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NEW YORK CITY-WP Carey & Co. has acquired five boat fabrication, storage and servicing facilities from an unnamed yacht building and servicing business for $58.1 million. The sites, which total 473,000 sf, will be leased back to the company for 25 years, followed by two five-year and two ten-year renewals.

Anne Coolidge Taylor, managing director, says the sale-leaseback transaction reflects the investment firm’s ability to meet the financing needs of companies no matter how specialized their industry. “In this transaction, the company was able to convert their underlying real estate assets into capital to pay down debt, thus creating a stronger balance sheet and an improved financial structure.” She anticipates companies will continue to look to sale-leaseback transactions. “Companies understand that in addition to the capital they receive, they are also entering into a long-term partnership.”

Taylor tells GlobeSt.com that the company explored a number of refinancing options, but chose a sale-leaseback option because it allowed them flexibility as well as the ability to lock in rates for an extended period of times. “They have a plan to grow the company.” This marks WP Carey’s first venture with this type of industry.

WP Carey completed the transaction on behalf of Corporate Property Associates 16-Global Inc. and Corporate Property Associates 15 Inc., both members of the $7 billion WP Carey Group of income-generating real estate funds. Earlier in the week, the firm sold three facilities for $28.8 million after fees and expenses. The facilities, located in Portsmouth NH, Rochester MN, and Dubuque IA, were originally purchased in 1988 for $14.9 million through Corporate Property Associates 9 .a wholly-owned subsidiary.

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