Corporate Property Associates 14 Acquires Amerix Corporate Headquarters
$26.3 Million Sale-Leaseback Transaction Facilitates Consolidation of Leading Credit Service Provider’s Operations
NEW YORK, NY – November 11, 1999 – W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, announced today that it has closed on the acquisition of a 154,000 square foot, class "A" office building, located in Columbia, Maryland, on behalf of Corporate Properties Associates 14 (CPA®:14). CPA®:14, a private real estate investment trust (REIT), is a member of the $3 billion W. P. Carey Group. The Facility is leased to Amerix Corporation, the largest service provider to the credit counseling business. The purchase price of the existing facility was approximately $26.3 million and includes $3.6 million of sale-leaseback financing that was incorporated as part of the transaction for the build-out of the second floor of the building.
Commenting on the transaction, W. P. Carey Senior Vice President, Gordon J. Whiting, noted, "Amerix is well positioned in an industry that we believe will continue to flourish in all phases of the economy. As a result, we were able to fashion a financing that served to unlock cash tied up in the Company’s facilities. Amerix was able to rely upon our proven ability to provide financing solutions tailored to the specific needs of corporate tenants."
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The firm and its affiliates is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group manages the largest publicly traded limited liability company listed on the New York Stock Exchange and four real estate investment trusts (REITS). Collectively, Carey manages over 33 million square feet of property located in 41 states. The W. P. Carey Group’s properties have an aggregate value of approximately $3 billion.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
