WESTFIELD, MA-W.P. Carey & Co LLC acquired two facilities here from Jen-Coat Inc. for $11.5 million. According to the terms of the deal, W.P. Carey, a NewYork-based real estate investment banking firm, will lease the properties back to Jen-Coat under a 20-year bond-type net lease with two ten-year renewal options.
The facilities were purchased on behalf of Corporate Property Associates 12 Inc., a member of the W. P. Carey Group. They are located in this town 99 miles west of Boston, and are Jen-Coat’s headquarters and main manufacturing operations and the company’s distribution and warehouse operations. The properties consist of a 250,000 sf facility situated on a 9.83-acre site and a 127,000-sf facility situated on a 20-acre site.
Founded in 1972, Jen-Coat, Inc. is a manufacturer of specialized paper and non-woven flexible packaging products. Among its customers are Sonoco, 3M Company, Kimberly Clark and Merisant (Equal). W. P. Carey was founded in 1973, and owns and manages more than 46 million sf of property across the country and in Europe. In addition to its New York headquarters, the three billion dollar firm has offices in London and Paris.