It was a deal Danka had to make and the sort of sale-leaseback deal Carey has been making for 29 years. Danka is leasing back the properties under a 15-year, triple net lease until it can build its global headquarters in St. Petersburg.
"Danka came to us with two requests," Carey vice president Alistair Calvert says in a prepared statement. Danka needed "to raise capital to pay off a tax retention operating lease and to provide financing for the completion of their worldwide headquarters." Calvert says Carey "successfully accommodated both (needs) in a single transaction."
Danka chairman/CEO Lang Lowrey says in the same statement the deal "further eliminates our exposure to the risk of real estate ownership." Danka provides office imaging equipment and related services, parts and supplies to customers in 27 countries.
Carey bought the properties for Corporate Property Associates 15 Inc. (CPA:15). CPA is Carey's newest publicly held, non-traded REIT and a member of the $4 billion W.P. Carey Group.
Danka's 157,000-sf headquarters and office building is known as Roosevelt III at 11101 Roosevelt Blvd. The 131,000-sf National Supply Center building is at 9799 International Court North. The 49,000-sf office building known as Building D is on Roosevelt Boulevard.
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