WP Carey Completes $63M Industrial Sale-Leaseback

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NEW YORK CITY-Investment firm WP Carey & Co. LLC has completed a $63-million sale-leaseback transaction with International Aluminum Corp., a portfolio company of San Francisco-based private equity firm, Genstar Capital LLC. WP Carey’s affiliated income generating real estate fund, CPA:16–Global, acquired nine industrial facilities from International Aluminum throughout the US and Canada, including properties in Los Angeles, Chicago, San Francisco, Phoenix, Houston, and Vancouver and has leased them back to the company under long-term lease agreements.

Monterey Park, CA-based International Aluminum is a manufacturer of aluminum and vinyl building products used for both commercial and residential applications such as store fronts, decorative entrance doors, and aluminum windows and doors. “W. P. Carey’s investment in the IAL [International Aluminum's] properties is consistent with our approach of identifying and providing financing for creditworthy companies,” says Jason Fox, executive director at WP Carey. “In this case, the sale-leaseback was an integral component of IAL’s capital structure.”