Global Technology Company
W. P. Carey transforms outdated asset into state-of-the-art facility
Transaction Type: Redevelopment
Location: Illinois
Square Footage: 1.5 million square feet
Facility Type: Warehouse
Green Features: LED lighting, reduced carbon footprint
In 2023, W. P. Carey completed a full LED retrofit across a 1.5-million-square-foot vacant warehouse located in University Park, Illinois. Investments made by W. P. Carey, including the full LED retrofit, transformed the outdated portfolio asset into a state-of-the-art facility now leased to a global technology company, under a long-term lease.
As a result of W. P. Carey’s proactive investment, the property was not only upgraded to today’s market standard, but also reduced the overall carbon footprint of the building.
LED Retrofit:
35% reduction in electricity usage¹
35% reduction in carbon footprint¹
41% reduction in utility and maintenance bills¹
<1 year payback period²
¹ Anticipated savings related to lighting usage
² Net of incentives received
