My Cup Runneth Over; W.P. Carey’s CPA18 – Global Acquires Solo Cup Distribution Facility
W.P. Carey announced today that its non-traded REIT affiliate, CPA®:18 – Global, has completed two acquisitions to the tune of $92 million.
The company acquired a facility on a 90.24 acre site outside of Chicago in University Park, Illinois that is leased to a Solo Cup affiliate. Solo Cup Company manufactures single-use products used to serve food and beverages. The 1.5 million square foot facility was purchased for approximately $85 million.
CPA®:18 – Global also acquired the Air Enterprises manufacturing/warehouse facility in Streetsboro, Ohio. The 178,180 square foot facility was purchased for approximately $7million. Air Enterprises makes and assembles custom aluminum air handling equipment for commercial customers.
W.P. Carey’s Managing Director and Co-head of Global Investments commented, “The two transactions closed on behalf of CPA®:18 – Global demonstrate how W. P. Carey can tailor transactions that enable private companies and institutional real estate investors to sell assets on a timely basis consistent with their specific investment strategies and liquidity requirements. Sourcing, structuring and executing on a variety of single-tenant property types in diverse industries and locations supports our established investment strategy of generating stable, long-term cash flow for investors.”
As a publicly traded REIT, W.P. Carey specializes in build-to-suit financing and long-term sale-leaseback for companies around the world. CPA®:18 – Global, sponsored by W.P. Carey, is a non-traded REIT that focuses on building a diversified portfolio of income-generating commercial properties and other real-estate related assets. Its maximum offering size is $1billion and it is still open to new investors.