W. P. Carey Announces Acquisitions of Walgreens Stores and Bearing Tech Headquarters for a Total of $32M
W. P. Carey & Co. (NYSE: WPC) announced today that it has acquired five retail stores leased to Walgreen Co. The properties, comprising a total of 74,100 square feet, are located in Virginia Beach, Virginia; Florence, Alabama; Snellville, Georgia; Concord, North Carolina and Rockport, Texas. The purchase price was approximately $25 million.
Commenting on the Walgreen acquisition, W. P. Carey Managing Director and Co-Head of Global Investments, Gino Sabatini, noted, "The five properties acquired are leased to an investment grade tenant and represent a solid income-generating investment. The addition of these facilities to our portfolio is consistent with our investment objectives, providing the potential for appreciation over the longer term as well as an attractive current yield."
The firm also announced that CPA®:17 - Global, one of its publicly held non-traded REIT affiliates, has acquired an industrial and headquarters facility located in Avon, Ohio. The 116,000 square foot facility has been leased back to Bearing Technologies, LLC under a 15-year net lease. The purchase price was approximately $7 million.
Bearing Technologies is the only design, test validation and manufacturing organization of aftermarket wheel hub assemblies in the United States. The company also manufactures components related to automotive bearing products for the aftermarket. Founded in 1997, the company's customers are among the largest distributors and manufacturers of automotive original equipment and aftermarket products across the globe.
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