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NEW YORK CITY-W.P Carey & Co. has closed on funding for expansion of a call center that it leases to Sprint Spectrum in Rio Rancho, NM. The total cost of the expansion is $1.45 million, including the purchase of 1.9 acres of land, according to the New York-based firm. Sprint Spectrum owns all the PCS licenses for Sprint PCSs nationwide wireless service.

The center, one of 14 the company has across the country, is relatively undersized compared to other facilities. The expansion will add 20,017 sf of space to the 74,245-sf facility, which will primarily be used for classrooms to train new employees. The additional land will be used for parking space.

The center was built in 1998 with funding from Carey Diversified, a member of the W.P Carey Group. This transaction was structured as an amendment to the current leasing agreement, which will allow Sprint to retain the benefits of off-balance sheet funding and avoid the cost of short-term construction financing.

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