NEW YORK CITY-W.P. Carey & Co. said Wednesday it has closed on the $51-million acquisition of four industrial facilities in a sale-leaseback deal with air filtration manufacturer Flanders Corp. The four facilities, which total 1.4 million square feet, were acquired through CPA: 17 Global, one of W.P. Carey’s publicly held non-traded REIT affiliates.

The four facilities are located in Bartow, FL; Ardmore, OK; Smithfield, NC; and Momence, IL, according to W.P. Carey. Flanders, headquartered in Washington, NC, had bought the Ardmore facility, formerly occupied by Best Buy, in January 2010.

In a release, W.P. Carey says the deal will provide Flanders with financing that will help the manufacturer pay down debt and fund expansion costs at two of the facilities. “Working with the company’s management team, we were impressed by their ability to implement sales, operating and automation initiatives that have resulted in improved profits and operating performance,” says Gino Sabatini, managing director at W.P. Carey, in a release. “We believe that the implementation of these initiatives combined with the long term financing provided by the acquisition of these properties will enable the company to compete successfully today, support future growth and provide a strong financial platform with respect to strategic alternatives they may be exploring currently or in the future.”