W. P. Carey Group Closes on Acquisition of Two Food Distribution Centers Leased to Institutional Jobbers
$17.75 Million Acquisition Includes Distribution Facilities of a Leading Food Distributor
NEW YORK, NY – October 26, 2000 – W. P. Carey & Co. LLC (NYSE: WPC), a leader in the ownership and net leasing of corporate properties, announced today that it has closed on the acquisition of two distribution facilities, which are leased to Institutional Jobbers. The acquisition was on behalf of Corporate Property Associates 14 Incorporated (CPA®:14), a public, non-traded real estate investment trust (REIT) which is a member of the $2.5 billion W. P. Carey Group.
The two facilities acquired by W. P. Carey are located in Johnson City, TN and Valdosta, GA, and consist of an aggregate 412,000 square feet. The properties, leased to Institutional Jobbers under a 19-year net lease, were purchased for approximately $17.75 million.
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 in the USA and Europe. 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.
