Back-to-school buy for W.P. Carey.

CHICAGO: Investment firm, W. P. Carey & Co. LLC announced that CPA: 17--Global, its publicly held non-traded REIT affiliate, acquired Kendall College's Riverworks Campus on Chicago's Goose Island. The 179,490 s/f, eight-story building is located less than 1.3 miles from downtown Chicago, situated along the Chicago River.

Catering to the college's 1,350 undergraduate and graduate students in the culinary, global business, hospitality and education fields, the building was recently partially redeveloped and is host to several wireless classrooms, a fine dining room and office space. Laureate Education, Inc. recently acquired Kendall College and will lease the facility from W. P. Carey on a long-term basis.

"W. P. Carey has a long history investing in for-profit educational facilities," said Kathleen Barthmaier, VP at W. P. Carey. "Lincoln Technical Institute, Career Education Corporation and Universal Technical Institute are only a few of the many companies we have worked with over the years. By facilitating Laureate's acquisition of Kendall College, we gained another strong for-profit education tenant and potential long-term growth partner. Our history with UTI--investing more than $140 million in UTI's facilities over 15 years--is a great example of how we are a constant source of capital through varying market cycles. We hope to cultivate a similar relationship with Laureate."