JONESVILLE, SC—A non-traded REIT of New York City-basedW.P. Carey Inc. has acquired a 515,000-square-footsingle-tenant net leased distribution center here and will build a346,000-square-foot expansion at the property. The total investmentin the acquisition and development project is $45 million.


The firm's CPA:18-Global acquired the property,which is leased to retailer Belk Inc. from anaffiliate of Panattoni Development Company, whichis overseeing the construction of the expansion. The expansion isscheduled to be completed in January 2015.


Belk, which has a 15 year-lease on the space, is investing $28million on the expansion to develop a state-of-the-art e-commercedistribution facility. Improvements will include conveyor systems,racking and automation. Panattoni was represented in thetransaction by John Huguenard and SeanDevaney of Colliers Investment ServicesGroup.


W. P. Carey Managing Director ChadEdmonson says of the firm's latest acquisition, "Over thepast decade, e-commerce sales have grown from less than 1% to over5% of total retail sales. Consistent with that trend, Belkcontinues to grow its e-commerce business and expand thecapabilities of its website. Our acquisition of theexisting Jonesville facility and the build-to-suit financing of theexpansion are supporting this initiative and helping to positionthe company for future growth, while securing a solidincome-generating asset for CPA:18 –Global's investors."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.