W. P. Carey Buys Sterling, VA Manufacturing Facility for $26M
CPA®:17 - Global, one of the W. P. Carey Inc. (NYSE: WPC) publicly held non-traded REIT affiliates, has acquired a 163,000 square foot manufacturing and office facility in Sterling, Virginia.
The property will be leased to Cuisine Solutions, Inc. under a 20 year net lease. The purchase price was approximately $26 million.
Cuisine Solutions produces and markets fully cooked, frozen, and prepared foods to foodservice, on board services, retail, military, and national restaurant chain businesses in the United States and Europe. Cuisine Solutions currently maintains over 400 SKUs (unique product identifier codes) and sells approximately 30 products through its retail arm.
Cuisine Solutions offers its products under its own label at retail locations but derives the majority of its business from national retail chains. Cuisine Solutions' differentiator is the process in which it prepares its food. "Sous-vide," French for "under vacuum," is the technology, science, method, and art of slow cooking food and sauces at low temperatures under vacuum seal (usually immersed in water). This style of cooking was pioneered by Dr. Bruno Goussault, Chief Scientist for Cuisine Solutions.
CPA®:17 - Global has also acquired a 274,000 square foot industrial and office facility in Elk Grove Village, Illinois. Approximately 239,000 square feet is leased to Shale-Inland Holdings LLC under a 15-year net lease, with the balance of the property leased to Material Sciences Corporation. The purchase price for this asset was $17 million.
Shale-Inland is the leading industrial supplier of products used in the transportation of water, food, energy, and information to its end use, specializing in the surface quality of stainless steel, aluminum, and carbon steel. Through 47 locations in North America, Shale-Inland delivers a broad spectrum of metal, pipes, valves, or finished parts to its customers.
Material Sciences (NASDAQ: MASC) is a leading provider of material-based solutions for acoustical and coated applications. Material Sciences uses its expertise in materials, which it leverages through relationships and a network of partners, to solve customer-specific problems.