CPA:17 – Global Acquires Ohio Solar Distribution Facility
Corporate Property Associates 17 – Global, a publicly registered non-traded REIT sponsored by W.P. Carey (NYSE: WPC), purchased a distribution and light manufacturing facility in Perrysburg, Ohio for approximately $14 million from InSite Real Estate LLC, a regional developer based in suburban Chicago.
The 391,700-square-foot facility serves primarily as warehousing for solar panels, with about 80,000 square feet dedicated to light assembly, and was recently renovated with $4 million in improvements. First Solar Inc. (NASDAQ: FSLR), a global provider of photovoltaic solar systems, is leasing the facility for 10 years with annual 2 percent rent escalations.
“The acquisition of the First Solar asset adds a critical facility with strong real estate fundamentals to CPA:17 – Global’s portfolio. The attractive initial cash flow, high asset quality and net lease to a strong credit tenant are consistent with our investment criteria,” said Zachary Pasanen, W. P. Carey vice president.
CPA:17 – Global went effective in November 2007 and closed in January 2013 after raising $2.9 billion in investor equity. The company’s portfolio consists of 446 properties with an investment cost of $4.5 billion, since the company’s last quarterly filing with the Securities and Exchange Commission.
