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W. P. Carey announces industrial investments totalling $111 Million
Company closes deals on more than 1.5 million square feet of space
W. P. Carey Inc. (NYSE:WPC), a net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has announced three industrial investments totalling approximately $111 million.
The transactions include:
- $30 million sale-leaseback of three industrial facilities totaling 619,000 square feet, net leased to Wendorff Bros. Co., Inc. ("Wendorff"). Wendorff manufactures, fabricates and assembles metal parts for more than 500 customers in diverse end markets. The properties are located in Wisconsin and comprise the majority of Wendorff's operating footprint. The portfolio is triple-net leased under a 25-year master lease with fixed annual rent escalations.
- $15 million sale-leaseback of two industrial facilities in Ontario, Canada, totaling 285,000 square feet. The facilities are net leased to Trillium Health Care Products Inc. ("Trillium"), a manufacturer of branded over-the-counter pharmaceutical and prescription products. The facilities, one of which includes its global headquarters, account for all of Trillium's manufacturing, warehouse and distribution capabilities. The properties are strategically located on the U.S. / Canada border, providing immediate access to transcontinental shipping routes. The properties are leased on a triple-net basis in USD under a master lease for a period of 22 years with fixed annual rent escalations.
- W. P. Carey has also agreed to acquire a yet-to-be-constructed, Class-A distribution facility totalling 614,000 square feet located in Tennessee for approximately $66 million. Construction of the facility is expected to be completed in April 2020.
Andrés Dallal, Executive Director of Investments, W. P. Carey, said: "Industrial continues to be one of the most sought-after sectors where we continue to successfully source deals that meet our investment criteria. Our established reputation and ability to quickly structure and close deals with multiple parties continues to position us as the preferred long-term partner for companies looking to unlock the value of their real estate. We look forward to continuing to grow our portfolio and generating shareholder value through accretive acquisitions with strong tenants and high-quality real estate."