Combined properties make up 4.0 MSF across 29 U.S. states and two Canadian provinces
CHICAGO – June 13, 2016 – CBRE represented Forterra Buildings Products in a sale-leaseback transaction consisting of 49 properties for $217 million. The buyer was New York based W.P. Carey Inc.
The properties combine for 4.0 million square feet and are spread across 29 U.S. states and two Canadian provinces. Forterra Building Products assumed a 20-year lease for each property.
Andrew Sandquist, Senior Vice President, Brian Scott, Senior Managing Director, JC Asensio, Senior Associate, and Briggs Goldberg, Financial Analyst, with the Corporate Capital Markets group of CBRE, represented Forterra Building Products in the transaction.
“This was a very unique transaction consisting of a geographically diverse portfolio with locations across the United States and Canada,” said CBRE’s Sandquist. “Today, investors have a big appetite for single-tenant assets with long-term leases.” CBRE’s Scott added “with the strength of the commercial real estate market, sale-leaseback transactions continue to be a very effective source of capital for occupiers to fund other corporate initiatives such as acquisitions, plant expansions and investments in equipment.”
Based in Irvine, Texas, Forterra is a leading multinational manufacturer of clay and concrete building products. The properties included in the sale represent a large portion of the firm’s concrete pressure pipe and concrete gravity pipe manufacturing operations. The majority of buildings are located near major U.S and Canadian highways and consist of manufacturing, office and storage facilities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
