CHICAGO—W. P. Carey Inc., a New York-basedREIT, has just purchased from Exeter PropertyGroup an 824,624-square-foot distribution facility insouth suburban University Park for about $48 million. Located at300 Central Ave. and leased to a subsidiary of the J.M.Smucker Co., the buy is just the latest big purchase byW.P. Carey or its affiliates of top industrial product net-leasedto high credit companies.
Earlier this year, GlobeSt.com reported, for example, thatCPA®:18 – Global, a non-traded REIT affiliate ofCarey, completed an $85 million acquisition of the giantDart Container/Solo Cup National DistributionCenter located just down the street at 701 Central Ave. At1,552,475-square feet, it was the largest Chicago-area transactioninvolving corporate distribution space since early 2006.
Properties acquired by W.P. Carey typically are the most modern,up-to-date facilities with long-term leases tocompanies that consider the assets critical to their operations. The Smuckersbuilding is no exception. The original 575,024-square-footstructure was finished in 2008. In 2013, Exeter expanded thefacility, which has 32' clear height, by 249,600-square-feet. Andit is one of only six distribution centers operated by Smuckers inthe US.
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