The 12 retail stores included in the transaction are roughly26,000 each. According to W.P. Carey, the retail component of thedeal totals 274,000 sf and stores are located across the country.The industrial property is a 620,000-sf distribution facility inPhoenix, AZ that includes a newly constructed forward distributioncenter. Lease terms are 20 years on all the properties.

W.P. Carey purchased the assets on behalf of member fundCorporate Property Associates 14 Inc., a non-traded REIT. Inaddition, a minority portion of the deal will be owned by CorporateProperty Associates 15, the firm's newest REIT. CPA 15's ownershipstake in the Petsmart properties will kick in once the fund reachesits $10 million minimum.

"We thought it was a good risk adjustment return," says W.P.Carey vice president Ben Harris, who represented the firm as anacquisition officer in the transaction. "This was a chance toinvest in a package of retail and a distribution center in oneshot. And it's diversified all over the US, so its sort of a nicepackage deal," Harris tells GlobeSt.com.