MINNEAPOLIS—CPA®:18 – Global, a non-traded REIT affiliate of W. P. Carey Inc., has just acquired a 208,900 square-foot warehouse and distribution facility in northwest suburban Plymouth from a Minnesota/Wisconsin based private investment group for about $17 million. Although much of its 2014 buying was in overseas markets, this purchase shows that the New York-based WPC can still find opportunities in the top industrial markets in the US.

“Since the start of 2011, the northwest submarket has absorbed over 2.3 million square feet which is more than any submarket in the Twin Cities,” W. P. Carey vice president Zachary Pasanen tells GlobeSt.com. “Within this submarket Plymouth is one of the key western suburbs and is particularly attractive to both office and industrial users as it contains a highly educated workforce. A substantial number of corporate headquarters, regional headquarters, or regional distribution centers are located within Plymouth, demonstrating its positive demographics.”

The property is right in WPC's wheelhouse. The firm likes to buy buildings that play a key role in the operations of companies that are important within a particular industry. Core-Mark International, a subsidiary of Core-Mark Holding Co., Inc., occupies this property, located at 1035 Nathan Ln. North, under a net lease that the company guarantees and has 13 years remaining. Core-Mark has 31 distribution facilities but this is the only one that serves the northern portion of the Midwest.