W. P. Carey on Tuesday announced that its affiliated income-generating real estate fund, Corporate Property Associates 16 – Global Inc., acquired two warehouse properties located in Ringwood, N.J., and Alameda, Calif., and leased them back to CheeseWorks, a food distributor, under a long-term triple net lease.
The value of the transaction was $10.5 million.
Both properties served as cold storage and distribution facilities at the time of sale.
Ringwood, NJ-based CheeseWorks Inc. sells a wide variety of high-end imported and domestic cheeses to the organic, natural and specialty retail and foodservice markets.
Founded in 1973, W. P. Carey & Co. LLC is a global real estate investment firm.
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