Furniture warehouse changes hands in sale-leaseback

Tenant plans long-term occupancy

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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. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....