CHICAGO—CPA®:18 – Global, one of the managed non-traded REITs of W. P. Carey Inc., has just purchased the utility Exelon Generation's regional headquarters in suburban Warrenville for $34.8 million from the Northwestern Mutual Life Insurance Co. The five-story facility at 4300 Winfield Rd. is triple-net leased on a long-term basis and REIT officials say it will provide a steady flow of cash for years to come.
“For W. P. Carey and our managed funds we are looking to generate income over the long term,” Gino Sabatini, managing director and head of net lease investments for the New York-based W. P. Carey, tells Globe St.com. “Utilities are long term businesses and as such are an ideal fit for our long-term investment strategy.”
The strength of this particular tenant was a big draw. S&P rates Exelon Generation, a wholly-owned subsidiary of Exelon Corp. as BBB while Moody's has it at Baa2. Parent company Exelon Corp. is rated BBB and Baa1 and has a market capitalization of $28 billion.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
