WP Carey Provides $45M in Sale/Leasebacks

NEW YORK CITY-Locally based WP Carey & Co. LLC provided $45 million in sale/leaseback financing to three companies for properties totaling 515,000 sf. The transactions, which were all funded on behalf of the WP Carey Group of income generating, publicly held, non-traded real estate investment trusts included two US deals and one in Germany—-marking the firm’s first foray there.

First up was the $18.6-million build-to-suit financing of a 160,000-sf office facility in Eagleview, PA for a provider of post-secondary adult technical training. Once completed, the facility will be leased back under a 20-year triple net lease. Next there was the $16.8-million acquisition of a 305,700-sf office/manufacturing/distribution facility from a global manufacturer and marketer of industrial products and systems. The facility, which is located in Kahl am Main, Germany, serves as the company’s European headquarters. The facility will be leased on an 18-year triple-net basis, with two five-year renewal options. The $9.8-million acquisition of a 49,000-sf sports and fitness center from a health club chain was the final deal. The facility, located in Englewood, CO, will be leased under a 19-year triple net lease and includes two five-year renewal options.