Business Services Industry
W. P. Carey acquires facility in Georgia from Nexpak
Real Estate Weekly, June 6, 2001
W. P. Carey & Co. announced it has acquired a key manufacturing facility from Nexpak Corporation ("Nexpak"), one of the world's largest media packaging companies, for approximately $13.6 million. The facility, located in Duluth, Ga., serves as one of Nexpak's primary manufacturing and distribution centers and will be leased to Nexpak for an initial period of 20 years under a bond-type net-lease.
The 221,374 SF facility was purchased on behalf of Corporate Property Associates 14 Incorporated (CPA14), a privately held REIT that invests in single-tenant commercial properties.
Nexpak was formed in August 1999 following the merger of four plastic, injection-molding companies -- Atlanta Precision Molding, European Precision Molding, Joyce Molding, and Alpha Enterprises' Media Packaging Division.
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