Located in the Irvine Spectrum Business Park, the headquarters building contains office, R&D, light assembly and warehousing space. The tenant, a leading international test and measurement systems developer, manufacturer and integrator, will occupy the 99,000-sf facility under a 20-year, bond-type net lease.
Racal Instruments is owned by Thomas Weisel Capital Partners and J.F. Lehman & Co., along with the firm's own management. The deal marks W.P. Carey's second sale-leaseback transaction with private equity firm J.F. Lehman, with the first one occurring last year. In that transaction, W.P. Carey acquired two facilities occupied by Special Devices Inc. in a $38-million sale-leaseback.
This time around, W.P. Carey purchased the Irvine property on behalf of Corporate Property Associates 15 Inc. The company is W.P. Carey's newest publicly held non-traded REIT.
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