The facility consists of 85,000 sf of office space and 175,000 sf of general manufacturing space. W.P Carey purchased it on behalf of Corporate Property Associates 15 Inc. The value of the lease-back is not being released by the parties involved and was not otherwise immediately available.
Pemstar Inc. provides engineering, manufacturing and fulfillment services from more than one million sf in 15 locations worldwide. Pemstar CFO Greg Lea says the sale-leaseback will be used to reducing debt, thereby positioning the company for future growth.
CPA15 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. CPA 15 currently has an ownership interest in 88 facilities net-leased to 27 tenants comprised of more the 12.7 million square feet throughout the U.S. and Europe.
W. P. Carey & Co. specializes in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The largest publicly traded limited liability company in the world, W.P. Carey owns and/or manages more than 550 commercial and industrial properties in the United States and Europe totaling more than 75 million sf.
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