NEW YORK CITY-W.P. Carey & Co. said Wednesday it has closedon the $51-million acquisition of four industrial facilities in asale-leaseback deal with air filtration manufacturer Flanders Corp.The four facilities, which total 1.4 million square feet, wereacquired through CPA: 17 Global, one of W.P. Carey’s publicly heldnon-traded REIT affiliates.

The four facilities are located in Bartow, FL; Ardmore, OK;Smithfield, NC; and Momence, IL, according to W.P. Carey. Flanders,headquartered in Washington, NC, had bought the Ardmore facility,formerly occupied by Best Buy, in January 2010.

In a release, W.P. Carey says the deal will provide Flanderswith financing that will help the manufacturer pay down debt andfund expansion costs at two of the facilities. “Working with thecompany’s management team, we were impressed by their ability toimplement sales, operating and automation initiatives that haveresulted in improved profits and operating performance,” says GinoSabatini, managing director at W.P. Carey, in a release. “Webelieve that the implementation of these initiatives combined withthe long term financing provided by the acquisition of theseproperties will enable the company to compete successfully today,support future growth and provide a strong financial platform withrespect to strategic alternatives they may be exploring currentlyor in the future.”