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Raytheon Missile Defense has a new Landlord

W.P. Carey announced today that its non-traded REIT, CPA®:17 – Global, recently acquired three properties for a total purchase price of approximately $28 million.

One property is an office building in the Tucson South Submarket of Arizona. Occupied by Raytheon Company, the facility serves as corporate headquarters for Raytheon’s Missile Defense Systems division. The total acquisition price for the property was approximately $20 million.

The REIT also acquired two properties from the PendaForm Company, a designer, manufacturer and marketer of heavy gauge thermoformed products for the North American auto industry. CPA®:17 – Global acquired PendaForm’s corporate headquarters/research and development facility in New Concord, Ohio as well as its manufacturing facility in Bluffton, Indiana. The total purchase price for the two properties was approximately $8 million. The facilities are leased to a subsidiary of PendaForm for a period of 20 years.

Gino Sabatini, Managing Director of W.P. Carey and Co-Head of Global Investments, commented, “These two transactions illustrate our ability to tailor the deals we structure to both large publicly held corporations and private enterprises while maintaining our strategy of generating stable, long-term cash flow for our investors.”

He continued, “Having completed an earlier transaction with PendaForm in 2012, we were pleased to again work with the owners and provide capital for the expansion of their business. At the same time, as part of the current transaction, we were able to extend the lease term of the original transaction with them, thereby securing additional future cash flow for CPA®:17 – Global’s investors.”

Formed in 2007 to invest in a diversified portfolio of income-producing commercial properties and real estate-related assets, CPA®:17 – Global closed to new investors in December 2012, after raising $2.9 billion in equity. Its portfolio consists of 99 tenants in 10 countries and 27 industries.