W. P. Carey makes investments totaling $188m

WP. Carey, a net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has announced recent investments totaling approximately $188 million, all of which were completed during the first quarter of 2019. The investments comprise mission-critical properties triple-net leased to industry-leading tenants with a weighted-average lease term of more than 15 years.

The transactions include:

$38 million investment in a 763,000-square-foot distribution center in Inwood, W.V., net leased to its existing tenant, Orgill, the world’s largest independent hardware distributor. The high-quality distribution facility is strategically located in close proximity to major highways and trucking routes and serves as Orgill’s sole distribution facility for the northeastern United States, with more than 400 employees on site. The property is triple-net leased for a period of 15 years a