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W. P. Carey invests $119M in industrial properties

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W. P. Carey invests $119M in industrial properties

W. P. Carey Inc. invested a total of roughly $119 million in triple-net leased industrial properties with a weighted average lease term of approximately 20 years.

The company paid $41 million for the acquisition of a 550,000-square-foot distribution facility in Kilgore, Texas, that is leased to hardware distributor Orgill Inc. W. P. Carey will also provide up to $14 million to expand the facility by another 329,000 square feet. Completion of the expansion is expected in mid-2019.

The diversified real estate investment trust also agreed to a $33 million sale-and-leaseback transaction with an independent waste company. The deal involves six properties, including five transfer stations/material recovery facilities and a corporate headquarters in the Greater Chicago area.

Lastly, the New York-based REIT invested $31 million in Greater Chicago area distribution, warehouse and global headquarters rented by automotive products manufacturer and distributor Brake Parts Inc.