The funding is provided under Corporate Property Associates 14 Inc., a member of Carey Group's publicly held, non-traded REITs, valued at a total of $3.5 billion.
CPA (R): 14 invests in single-tenant commercial properties, which are typically purchased under a long-term, triple-net lease in which the tenant is responsible for maintaining and insuring the property and paying real estate taxes. Terms of the Allentown lease were not disclosed.
"Sale-leaseback offers companies an opportunity to make their real estate work for them," says Carey director Benjamin P. Harris in a statement. Of the deal, Virginia Carpenter, president of the business school, says the long-term lease is a demonstration of the institution's commitment to the Allentown area where it has operated for 130 years.
Minneapolis-based Mortenson Development is constructing the three-story building, which is scheduled for completion in June 2003. It will encompass 40 classrooms, two art studios, a medical lab, 14 computer labs, offices for faculty and such student amenities as a lounge and bookstore.
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