A W.P. Carey press release says Nortel has signed a 15-year,bond-type net lease for the 282,000-sf, class A building inRichardson's Telecom Corridor. Eastdil Realty Co. and Fischer Co.in Dallas represented Nortel in the talks.
Carey used its Corporate Property Associates 14 Inc. entity tosecure title to the structure. The entity is dedicated tosingle-tenant commercial properties, typically carrying long-term,triple-net leases. Under the terms, the tenant is responsible forproperty maintenance, insurance and real estate taxes. As of Sept.30, the buyer's portfolio consisted of 87 properties leased to 50tenants in the US and Europe.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
