NEW YORK, NY – July 31, 2007 – Investment firm W. P. Carey & Co. LLC (NYSE:WPC) announced today that it acquired Mountain City Meat Company’s Denver, Colorado facility and O’Charley’s Inc.’s Nashville, Tennessee facility, on behalf of its publicly held, non-traded REIT, CPA®:16 – Global.
Headquartered in Denver, Mountain City Meat Company is a beef processor, supplying a broad range of custom cuts of steak and ground beef to restaurant, foodservice and retail customers. O’Charley’s, a Nashville-based multi-concept restaurant company, has historically produced its own beef and other food products for use by its restaurants but decided to exit the production business and sell its plant.
“Mountain City had been searching for the appropriate expansion facility for the past few years when we were presented with the O’Charley’s opportunity,” said Mountain City President, Pat Boyer. “The sale-leaseback transactions with W. P. Carey facilitated our acquisition of O’Charley’s operations and a geographic expansion that will further fuel our company’s growth.”
W. P. Carey purchased the two meat processing facilities, which total approximately 250,000 square feet, for approximately $9 million each and will lease them to Mountain City Meat.
“We are excited to be a participant in Mountain City Meat’s growth,” said Gino Sabatini, Executive Director at W. P. Carey. “They are a premier custom meat processor and we look forward to a long term relationship. Their management team and business focus are emblematic of the type of companies with which we seek to invest.”
Mountain City Meat Company
Mountain City Meat Company has been in business producing meat products for more than 20 years. They produce consistent, quality products for food service customers and retail grocery chains.
O’Charley’s Inc.
Headquartered in Nashville, Tennessee, O’Charley’s Inc. (NASDAQ:CHUX) is a multi-concept restaurant company that operates or franchises a total of 365 restaurants under three brands: O’Charley’s, Ninety Nine Restaurant, and Stoney River Legendary Steaks in 27 states in the eastern half of the United States.
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With $9.2 billion in assets and $5 billion in equity capital, the Company and its CPA® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com
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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.
W. P. Carey & Co. LLC
50 Rockefeller Plaza
New York, NY 10020
www.wpcarey.com
