Under the terms of the sale-leaseback transaction, the three properties, which total about 360,000 sf of space, will be leased under a 20-year bond-type net lease.
The facilities are in Mesquite, TX, 12 miles east of Downtown Dallas. The facilities were purchased by Carey for Corporate Property Associates 14 Inc. (CPA:14), a publicly held non-traded real estate investment trust affiliated with W.P. Carey Group.
IntegraColor, which provides specialized print-based solutions to a broad range of commercial clients, is the latest paper/printing company to join W. P. Carey's diversified portfolio of tenant-clients.
Other tenant-clients are Xerox Corp., Unisource Worldwide, Inc., Jen-Coat, Inc., Perry Graphic Communications, United Stationers Supply Co., Masterprint and ADR Bookprint, Inc.
The sale-leaseback enables IntegraColor to convert its bricks and mortar into working capital from an otherwise depreciating asset, Anne R. Coolidge, executive director at W. P. Carey, says in the statement. IntegraColor officials say in the same statement they plan to use the money from the sale-leaseback to grow the firm's business.
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