X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KANSAS CITY, MO-A 120,855 sf distribution facility leased by the Earle M.Jorgensen Co. has been acquired by W.P. Carey & Co. LLC onbehalf of Corporate Property Associates 14 Inc., apublic, non-traded real estate investment trust.

The property, located at 1800 Universal Ave. in Executive Park, was soldfor $6.5 million. The facility includes more than 10,000 sf ofoffice space and is situated on a 7.45 acre site.

Under terms of the transaction, the facility will continue to be leasedto EMJ under a 20-year, bond-type triple net lease. Jorgensen is ametals distribution company that processes and distributes 30,000different carbon, alloy, stainless and aluminum products to more than40,000 customers. The company is a portfolio company of Kelso & Co.,a private equity investment firm.

EMJ moved to Executive Park, just north of Downtown, from the WestBottoms about 15 years ago when Jorgensen merged with a sister company.”The location here is good for us and when we merged it was time todecide where was the best spot for us,” says David Baltuska, salesmanager at EMJ. “This is a great facility and where we think we need to bepositioned.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.