On behalf of Corporate Property Associates 15 Inc., W.P. Carey paid $15.6 million for the facility built in 1988 and then leased it back to the company on a triple-net basis for 20 years. The agreement includes two 10-year extension options. A W.P. Carey spokesperson could not immediately provide GlobeSt.com with the aggregate value of the lease back.
George Brown, Polar Plastics' president and COO says the firm looked at a number of financing alternatives and the sale-leaseback made the most sense. "Converting our real estate into working capital will enable us to use this financing to further improve our position in the plastic injected molding industry," said Brown.
Corporate Property Associates 15 Inc. invests in single-tenant commercial properties which are typically purchased under a long-term, triple-net lease in which the tenant is responsible for maintaining the premises, insuring the buildings and paying real estate taxes. With this latest acquisition, W. P. Carey's managed portfolio of properties in North Carolina now consists of approximately 3.2 million sf.
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