Search
 

WP Carey Completes $312M U-Haul Transaction

NEW YORK CITY-WP Carey completes the largest transaction in its 30-year history as the firm completes a $312-million lease transaction involving four million sf of U-Haul self-storage and truck-rental outlets.

By Barbara Jarvie | Updated on May 04, 2004

NEW YORK CITY-Just last week, WP Carey & Co. LLC reported a “sluggish” start in first-quarter results, but president and co-CEO Gordon F. DuGan didn’t seem overly concerned and even made reference to this deal, which is the largest in the investment firm’s 30-year history. “The pipeline looks strong,” he predicted, noting that the firm had disclosed in its 10K an agreement to make a $300-million investment.

That agreement is, in fact, a $312-million-lease transaction involving 78 U-Haul retail self-storage and truck rental facilities totaling approximately four million sf. The properties, located in 69 cities in 24 states, were acquired on behalf of Corporate Property Associates 14 Inc., Corporate Property Associates 15 Inc. and Corporate Property Associates 16-Global Inc.–members of the WP Carey Group of income generating, publicly held non-traded REITS.

Under the terms of the two separate bond-type net lease agreements, the self-storage facilities will be leased for an initial term of 20 year and can then be renewed for two 10-year periods. The truck rental facilities will be leased for an initial term of 10 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.