W. P. Carey Completes Sale-Leaseback Transactions Worth $40M

NEW YORK-Three companies recently completed $40 million in sale-leaseback transactions through W. P. Carey & Co. LLC, which was acting on the behalf of Corporate Property Associates 15 Inc., one of four affiliated real estate investment trusts that it advises.

In the first transaction, publicly traded specialty retailer Galyan’s Trading Company Inc. sold three retail facilities to CPA 15 totaling 260,000 sf for $21.9 million. The stores are being leased back under separate 20-year triple net leases. Over the past three years, W. P. Carey has acquired and leased back five facilities from Galyan’s totaling more than $50 million. The most recent three are located in Greenwood, IN; Freehold, NJ; and Buffalo, NY. Gaylan’s operates 38 stores in 18 states that offer outdoor and athletic equipment, apparel and footwear.

In the second transaction, Grande Communications, a provider of Internet, long distance and cable television services, sold its corporate headquarters and regional headquarters to CPA 15 for $13.8 million. The headquarters consist of four office/retail facilities located in the Texas cities of San Marcos, Waco, Odessa and Corpus Christi.