W.P. Carey Acquires Retail Distribution Center and Department Store

NEW YORK CITY-W.P. Carey has closed on the acquisition of a distribution center and a retail store in York, PA, which will be leased back to Bon-Ton Department Stores under a 20-year bond-type net lease. The 132,000-sf department store is one of the anchors of the Galleria Mall. The properties, which include the company’s data center, were purchased for approximately $12 million on behalf of Corporate Property Associates 14, a public, non-traded real estate investment trust.

Bon-Ton, founded in 1898, is a publicly held operator of 73 stores that sells fashion apparel for men, women and children as well as accessories, cosmetics and home furnishings in secondary markets.