CPA®:18 – Global, one of W.P. Carey’s sponsored, non-traded REITs, announced today the acquisition of a headquarters and manufacturing facility and two manufacturing facilities for an approximate purchase price of $17 million.
The three facilities total 362,000 square feet and are all leased to Janus International Group, LLC (Janus) for a period of 20 years. Founded in 2002, Janus is the leading manufacturer of steel roll up sheet doors and storage facility components for self-storage, commercial, and industrial markets.
The three facilities, which are located in Georgia, Arizona, and Texas, house the entirety of Janus’s manufacturing capacity. The facility located in Temple, Georgia also houses the company’s corporate headquarters and is the largest of the company’s facilities.
“Given Janus’s leading position in the roll up door market, the criticality of the assets themselves and the sponsorship support of an established private equity firm, the investment had the characteristics we look for when sourcing investments for our portfolios,” commented W. P. Carey Executive Director, Kathleen Barthmaier.
In addition, Janus is part of a portfolio belonging to private equity firm, Saw Mill Capital. Saw Mill Capital is an operations-oriented private equity firm focused on acquiring businesses that can be meaningfully grown, both organically and through acquisitions.
CPA®:18 – Global is a $1.4 billion offering that seeks to acquire properties through long-term net leased asset acquisitions and lease the properties back to the tenant companies primarily on a long-term, triple-net basis. It is still open to new investors and expects to close its public offering on May 7, 2015.
Through March 20, 2014, the REIT has raised over $590 million. As of June 30, 2014, CPA®:18 – Global will no longer sell Class A Shares but will continue to sell shares of Class C common stock.