WP Carey acquires $19.7 M in property from Gerber Scientific.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 of net leased corporate properties, announced it has acquired and leased-back three properties belonging to Gerber Scientific Gerber Scientific Inc., located in South Windsor, Connecticut, is the parent of companies which provide end-to-end customer solutions to the world's sign making and specialty graphics, ophthalmic lens processing, and apparel and flexible materials industries. Inc. for $19.7 million. Under the terms of the sale-leaseback transaction, the properties, which are located in South Windsor South Windsor (wĭn`zər), town (1990 pop. 22,090), Hartford co., N Conn.; set off from Windsor 1845. It is chiefly residential. Oliver Wolcott, a signer of the Declaration of Independence, was born there. and Manchester, Connecticut Manchester is a town in Hartford County, Connecticut, United States. As of the 2000 census, the town had a total population of 54,743.[2] History Manchester was settled by colonists around 1672 as a farming community. , will be leased to Gerber Scientific as part of a 17-year bond-type net lease with two additional ten-year options. The sites currently serve as Gerber Scientific's corporate headquarters and primary manufacturing/distribution space for two of its subsidiaries: Gerber Coburn Optical, Inc. and Gerber Scientific Products, Inc. They are located in the greater Hartford Greater Hartford is a region located in the state of Connecticut, centered around the state's capital of Hartford. Hartford's role as a focal point for the American insurance industry is known nationally. The vibrant music and arts scene defines the region's culture. , Connecticut area, just off Interstate 84, and include: a 194,000-SF single story office/light assembly building on 13.74 acres at 83 Gerber Road West in South Windsor; a 60,000-SF single story office and industrial structure on 5.18 acres at 55 Gerber Road West in South Windsor; and a 93,500-SF single story office and industrial facility on 9.36 acres at 151 Batson Drive in Manchester. The facilities were purchased on behalf of Corporate Property Associates 14 Incorporated, a member of the W. P. Carey Group. Edward V. LaPuma, executive director of W. P. Carey, said, "W. P. Carey and its affiliate, target middle-market tenants and private companies with an eye toward providing creative financing solutions to meet their corporate real estate needs. When a company removes real estate from its balance sheet, it is then able to reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of this much-needed capital to pay down debt, or finance other corporate initiatives. "After careful credit analysis and working closely with Gerber Scientific management, we were able to tailor this transaction to meet Gerber's specific needs. The sale-leaseback arrangement of these properties will enhance [CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. .sup.a]: 14's already diverse portfolio and provide further stability," concluded LaPuma. "A sale-leaseback transaction simply converts real estate into cash, which can then be more effectively used," stated Lynn M. Wytas, Treasurer, Gerber Scientific Inc. |
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