ROCHESTER, MN-Publicly traded Pemstar Inc. has sold its 260,000-sf office and manufacturing facility here for $12.5 million and leased it back under a 20-year bond-type net lease. The deal was struck with W. P. Carey & Co. LLC, a publicly traded investment firm based in New York City.

The facility consists of 85,000 sf of office space and 175,000 sf of general manufacturing space. W.P Carey purchased it on behalf of Corporate Property Associates 15 Inc. The value of the lease-back is not being released by the parties involved and was not otherwise immediately available.

Pemstar Inc. provides engineering, manufacturing and fulfillment services from more than one million sf in 15 locations worldwide. Pemstar CFO Greg Lea says the sale-leaseback will be used to reducing debt, thereby positioning the company for future growth.

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