Search
 

Sabre, WP Carey Strike 20-Year Sale-Leaseback

ALVARADO, TX-Sabre Industries banks nearly $30 million for 578,336 sf of manufacturing space in Texas and Louisiana. There's more to come in Texas, including development.

By Connie Gore | Updated on August 14, 2008

[IMGCAP(1)]ALVARADO, TX-In a deal pushing $30 million, WP Carey Inc. has completed a 20-year sale-leaseback with Sioux City, IA-based Sabre Industries Inc. for the first phase of a manufacturing complex south of Fort Worth and a 75-acre footprint in Louisiana. And next week, phase two will be up for grabs as a sale-leaseback too.

In all, the New York City-based investment group has bought 578,336 sf of Sabre-leased industrial space. The Alvarado piece consists of four buildings, totaling 200,748 sf, on 64.5 acres at 8653 E. Highway 67 in Johnson County. A 42,000-sf building, rising as phase two, will come to market in the $15-million to $18-million range. In Bossier City, LA, Sabre sold a 386,588-sf plant that it inherited in the lock, stock and barrel acquisition of CellXion LLC in September 2007. Situated on 75 acres, the plant at 5031 Hazel Jones Rd. was built in 1996 and expanded several times, the latest addition coming in 2004.

Sabre bought 147 acres about two years ago in Alvarado. It has reserved 60 to 80 acres to develop an industrial park around its manufacturing complex, which makes steel pipes for the cell phone industry. Craig Hughes, director of Cushman & Wakefield of Texas Inc., tells GlobeSt.com that the tentative plan is to divvy the surplus land into six tracts, each capable of supporting 50,000 sf to 100,000 sf, for lease, sale and build-to-suit projects. Ground will break before the year ends, he says.

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.