W. P. Carey Closes Financing on Walgreens Las Vegas Property
NEW YORK, NY -- (Marketwire) -- 03/07/13 -- W. P. Carey Inc. (NYSE:
WPC), a real estate investment trust ("REIT"), announced today that
CPA(R):17 - Global, one of its publicly held non-traded REIT
affiliates, has closed on a $40 million financing with Wells Fargo
for the Walgreens retail store located on the first floor of the
Harmon Center in Las Vegas. The 20,000 square foot retail space is
leased to Walgreens under a 30 year triple-net lease. The property
was purchased for approximately $40 million in 2012.
Harmon Center is accessible by a pedestrian ramp crossing over the
intersection of Las Vegas Blvd. and East Harmon Avenue. Pedestrian
traffic is estimated to exceed 75,000 people per day, potentially
making it one of the busiest Walgreens stores worldwide.
Commenting on the financing, W. P. Carey Managing Director Jason Fox
noted, "We are pleased to complete the financing of this solid asset
on behalf of CPA(R):17 - Global. The long term, triple-net lease with
Walgreens, an investment grade tenant and the center's prime location
on The Strip in Las Vegas in combination with the recently closed
financing with Wells Fargo will enable this investment to generate
very attractive cash flows and returns for CPA(R):17 - Global and its
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc.
is a publicly traded REIT (NYSE: WPC) that provides long-term
sale-leaseback and build-to-suit financing for companies worldwide
and owns and manages an investment portfolio totaling approximately
$14.1 billion. The largest owner/manager of net lease assets, WPC's
corporate finance-focused credit and real estate underwriting process
is a constant that has been successfully leveraged across a wide
variety of industries and property types. Our portfolio of long-term
leases with creditworthy tenants has an established history of
generating stable cash flows that have enabled the Company to deliver
consistent and rising dividend income to investors for nearly four
This press release contains forward-looking statements within the
meaning of the Federal securities laws. A number of factors could
cause the Company's actual results, performance or achievement to
differ materially from those anticipated. Among those risks, trends
and uncertainties are the general economic climate; the supply of and
demand for office and industrial properties; interest rate levels;
the availability of financing; and other risks associated with the
acquisition and ownership of properties, including risks that the
tenants will not pay rent, or that costs may be greater than
anticipated. For further information on factors that could impact the
Company, reference is made to the Company's filings with the
Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
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