Investment firm W. P. Carey & Co. LLC announced Wednesday that it completed a sale-leaseback transaction with Kings Super Markets Inc. for six stories in northern New Jersey.
The value of the transaction was $48.4 million.
W.P. Carey leased the properties back to Kings Super Markets under long-term triple net leases. The six grocery stores are located in Summit, Livingston, Maplewood, Montclair, Morristown, and Cresskill, N.J.
W. P. Carey & Co. LLC is a real estate investment firm that owns more than 675 commercial and industrial properties in 13 countries, representing over 95 million square feet, valued at more than $7.7 billion.
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