"With interest rates at historically low levels companies are realizing that now is a great time to lock in long-term financing," Gordon F. DuGan, president and co-CEO of WP Carey, points out.

The largest transaction was the $33.6-million acquisition of two manufacturing facilities located in Alsip, IL, and one each in Tolleson, AZ and Geddes, NY from a manufacturer of rigid plastic packaging products. The Carey Group will also fund the $3-million construction of an extension to the Tolleson facility. The plants, which total approximately 1.2 million sf, will be leased for an initial term of 10 years followed by two, 10-year renewal options.

Next up was the purchase of five office, manufacturing and warehouse facilities, which total more than 616,000 sf, for $29.3 million from an injection molded precision plastic products manufacturer. The facilities are located in Buffalo Grove, IL; Excelsior Springs, MO; Pittsburgh, PE; St. Petersburg, FL and West Lafayette, IN. The company will maintain control of the facilitates for an initial term of 20 years followed by two, 10-year renewal options.

A facility in Atlanta and another in Bel Air, MD, were in a $28.3-million acquisition from a health/fitness provider. The facilities, which total more than 186,000 sf, will be leased for 20 years followed by three, 10-year renewal options.

A European-based retailer sold its 313,000-sf warehouse/distribution facility in Nimes, France for $20.5 million. The sale/leaseback deal is for nine years.

Two light-manufacturing facilities located in Port Huron and Shelby Township, MI, which total 294,000 sf, were acquired for $11.5 million from a designer, manufacturer and supplier of roof rack and towing systems. They will be leased for an initial 20-year term with two, 10-year renewal options.

Last up is the $10.8 million acquisition of a 120,600-sf warehouse/distribution center in West Midlands, UK from a leading warehouse and distribution service provider. The facility will be leased for 30 years.

The transactions were funded on behalf of the $5-billion WP Carey Group, which includes the corporate property associates series of income generating, publicly held, non-traded real estate investment trusts. According to DuGan, the investment firm is looking to invest more than $2 billion with companies seeking to grow and expand.

Instant Insights /

WP Carey Provides $137M in Sale/Leaseback Financing

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