CPA®:17 – Global, one of W. P. Carey Inc.'s managed non-traded REITs, has purchased a Class A office building in Plymouth, Minnesota for $34 million. The name of the seller, broker representation or terms of the sale were not disclosed; however, W. P. Carey did note in a press release that the building will be leased to Smith's Medical commencing in February 2015.
"Having recently acquired an asset in the submarket on behalf of another of our managed REITs, we are pleased to add this asset to CPA®:17 – Global's portfolio," said Gino Sabatini, managing director and co-head of global investments for W. P. Carey. "Plymouth, which is recognized as the healthiest submarket in the Twin Cities, is an area comprised of 25.5-million-square-feet of office space with a reported 7.2% vacancy rate."
The 182,000 square foot building at 6000 Nathan Lane N. was constructed in 1999 as part of a mixed-used development comprised of retail, residential and restaurant space. Smiths Medical, a leading supplier of specialist medical devices, consumables and equipment that operates in over 30 countries, has selected the building as its future headquarters as part of a broader initiative to reduce costs.
"This facility will allow us to consolidate our global headquarters functions and personnel, as part of a broader initiative to improve co-location, collaboration, cost and productivity," said Jeff McCaulley, president and CEO of Smiths Medical, in a press statement. " The new facility will allow us to create a modern and engaging work environment, while the decision to consolidate in the Twin Cities allows us to capitalize on the great talent and business environment in the region."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment