W.P. Carey Buys Two Properties for $26 million

W.P. Carey Buys Two Properties for $26 million

PORTAGE, WI—W. P. Carey Inc., through its non-traded REIT affiliate CPA: 17-Global, has purchased two properties here and in Dallas for $26 million.

The property here is a 272,000-sq.-ft. manufacturing and office facility occupied by the Penda Corp., a bedliner manufacturer owned by Cleveland-based Resilience Capital Partners, on a 20-year lease. The purchase price was approximately $10 million.

Gino Sabatini, managing director  and co-head of global investments, said the Penda transaction is an example of enabling portfolio companies of private equity firms to pay down debt, strengthen their balance sheets and access the capital value of their real estate assets to fund operations and growth strategies. 

The Dallas property is a 62,000-sq.-ft. House of Blues entertainment venue and restaurant. The property is leased to a subsidiary of Live Nation Entertainment, Inc., which also guarantees the lease. The purchase price was approximately $16 million. The historic structure dates back to the 1920's, when it housed a White Swan Coffee processing plant. The largest performance space in the building has capacity for 1,600 people.

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