Carey Institutional Properties Acquires Bolder Technologies Corporate Headquarters and Main Manufacturing Facility
W. P. Carey Deploys Hi-Tech Experience to Capitalize on Opportunity in Denver Market
NEW YORK, NY – May 25, 1999 – W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, announced that it has completed the acquisition of the corporate headquarters and main manufacturing facilities of Bolder Technologies Corp. (NASDAQ: BOLD) from an affiliate of Panattoni Development Co., on behalf of Carey Institutional Properties (CIP®). CIP®, a publicly-owned real estate investment trust (REIT), is a member of the $2.5 billion W. P. Carey Group. The 149,762 square foot facility acquired is located on approximately 8.6 acres in the Coors Technology Center in Jefferson County Colorado. Of the facility, 126,720 square feet (85%) is leased to Bolder Technologies Corp. under a triple net lease with a remaining term of approximately 9.5 years. The balance of the facility is leased to Northstar Computer Forms. The purchase price of the property was approximately $6.7 million.
Commenting on the investment, W. P. Carey Managing Director Gordon F. DuGan noted, "Bolder Technologies management team possesses the capabilities and experience that will allow it to shift from a technical development and manufacturing implementation phase to a commercial phase, focusing on growing revenues and improving profitability. Given these strengths Bolder Technologies is well positioned to capture an increasing share of the global battery market. The Company’s skilled management, focused strategic plan, and favorable market positioning are among the characteristics we look for in our tenants. Working closely with Panattoni Development Co., the developer of the facility, we were able to structure a transaction that addressed the seller’s priorities while at the same time providing a secure investment for our shareholders."
W. P. Carey’s Senior Vice President, Gordon J. Whiting added, "The state-of-the-art facility’s location in the Coors Technology Center makes it an attractive real estate investment. Located just 16 miles west of Downtown Denver and one mile from the I-70 exit ramp, the property benefits from excellent accessibility from all parts of the Denver Community. With a diversified employment base serving the trade, government, financial services, manufacturing and software development sectors, the Denver MSA is a vibrant economic region that we believe will support and enhance local real estate values. Given these characteristics the investment should provide a strong stable income and value component to the CIP® portfolio."
Bolder Technologies Corp. is an energy technology company involved in the development and commercialization of advanced, high power, rechargeable lead acid-based battery systems based on its patented Thin Metal Film (TMF) technology. Bolder's TMF batteries use proven lead acid electrochemistry in a proprietary configuration that has higher power density than any other commercially available battery system.
Panattoni Development Co., based in Sacramento, California, develops leases and owns commercial and industrial projects in more than 45 cities. Based on the number of square feet developed over the last five years, Panattoni is ranked in the top five commercial and industrial developers in the United States. Since its inception in 1986, the company has developed more than 40 million square feet worth an estimated $1.2 billion.
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 $2.5 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.
