W.P. Carey Buys Two Industrial Properties for $92M

NEW YORK CITY-W. P. Carey Inc. has made two acquisitions on behalf of CPA^®:18–Global, one of its managed non-traded REIT affiliates, for approximately $92 million. Both of the assets, which are located in Illinois and Ohio, are industrial facilities.

Located on a 90.24 acre site in University Park, IL, the first acquisition is a 1,552,475-square foot distribution facility for which the price was approximately $85 million. The Dart Container/Solo Cup National Distribution Center is leased to an affiliate of Solo Cup Co., which focuses on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. The company was founded in 1936 and recently acquired by Dart Container Corp.