CPA:18 – Global, a non-traded REIT sponsored by W. P. Carey Inc. (NYSE: WPC), purchased a 208,900 square-foot warehouse and distribution facility in Plymouth, Minnesota for approximately $17 million.
The property, which was purchased from an unnamed Minnesota/Wisconsin-based private investment group, is net leased to Core-Mark International for 13 years.
W. P. Carey Vice President, Zachary Pasanen, commented: “The acquisition of the Core-Mark facility represented the opportunity to add another critical asset to CPA®:18 – Global’s portfolio. The property is located in the healthiest industrial submarket in the Twin Cities, with an overall vacancy at 8.5 percent at year-end 2014. The strategic location of the asset and significant infrastructure investments Core-Mark has made in the building, as well as Core-Mark’s solid credit and long lease commitment, were all factors that made this an attractive investment for CPA®:18 – Global.”
Originally constructed in 1975, the Core-Mark facility has been expanded twice, once in 1985 and again in 1995, to accommodate the company’s growth and conveyor picking system. The property is one of 31 distribution facilities utilized by Core-Mark and is its only facility in the Northern-Midwest. The seller is contributing $1 million for tenant improvements to the office space and enhancing the HVAC and lighting of the warehouse.