W.P. Carey Announces $70M Investment in Production Site
The REIT secured a sale-leaseback of the multi-property, clean-energy site, currently serving as an ice cream and beverage production facility.
NEW YORK – W.P. Carey Inc. has announced a completed $70 million sale-leaseback of a food production and distribution site in the Northeast region of the US. The production site consists of more than 400,000 square feet across six buildings, which are triple-net leased under a long-term master lease of 25 years with fixed annual rent escalations, to an ice cream and beverage supplier tenant.
The environmentally-responsible production site is powered by renewable, clean energy sources through wind turbines and hydroelectric energy, and has served as the supplier company’s headquarters and primary production facility since its founding. The tenant company, a CBRE client, has invested in the multi-property site over the years to accommodate growth, improve operations and implement additional green initiatives.
W.P. Carey Inc. is a net lease REIT that specializes in corporate sale-leasebacks, build-to-suit and single-tenant net lease property acquisitions. The REIT has an enterprise value of $19 billion with a commercial real estate portfolio consisting of 1,168 net lease properties covering 134 million square feet. The company has more than 45 years of experience investing in net lease.