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W.P. Carey Closes on $19.7 Mil Sale/Leaseback Deal in CT

SOUTH WINDSOR, CT-Gerber Scientific Inc., reports it has closed on a $19.7 million sale/leaseback deal involving three of its office properties in the Greater Hartford area totaling 347,500 sf with W.P. Carey & Co. LLC.

By John Jordan | Updated on August 16, 2001

SOUTH WINDSOR, CT-The New York City-based real estate investment banking firm W.P. Carey & Co. LLC, reports it has closed on a $19.7-million sales/leaseback deal with Gerber Scientific Inc.

The deal, announced yesterday, involves three single-story Gerber Scientific buildings in the Greater Hartford area. Under terms of the sale/leaseback transaction, Corporate Property Associates 14 Inc., (CPA(R):14), a member of the W.P. Carey Group, has acquired Gerber Scientific’s corporate headquarters at 83 Gerber Road West in South Windsor, a 194,000-sf office/light assembly building on 13.74 acres. In addition the trust has also purchased 55 Gerber Road West in South Windsor, a 60,000-sf office/light industrial property on 5.18 acres and 151 Batson Drive in Manchester, a 93,500-sf office and industrial facility on 9.36 acres. The three properties were leased back to Gerber by Corporate Property Associates 14 Inc., a public, non-traded REIT, in a deal structured as part of a 17-year bond-type net lease with two additional 10-year options.

As part of the sale/leaseback deal, Gerber will continue to occupy the three properties and retains the responsibility for maintaining the premises, as well as insuring the buildings and paying real estate taxes, company officials say.

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