NEW YORK CITY-W. P. Carey Inc. has made two acquisitions on behalf of CPA®:18–Global, one of its managed non-traded REIT affiliates, for approximately $92 million. Both of the assets, which are located in Illinois and Ohio, are industrial facilities.
Located on a 90.24 acre site in University Park, IL, the first acquisition is a 1,552,475-square foot distribution facility for which the price was approximately $85 million. The Dart Container/Solo Cup National Distribution Center is leased to an affiliate of Solo Cup Co., which focuses on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. The company was founded in 1936 and recently acquired by Dart Container Corp.
The institutional ownership of the property was advised by Fulcrum Asset Advisors in Chicago and was represented by Erik Foster and Mike Wilson of Avison Young's national industrial capital markets group, along with Brendan Kelly of the firm's global supply chain practice.
In Streetsboro, Ohio—less than 25 miles from Cleveland's central business district—W.P. Carey bought a 178,180-square-foot property for approximately $7 million. The asset is leased to Air Enterprises for a period of 15 years. Founded in 1964, Air Enterprises assembles and produces custom aluminum air handling equipment for commercial customers.
“These two transactions closed on behalf of CPA®:18 – Global demonstrate how W. P. Carey can tailor transactions that enable private companies and institutional real estate investors to sell assets on a timely basis consistent with their specific investment strategies and liquidity requirements,” says Gino Sabatini, W. P. Carey managing director and co-head of global investments. “Sourcing, structuring and executing on a variety of single-tenant property types in diverse industries and locations supports our established investment strategy of generating stable, long-term cash flow for investors.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
