Search
 

W.P. Carey Closes 894,000-SF Sale-Leaseback Deal

NEW YORK CITY-The real estate investment banker buys a dozen pet stores and picks up a 620,000-sf industrial facility in a $71-million transaction.

By Glen Thompson | Updated on December 19, 2001

NEW YORK CITY-Real estate investment banking firm W.P. Carey & Co. LLC has picked up 12 retail stores and an industrial facility in a sale-leaseback deal with pet products retailer Petsmart. Price tag is $71 million.

The 12 retail stores included in the transaction are roughly 26,000 each. According to W.P. Carey, the retail component of the deal totals 274,000 sf and stores are located across the country. The industrial property is a 620,000-sf distribution facility in Phoenix, AZ that includes a newly constructed forward distribution center. Lease terms are 20 years on all the properties.

W.P. Carey purchased the assets on behalf of member fund Corporate Property Associates 14 Inc., a non-traded REIT. In addition, a minority portion of the deal will be owned by Corporate Property Associates 15, the firm’s newest REIT. CPA 15′s ownership stake in the Petsmart properties will kick in once the fund reaches its $10 million minimum.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.