New York City-based investment firm W. P. Carey & Co.\u2019s publicly held non-traded REIT affiliate CPA:16-Global has purchased four manufacturing facilities from Best Brands Corp. for approximately $50 million. Each of the facilities contains a combination of manufacturing, warehousing and refrigerated warehousing. The properties total approximately 665,000 square feet and are located in Colton, Calif.; Dallas; Bonner Springs, Kan.; and Eagan, Minn. The facilities will be leased back to Best Brands, a baked goods company, on a long-term basis. \u201cWe really like the company and we think Best Brands is a leader in the bakery industry,\u201d Gino Sabatini, executive director at W. P. Carey, told CPN. \u201cWe\u2019re happy to do a long term deal with them.\u201d The sale-leaseback financing with W. P. Carey was ideal for Best Brands as it allowed the firm to access the value tied up in a number of key real estate assets and redeploy that capital in its core business. \u201cIt\u2019s a difficult market to get financing in, but this shows that we can get deals done even in such a difficult environment,\u201d noted Sabatini (pictured). \u201cWe\u2019re actively working right now on several other deals. We don\u2019t really target any specific industry or market; we\u2019re really just opportunistic in our outlook while searching for good companies.\u201d Sabatini said the acquisition is consistent with the firm\u2019s core investment philosophy of investing in key assets of well managed operating companies. Given the current credit environment at a time when other sources of capital are limited, Sabatini said he was pleased to work with Best Brands and its investors. W. P. Carey & Co. provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio worth more than $10 billion. W. P. Carey and its CPA series of income-generating, non-traded REITs help companies and private equity firms release capital tied up in real estate assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
New York City-based investment firm W. P. Carey & Co.\u2019s publicly held non-traded REIT affiliate CPA:16-Global has purchased four manufacturing facilities from Best Brands Corp. for approximately $50 million. Each of the facilities contains a combination of manufacturing, warehousing and refrigerated warehousing. The properties total approximately 665,000 square feet and are located in Colton, Calif.;…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003730205","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n