W.P. Carey has paid $149 million for three investments, covering approximately 1.5 million square feet. The investments comprise operationally critical properties triple-net leased to industry-leading tenants.
The investments include:
The $75 million sale-leaseback of two packing, production and distribution facilities, which include cold storage, net leased to a leading vertically integrated grower-packer-shipper of seasonal, high-value summer-fruit. The facilities are strategically located in proximity to the tenant's approximately 20,000 acres of owned farmland in California's Central Valley, which benefits from climate conditions ideal for year-round farming. The mission-critical facilities represent the majority of the company's storage, processing and distribution operations and total more than 1 million square feet. The tenant has invested significantly in the facilities, underscoring their criticality. The facilities are triple-net leased under a master l
