UNLOCK THE POWER OF THE VAULT

W. P. Carey REIT Affiliate Invests $70M in 6 New York Self-Storage Facilities

May 3, 2016

May 2, 2016 | Inside Self Storage

CPA:17 – Global, a publicly held, non-traded real estate investment trust (REIT) managed by global net-lease REIT W. P. Carey Inc., recently acquired a stake in six Secure Self Storage facilities in New York. The REIT paid a total of $69.9 million in three separate deals for investments in the Bronx, Brooklyn and Queens, according to the source. The properties include:

  • 4268 Third Ave., Bronx
  • 1725 West Farms Road, Bronx
  • 1037 Zerega Ave., Bronx
  • 1205 Flatlands Ave., Brooklyn
  • 1545 Schaeffer St., Queens

The deals include a 45 percent interest in the Flatlands Avenue, Schaeffer Street, West Farms Road and Zerega Avenue properties, acquired for $43.7 million from private-equity fund City Investment Fund and operated by real estate firm Fisher Bros. It also acquired an additional 15 percent in the same facilities from TVG Partners for $20.9 million, the source reported. In a third transaction, the REIT acquired a 45 percent interest in the Third Avenue facility from City Investment Fund for $3.55 million.

The deals will expand W. P. Carey’s footprint in New York. The company previously owned two New York City properties, according to the source.

W. P. Carey owns 189 self-storage facilities in 28 states. The company announced last fall that it’s evaluating whether it should break into three separate businesses. The new structure would likely include a U.S. net-lease REIT that would own and manage domestic commercial properties, an international net-lease entity, and an asset-management company that would create non-traded REITs and other alternative investment products.

W.P. Carey is a New York-based investment-management company that oversees a global investment portfolio and has an enterprise value of approximately $10.4 billion. It manages a series of non-traded REITs with assets under management of approximately $11 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.

Sources:

Article Located Here

 

Print Friendly, PDF & Email
Go Back
Steve Siepak
Blue Vault session at the recent National Planning Holdings National Conference
September 13, 2017

The well-attended Blue Vault session at the recent National Planning Holdings National Conference was very well received. The value of their products was evidenced by the volume of questions from the attendees. Stacy Chitty, Managing Partner, did an excellent job of explaining the history, strategy and value of Blue Vault data.