W.P. Carey & Co., a New York-based real estate investment banking firm, is funding the project for Corporate Property Associates 14 Inc. (CPA: 14). Universal Technical Institute of Phoenix, AZ and NASCAR Technical Institute will jointly lease the property from CPA 14 on a 20-year, bond-type net lease, followed by two 10-year renewal options.
The aggregate value of the lease wasn't disclosed. CPA 14 is a publicly held, non-traded REIT and a member of the $3.5 billion W.P. Carey Group.
The build-to-suit venture is the third sale-leaseback deal Carey has made with University Technical in the past eight years. In September 2000, Carey purchased a $2.3 million, 34,600-sf facility in Glendale Heights, IL, leased to UTI and its subsidiary Custom Training Group, and provided an additional $1 million for tenant improvements.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
