W. P. Carey Closes Financing on Walgreens Las Vegas Property
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NEW YORK, NY, Mar 07 (Marketwire) -- 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 investors." 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 decades. www.wpcarey.com 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. COMPANY CONTACT: Cheryl Sanclemente W. P. Carey Inc. 212-492-8995 firstname.lastname@example.org PRESS CONTACT: Guy Lawrence Ross & Lawrence 212-308-3333 email@example.com Copyright 2013, Marketwire, All rights reserved. -0-