Search
 

W.P. Carey Buys Seven TruServ Assets, Provides $125M Financing Package

NEW YORK CITY-Adding diversity to three of its REITS, locally based W.P. Carey picks up seven distribution centers from hardware wholesaler TruServ, all of which will be leased back under 20-year triple net agreements.

By Glen Thompson | Updated on January 17, 2003

NEW YORK CITY-TruServ Corp., a major wholesale hardware co-op headquartered in Chicago, has secured $125 million in financing provided by W.P. Carey after completing a sale-leaseback deal with Carey on seven of its distribution centers.

All of the properties will be leased under 20-year bond-type net leases with two, 10-year renewal options. TruServ was advised by Chicago-based real estate bank Patriot Capital Advisors LLC.

The facilities, totaling more than 3.6 million square feet, are located in Corsicana, TX, Fogelsville, PA, Jonesboro, GA, Kansas City, MO, Kingman, AZ, Springfield, OR and Woodland, CA. W.P. Carey purchased the assets on behalf of Corporate Property Associates 15 Inc., the company’s newest publicly held non-traded REIT, and affiliate funds CPA: 12 and CPA: 14. The properties will be co-owned by the three entities with CPA: 15 retaining a 50% stake, CPA: 14 keeping 35% and the remaining 15% going to CPA: 12.

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.