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 belk.com 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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

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