WP Carey's affiliated income generating real estate fund Corporate Property Associates 16-Global Incorporated acquired the property. In addition to the acquisition, New York-based WP Carey agreed to a long-term triple net lease with Consolidate Systems, Inc. for the space. CSI uses the mixed-use asset as its corporate headquarters and houses its deck manufacturing, coil coating and processing, trucking, and logistics operations, according to WP Carey. A spokesman for the new owner declined to release the terms of the lease.

"We are pleased to have structured a transaction that addressed the future needs of the company and at the same time allowed the current cash value of the asset to be realized," Gino Sabatini, a director at WP Carey, says in a statement. "The acquisition is consistent with our strategy of purchasing corporate properties that are critical to the tenant company's business and integral to its ongoing operations."

In addition to the local property, CSI has facilities in Memphis; Terrell, TX; and Phoenix.