In a build-to-suit ("BTS"), W. P. Carey funds and manages the construction of a new facility or the expansion of an existing one to meet the specifications of a prospective or existing tenant. Upon completion, the company enters into a long-term net lease, while securing full operational control of the new or expanded facility.
We have extensive experience working with developers and tenants to structure customized build-to-suit financing programs that meet their specific needs -- whether it be traditional construction financing that funds over time or take-out financing upon completion.
W. P. Carey completed the sale-leaseback of a 66,000-square-foot food processing facility in Ohio. The transaction also included a commitment to fund an expansion to the existing facility and a build-to-suit commitment for a new, Class-A distribution facility located on the same campus. Construction is expected to be completed in November 2026. The facility is triple-net leased to Novus Foods, a leader in the refrigerated food and snacks market. With an acquisition-based growth strategy, Novus has acquired and integrated market-leading brands that produce foods that are well positioned in their respective product categories. Novus Foods is backed by private equity firm CapVest and benefits from its significant investment in the company as well as the broader food market.
$42 million acquisition of three state-of-the-art fitness facilities in Arizona from developer.
$38 million build-to-suit financing for mission-critical industrial facility with BREEAM Very Good rating.