Benzinga | Apr 29, 2021 07:54AM EDT

W. P. Carey Announces Two Industrial Investments Totaling $67M

W. P. Carey Inc. (NYSE:WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced two industrial investments totaling $67 million and covering approximately 580,600 square feet. The investments comprise operationally-critical properties triple-net leased to industry-leading tenants with a weighted-average lease term of approximately 13.5 years.

The investments include:

* $53 million acquisition of a 487,600-square-foot logistics site comprising two high-quality buildings net leased to Comprehensive Logistics Co., LLC, a leading third-party logistics provider for the automotive and other industrial industries. The company serves numerous OEM and Tier I clients, including Ford, General Motors, Paccar and General Electric Appliance. The highly-fungible site is located in a supply-constrained submarket of Detroit in close proximity to both Ford's largest production plant and the I-75 highway. The site comprises two buildings, including a Class-A warehouse that provides "just-in-time" warehouse management services for Ford and a separate warehouse currently housing glass products for a Tier I supplier to Ford. The site is triple-net leased with fixed annual rent escalations and for a remaining term of approximately 10.5 years.

* $14 million follow-on sale-leaseback of a 93,000-square-foot food production and distribution site net leased to one of the largest ice cream and beverage brands in the U.S., which is a current tenant of W. P. Carey. Located in Arkansas, the site will enable the tenant to increase its production volume, in-source previously co-manufactured capacity and offer new novelty products to its customers. The facility was added to the existing triple-net master lease for the tenant's primary production site in the Northeastern U.S., with the lease term extended to 25 years to be coterminous, and with fixed annual rent escalations.