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Corporate Realty Investment in Deal With Fiat

BOSTON-Locally based Corporate Realty Investment Corp. has entered into a $20.5-million sale/leaseback deal with Fiat SpA, the Italian car manufacturer. The 23-acre property is located in Alabama and will be occupied by a Fiat subsidiary.

By Naomi Grossman | Updated on January 26, 2001

TON-Corporate Realty Investment Co. LLC has signed a $20.5-million bondable net lease with Italian auto manufacturer Fiat SpA. The property, located on 23 acres in Sylacauga, AL, consists of 227,000 sf of manufacturing and ancillary office space. A subsidiary company of Fiat, Teksid Aluminum Components, Inc., is going to occupy the site.

The sale/leaseback with Fiat is part of CRIC’s goal to acquire single-tenant properties in the US. Over the past three years, the company has spent $500 million acquiring 151 properties in 28 states. The locally based company specializes in purchasing real estate and leasing it back through a variety of customized net leases.

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