MINNEAPOLIS—CPA®:17 – Global, a non-traded REITaffiliate of W. P. Carey Inc., a New York-basedREIT, has just purchased a 182,000-square-foot office in suburbanPlymouth for $34 million. The metropolitan area has one of thehealthiest economies in the US, and this submarket, which hosts anumber of corporate headquarters, has an especially low vacancyrate. W.P. Carey has certainly taken notice, as this is its secondmajor purchase here. Properties acquired by W.P. Carey typicallyare the most modern, up-to-date facilities with long-term leases tocompanies that consider the assets critical to their operations.
Smiths Medical has a long-term lease and willbegin occupying this facility, which was constructed in 1999, inFebruary 2015. The company, a division of Smiths Groupplc, a multinational engineering firm, supplies specialistmedical devices, consumables and equipment for global markets. Ithas operations in over 30 countries and sells in about 120 marketsaround the world and has selected this building as its futureheadquarters.
Last month, W.P. Carey purchased from Liberty PropertyTrust a 191,000-square-foot office and R&D facility inPlymouth for about $43 million. That facility is leased toAlliant Techsystems Inc. for a period of about 10years.
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