The three distribution facilities include a 165,680-sf property in Cincinnati, a 159,881-sf facility in Elkwood, VA and a 63,700-sf plant in Norcross, GA. Lease terms are 15 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 that will own a 60% stake in the properties and Corporate Property Associates 15, the firm's newest REIT, which will own the remaining 40%.
This is the second deal between W.P. Carey and BFS. In July 1999, CPA 14 financed the build-to-suit development of a 112,000-sf manufacturing and warehouse distribution facility for BFS in Harrisburg, NC for roughly $9.7 million.
Both CPA 14 and its successor, CPA 15, invest in single-tenant commercial properties that are typically purchased under a long-term, triple-bond net leases in which the tenant is responsible for maintaining the premises, insuring the buildings and paying real estate taxes.
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