W.P. Carey acquires warehouse property

Investment firm W. P. Carey & Co. LLC has acquired and leased back a warehouse and manufacturing facility from Pittsburgh, Pa.-based Precise Technology for $16.4 million, the company said today.

The facility includes 264,000 square feet, and is located in Buffalo Grove, Ill. It will be leased back for an initial period of 20 years. Precise Technology has the option of maintaining control of the facility for an additional 20 years after the initial lease term expires.

The transaction is W. P. Carey's second sale-leaseback deal with Precise Technology, a portfolio company of Chicago-based private equity firm Code Hennessy & Simmons LLC. The transaction was completed on behalf of Corporate Property Associates 16 - Global Inc., a member of the W. P. Carey Group of real estate investment trusts.

In October 2003, W. P. Carey, on behalf of its affiliate Corporate Property Associates 15, acquired five office, manufacturing and warehouse facilities from Precise Technology for $29.3 million. The facilities, totaling more than 616,000 square feet, are located in Buffalo Grove, Ill.; Excelsior Springs, Mo.; Pittsburgh, Pa.; St. Petersburg, Fla., and West Lafayette, Ind.

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