WPC Completes Four Net Lease Buys

NEW YORK CITY—W. P. Carey Inc. said Tuesday it had completed four net lease acquisitions on behalf of CPA:18 – Global, one of its managed non-traded REITs. Spanning four states and totaling 900,000 square feet, the acquisitions totaled approximately $45 million.

Among the assets are a 60,000-square-foot headquarters and operations center facility net leased to Midcontinent Independent System Operator Inc., located outside Minneapolis.MISO is a not-for-profit, member-based organization that administers wholesale electricity markets for its 49 transmission owners and 96 non-transmission owners across 15 states and the Canadian province of Manitoba.

Also acquired were a build-to-suit truck terminal net leased to USF Holland in Grand Rapids, MI that will total 59,000 square feet when completed; Cooper Tire & Rubber's 653,000-square-foot Southeast distribution center in Albany, GA; and five industrial facilities in Dallas and Fort Worth, totaling 159,0000 square feet and leased to Barnsco Inc. Remaining lease terms range from 10 years for the Cooper Tire facility to what will be 15 years for the USF Holland BTS.

Noting that all four assets are critical to their tenants' operations, Gino Sabatini,?managing director and co-head of global investments at WPC, says they represent the company's ability “to source, structure and execute on single-tenant transactions for diverse types of assets leased to a variety of tenants across multiple industries. In addition, they demonstrate our ability to leverage our credit and real estate analysis capabilities to underwrite build-to-suit transactions and not-for-profit enterprises, as well as underwriting more traditional corporate net-lease transactions.”