The building, located in suburban Glendale Heights, was bought by Carey Institutional Properties, a public, non-traded REIT. The 34,600-sf flex space will be leased to the Universal Technical subsidiary on a 15-year bond type net lease. The cost of acquiring the building and renovations will be around $3.3 million.
This is the second sale leaseback W.P Carey has completed with Universal Technical. In 1993, it closed on another Glendale Heights facility in an $8.6 million sale-leaseback.
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