NEW YORK CITY—W. P. Carey Inc. has acquired a headquarters and manufacturing facility and two manufacturing facilities on behalf of CPA®:18–Global, one of its managed REITs. The three facilities—which total 362,000 square feet—are in Georgia, Arizona, and Texas and are leased to Janus International Group LLC for 20 years. The total acquisition price was approximately $17 million.
Janus is said to be the leading manufacturer of steel roll up sheet doors and storage facility components for self-storage, commercial and industrial markets. Founded in 2002, Janus is headquartered in Temple, GA and has manufacturing locations in Arizona and Texas and distribution locations in California, Florida, Mexico, and South Africa.
The Temple, Georgia asset—built for Janus in 2008—is the largest of the company’s manufacturing facilities and houses its corporate headquarters and associated functions. Altogether the three facilities house the entirety of Janus’s manufacturing capacity and provide the company with manufacturing bases across the United States, allowing for lower freight cost and faster, more efficient delivery.
Janus is a portfolio company of private equity firm Saw Mill Capital. Established in 1997, Saw Mill Capital partners works with senior management teams to make investments in businesses headquartered in North America.
Says Kathleen Barthmaier, executive director, W. P. Carey, “Given Janus’s leading position in the roll up door market, the criticality of the assets themselves and the sponsorship support of an established private equity firm, the investment had the characteristics we look for when sourcing investments for our portfolios. In the transaction, we combined our real estate and industry experience with our financial structuring expertise to address the specific needs of the company and its owners.”
Scott Rivard, a principal at Saw Mill Capital, adds, “Janus is the clear leader in serving the growing self-storage and commercial door markets. We are looking to expand Janus’ market position in the US and internationally. The sale-leaseback financing with W. P. Carey positions us well for carrying out our strategic initiatives.”