W.P. Carey has announced the approximately $100 million sale-leaseback of a five-building manufacturing and industrial campus in Monterrey, Mexico.
Four of the properties were acquired in October, with the remaining property acquired in December. Totaling 1.1 million square feet, the portfolio is triple-net leased to a leading manufacturer of highly engineered industrial components.
The facilities produce products that generate a significant portion of the company’s revenue. Over the last five years, the tenant has also made significant capital investments into the properties, underscoring their criticality. The campus is strategically located in Monterrey, near major customer manufacturing facilities.
The properties are master leased on a triple-net basis for a term of 25 years with fixed annual rent escalations.
