The 827,000-sf facility, located here, serves as 52-year old national catalog and online retailer's primary distribution and call center. It will be leased under a 20-year triple net lease with two, ten-year renewal options. The facility was purchased on behalf of Corporate Property Associates 15 Inc., a member of the $5 billion W. P. Carey Group of income generating REITs.

"This transaction is a good example of how sale-leaseback financing can be used by companies to raise capital," offers Benjamin P. Harris, executive director of W. P. Carey. "In this case, Ripplewood used sale leaseback proceeds to fund the buyout of Lillian Vernon. This transaction helped Ripplewood convert a brick and mortar asset into working capital. We are pleased to work with the talented group at Ripplewood and are proud to add this facility to CPA®:15's growing portfolio of properties."

This latest acquisition adds to W. P. Carey's growing managed portfolio of properties in Virginia, which consist of approximately 580,000 sf. The properties, owned by W. P. Carey & Co. LLC and its affiliates, include warehouse, distribution, office and retail facilities leased to Applied Power Inc., Best Buy Stores LP, Builders FirstSource Inc., Childtime Childcare Inc., Consolidated Theaters Inc,. McLane Foodservice, Penn Virginia Coal Co., Rochester Button Co. and The Roof Center Inc.