W. P. Carey Inc., a publicly traded REIT, announced that one of its publicly held non-traded REIT affiliates had acquired two properties for $26 million. CPA®:17 - Global acquired a 272,000 square foot manufacturing and office facility in Portage, Wisconsin and the 62,000 square foot House of Blues entertainment venue and restaurant facility in Dallas, Texas.
The Wisconsin property, sold for approximately $10 million, will be leased to Penda Corporation under a 20 year net lease. 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 House of Blues property is leased to a subsidiary of Live Nation Entertainment, Inc., which also guarantees the lease. The purchase price was approximately $16 million.
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