KIK will use the proceeds to pay down debt and fund new capital projects. The firm, an arm of CI Capital since last year, is a manufacturer and distributor of products for such companies as Albertstons, Colgate-Palmolive and Procter & Gamble.
This is the third deal done between Angelo, Gordon & Co.'s net-lease team and CI Capital. "The sale-leaseback with AG Net Lease provided KIK with valuable capital to support its aggressive growth initiatives," says Steve Lefkowitz, president of New York City-based CI Capital Partners, which is a private-equity buyout operation.
Angelo, Gordon, also New York City based, is an investment firm with about $20 billion under management. Its net lease operations acquire commercial properties across all sectors and targets buyouts in the $5-million to $200-million range.
In June, Angelo, Gordon, along with Cambria Realty bought the 10351 Santa Monica Blvd. office building in Los Angeles for $35 million. The joint venture of Cambra and Angelo Gordon has closed a number of deals in Southern California, including its sale in April of a 63,276-sf medical office building at 120 S. Spalding Dr. in Beverly Hills to New York City's LeFrak Organization for $55 million.
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