The facility will be leased under a 20-year bond-type net lease. The property was purchased under a triple-net lease. The $22 million sale price includes additional construction costs for the facility, which is scheduled to be completed by this fall.
Besides Blackstone staff, plans also call for the building, located at 3400 N.W. 115th Ave., to house a fitness center, a day-care center, a salon, a 24-hour cafeteria and a convenience store. Currently, Blackstone is located at 11600 N.W. 34th St. in Miami.
"This financing transaction will provide Blackstone with additional capital to maintain its leadership position in the $6.5 billion prepaid phone card industry," Anne R. Coolidge, a managing director at W.P. Carey, says in a statement. "By completing this sale-leaseback, Blackstone's talented management team has shown that they understand the advantages of this alternative form of financing, and we look forward to a long-term relationship with them."
Joaquin Fernandez, chief financial officer of Blackstone, adds, "Securing alternative financing with W.P. Carey … made perfect sense for our rapidly expanding company. As we continue to increase our sales and diversify our product offerings, this new facility will enable Blackstone to realize its goals."
CPA:15 invests in single-tenant commercial properties typically acquired under a long-term, triple-net lease, whereby it is the tenant's responsibility to maintain the premises, insure the buildings and pay real estate taxes. The firm looks for companies with strong management teams, with growth potential and in prime locations.
"Investors of CPA:15 benefit tremendously from our diversified portfolio," W.P. Carey spokesman C. Curtis Ritter tells GlobeSt.com.W.P. Carey and its affiliates' growing managed portfolio of Florida properties consists of about 2.4 million sf and includes warehouses, distribution centers, corporate offices, hotels, movie theaters and retail centers leased to companies such as AutoZone Inc., and Winn-Dixie Stores Inc., BellSouth Entertainment Inc., Courtyard by Marriott, PETsMART Inc., Danka Office Imaging Co. and Childtime Childcare Inc.
Locally based Blackstone is one of the country's largest independently owned providers of prepaid calling card products and services. The company has more than 300,000 retail locations across the country.
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