Furniture warehouse changes hands in sale-leaseback
Tenant plans long-term occupancy
By Inman News, Friday, September 16, 2005.Investment firm W. P. Carey & Co. acquired and leased back a warehouse distribution facility in Norwich, Conn.
The purchase price was $10.3 million. In addition, W. P. Carey announced that it would provide an additional $12.3 million to fund the expansion of this facility, bringing the total cost of the transaction to approximately $22.6 million.
Bob's Discount Furniture LLC sold the property and will lease the facility for an initial period of 20 years.
The size of the property was not disclosed.
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