Wednesday, January 19, 2011

Two Net Lease Facilities Acquired for $52.4M

Corporate Property Associates 17 - Global Incorporated has acquired two cold storage facilities, one each in Unadilla, Georgia and Rincon, Georgia, totalling approximately 497,002 square feet.

The company purchased the facilities from Flint River Services, Inc. and entered into a net lease agreement for the same with Flint River Services, LLC, an affiliate of Bay Grove Capital, LLC.

The total cost of acquiring the facilities, including estimated acquisition fees and expenses, was approximately $52.4 million.

The facilities are leased to Flint River under a net lease. The lease has an initial term of 20 years and provides for three ten-year renewal options.

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