In separate transactions, W. P. Carey has acquired several new industrial investments, totaling $53 million.
The transactions include:
- $19 million sale-leaseback of a 301,000-square-foot warehouse and light-manufacturing facility in Statesville, N.C., net leased to Founder Sport Group, a leading manufacturer and supplier of stock and sublimated team uniforms, performance athletic wear and fan wear under the Badger Sport and Alleson brands. The property operates as Founder Sport Group’s primary fulfillment center in the United States as well as its corporate headquarters, underscoring its criticality. The facility is triple-net leased for a period of 20 years with annual uncapped CPI rent increases.
- $24 million sale-leaseback of eight production facilities totaling 525,000 square feet located across the United States and Mexico and net leased to a leading global manufacturer of electrical wire harnesses, control boxes and other value-added components for a diverse customer base. The mission-critical portfolio represents a significant portion of the company’s North American manufacturing footprint. The properties are triple-net leased for a period of 20 years under USD-denominated master leases by country, with annual rent escalations based on U.S. CPI.
- $10 million sale-leaseback of two manufacturing and distribution facilities totaling 147,000 square feet in Westerville, Ohio, and North Wales, Pa., net leased to Integrated Warehouse Solutions (IWS), a manufacturer of specialty heavy-duty industrial material handling equipment and a provider of warehouse safety solutions. The properties are triple-net leased for 20 years with fixed annual rent escalations.