W. P. Carey buys medical, manufacturing space

Tenants lease back facilities

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Investment firm W. P. Carey & Co. LLC today announced that its publicly held, non-traded REIT affiliate, CPA:16 - Global, has purchased one Texas medical facility and two manufacturing properties located in Illinois and Michigan for a total of approximately $13.5 million. CPA:16 - Global purchased a medical facility in Harlingen, Texas, which is leased to Valley Diagnostic Clinic P.A. on a long-term basis. The affiliate also bought Pacific Press Technologies L.P.'s two Midwestern manufacturing facilities and leased them back to the sellers on a long-term basis. According to W.P. Carey Vice President Chad Edmonson, "W. P. Carey's team was able to purchase the leased facility and continue renting it to the clinic with no disruption to the doctors or their patients." Pacific Press is a manufacturer of capital equipment used in metal forming and plastic thermoforming. ...