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W.P. Carey Completes 389,261-SF Leaseback Buy

NEW YORK CITY-The real estate investment banking firm has acquired three facilities in a $13-million sale-leaseback deal with Dallas-based lumber distributor Builders FirstSource Inc.

By Glen Thompson | Updated on January 09, 2002

NEW YORK CITY-Real estate investment banking firm W.P. Carey has closed on the acquisition of three industrial properties in a $13-million sale-leaseback deal with Dallas-based lumber distributor Builders FirstSource Inc.

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%.

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