MUSKOGEE, OK-W.P. Carey & Co. LLC has completed a sale-leaseback with a local manufacturer and distributor of outdoor optics and specialty lighting products. The $6-million, off-market deal rolled deeds to two plants, totaling 200,000 sf, in eastern Oklahoma and Flora, MS.
Optronics Products Co. Inc. inked a long-term, triple-net lease to seal the deal with the New York City-based investment group, which bought the assets for the Corporate Property Associates 16-Global Inc. Fund. Gino Sabatini, a director with WP Carey, says Optronics' creditworthiness and willingness to sign a long-term lease made the deal attractive to the investment group.
Sabatini says the overall deal is tied to a larger transaction in December when Optronics' parent Opt Inc., a portfolio company of Chicago-based Svoboda Collins LLC, acquired Jackson, MS-headquartered Primos Inc., a manufacturer of wild game calls and other hunting accessories. "Optronics' parent company needed the money to help finance the acquisition," Sabatini explains to GlobeSt.com.
The 100,000-sf Muskogee plant sits on 12 acres at 401 S. 41st St. East. It was built in 1992 and expanded in 2002. The Flora plant sits on 10 acres at 604 First St. It was built in 2002, expanded in 2005 and clocks in at a little less than 100,000 sf.
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