemmons Fwy. (Interstate 35) is being leased back to RML Automotive on a triple-net basis for a 16-year term. The transaction also provided financing for RML’s acquisition of the dealership business. It also follows an initial automotive dealership sale-leaseback financing completed with RML in September 2012 as part of W P Carey’s strategic partnership with CapRocq Automotive LLC.