Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-New York-based investment banking firm, W.P. Carey & Co., buys the 192,000-sf, headquarters of locally based Advantis Technologies, Inc. for $13.1-million, or about $68 per sf, and leases it back.

The lease is a 15-year, bond-type net lease with two 10-year renewal options. Terms of the lease were not disclosed, but area brokers tell GlobeSt.com that new manufacturing/distribution facilities in Alpharetta run about $6.83 per sf.

Carey bought the asset for its Corporate Property Associates 15 Inc. real estate investment trust, which is a member of the $3.5-billion W.P. Carey Group.

The property is at 1400 Bluegrass Lakes Parkway, about 25 miles from Downtown Atlanta. It is newly built and houses the Advantis headquarters and executive offices as well as manufacturing and distribution operations.

Advantis, a subsidiary of Princeton, NJ-based Rockwood Specialties, Inc., is the second-largest US manufacturer of pool, spa and water treatment chemicals. The company manufactures pool accessories, such as vacuums and maintenance products, under such brands as GLB, Leisure Time, Roharb, Applied Biochemicals and Blue Devil.

In a printed statement, Scott G. Smith, Rockwood’s treasurer, said the sale-leaseback transaction “enabled us to monetize 100% of the value in a highly appreciated real estate asset, versus more traditional mortgage-type financings, while freeing up capital to aggressively invest in our businesses.”

In the statement, Gordon J. Whiting, executive director of Carey and its deputy director of acquisitions, calls sale-leasebacks “one of the preferred methods of financing,” in “today’s tightening credit market.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

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

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.