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NEW YORK, Feb. 11, 2021 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced three investments totaling $149 million and covering approximately 1.5 million square feet. The investments comprise operationally-critical properties triple-net leased to industry-leading tenants with a weighted-average lease term of approximately 24 years. The transactions bring year-to-date investment volume to $203 million, including the completion of two capital investment projects totaling $54 million.
The investments include
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$75 million sale-leaseback of two packing, production and distribution facilities, which include cold storage, net leased to a leading vertically integrated grower-packer-shipper of seasonal, high-value summer-fruit. The facilities are strategically located in proximity to the tenant's approximately 20,000 acres of owned farmland in California's Central Valley, which benefits from climate conditions ideal for year-round farming. The mission-critical facilities represent the majority of the company's storage, processing and distribution operations and total over one million square feet. The tenant has invested significantly in the facilities, underscoring their criticality. The facilities are triple-net leased under a master lease for a 25-year term, with fixed annual rent increases.