Expansion funding for existing tenant

W. P. Carey supports growing tenant with two 1M-square-foot expansions

Harbor Freight Tools

After acquiring the distribution facility for $32 million in 2011 from Harbor Freight, a family-owned national tool retailer, W. P. Carey agreed to fund two follow-on expansions for a total additional investment of $83 million. The expansions tripled Harbor Freight’s footprint in South Carolina and enabled the tool retailer to nearly double its workforce in the region and continue expanding its business.

 

“Since we opened our first facility here in 2001, the company has continued to grow and so has our need for a larger distribution center. We’ve made an investment in Dillon, we’ve become part of the community, and we’re proud to expand our presence in this region.”

Eric Smidt, CEO and Founder, Harbor Freight Tools