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Blackstone Building Involved in $22M Sale-Leaseback

MIAMI-Corporate Property Associates 15 Inc., an affiliate of investment firm W.P. Carey & Co. LLC, has acquired and leased back the prepaid calling card company's 270,000-sf-plus headquarters and distribution facility that is under construction here.

By Melissa Bogdany | Updated on April 23, 2003

MIAMI-Corporate Property Associates 15 Inc., a publicly held, non-traded REIT and affiliate of investment firm W.P. Carey & Co. LLC, has acquired and leased back phone card provider Blackstone Inc.’s new, 270,000-sf-plus corporate headquarters and warehouse/distribution facility, which is currently under construction here.

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.

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