LaPuma, who joined W.P. Carey in 1994 as assistant to the chairman, established its institutional department the following year, was promoted to first vice president in 1998 and last year was elected executive director. During the last two years, he has been involved in more than 20 deals that earned about $400 million. In addition to his duties at CIP(R), he will continue as a member of the parent company's acquisition team.

CIP(R) has a portfolio of 97 properties subject to long-term, triple-net leases that are leased to 43 tenants in the US and Europe. W.P. Carey, which has three other affiliates with the same investment strategy, manages more than 44 million sf of property.