W.P. Carey announces Jen-Coat net-leases.W. P. Carey & Co. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leading real estate investment banking firm and lessor One who rents real property or Personal Property to another. A lessor of land is a landlord. Cross-references Landlord and Tenant. lessor n. the owner of real property who rents it to a lessee pursuant to a written lease. of net leased corporate properties,. announced that it has acquired and leased back two facilities from Jen-Coat, Inc. (JenCoat). The purchase price of the properties was approximately $11.5 million. Under the terms of the sale-leaseback transaction, the facilities will be leased to Jen-Coat under a 20-year bond- type net lease, followed by two ten-year renewal options. The facilities, consisting of a total of 377,500 square feet of manufacturing, warehouse and office space, are located in Westfield, Massachusetts Westfield is a city in Hampden County, in the Pioneer Valley of Western Massachusetts, United States. The population was 40,072 at the 2000 census. The ZIP Code is 01085. History The area was originally inhabited by the Pocomtuc tribe, and was known as Woronoco. . Jen Coat's headquarters and main manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. are housed in a 250,000 square foot state-of-the-art facility situated on a 9.83-acre site. The Company's distribution and warehouse operations are centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. in a recently constructed (1998) 127,000 square foot facility situated on a 20-acre site. Westfield is located 99 miles west of Boston, in the southwest central portion of Massachusetts. The facilities were purchased on behalf of Corporate Property Associates 12 Incorporated (CPAa:12), a member of the W. P. Carey Group. Anne R. Coolidge, Executive Director of W. P. Carey said, "This sale-leaseback transaction effectively 'unlocks' 100 percent of the value of Jen-Coat's underlying real estate which will provide the company with additional capital to finance current operations and future growth. This deal is another example of W. P. Carey's proven expertise in working in conjunction with private equity firms such as Cravey, Green & Wahlen, to provide creative real estate financing solutions that meet the specific needs of their portfolio companies." Founded in 1972, Jen-Coat, Inc. is a leading manufacturer of a wide variety of specialized paper and non-woven flexible packaging products. The Company provides "value-added" consumer, industrial and medical packaging through extrusion coating, laminating lam·i·nate v. lam·i·nat·ed, lam·i·nat·ing, lam·i·nates v.tr. 1. To beat or compress into a thin plate or sheet. 2. To divide into thin layers. 3. and silicone coating processes. Jen-Coat's diverse customer base includes a number of blue chip companies including Sonoco, 3M Company, Kimberly Clark and Merisant (Equal). The Company is owned by management and Cravey, Green & Wahlen (CGW CGW Computer Graphics World (magazine) CGW Computer Gaming World CGW Chicago Great Western CGW Corning Glass Works CGW Coated Groundwood (paper) CGW Communication Gateway ), an Atlanta, Georgia based private equity firm specializing in management buy-outs of middle-market companies, with particular expertise in the packaging industry. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion