Search
 

$32M W.P. Carey Sale/Leaseback Deal Totals 270,000 SF

NEW YORK CITY-Massachusetts-based women's diagnostic imaging firm Hologic Inc. sells its headquarters building and a Connecticut mammography facility and net leases the properties back for a 20-year term.

By Glen Thompson | Updated on September 03, 2002

NEW YORK CITY-W.P. Carey & Co. LLC keeps the pedal to the metal with the completion of yet another sale-leaseback deal, this one a $32-million acquisition of two properties from Bedord, MA-based Hologic Inc. The women’s diagnostic imaging systems provider has sold and leased back its corporate headquarters building as well as the Lorad mammography facility in Danbury, CT it acquired two years ago.

Hologic has signed a 20-year bond type net lease on the 207,000-sf class A headquarters building it occupies in Bedford and a 63,000-sf office, research and manufacturing property in Danbury. The Bedford facility houses Hologic’s corporate, bone assessment, digital systems and mini-c-arm operations, whereas the company’s Lorad mammography and breast biopsy unit is located in Danbury. Hologic acquired Lorad in September 2000 from Waltham, MA-based Thermo Electron Corp. in a $52-million deal.

W.P. Carey purchased the assets on behalf of Corporate Property Associates 15 Inc., the company’s newest fund. “This transaction is another example of how a sale-leaseback can provide a company like Hologic with an alternative means of obtaining funds to pay down corporate debt,” says Edward V. LaPuma, a Managing Director at W. P. Carey. “In today’s tightening credit markets companies continue to realize the benefits of converting their bricks and mortar into working capital. This transaction provided us the opportunity to work with a talented management team, one we expect to develop a long-term relationship with in the years to come.”

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.