W. P. Carey Inc. (WPC), a real estate investment trust (“REIT”) specializing in corporate sale-leaseback financing, buid-to-suit financing, and the acquisition of single-tenant net-lease properties, announced today that CPA®:17 – Global, one of its publicly-held non-traded REIT affiliates, has acquired an office building in Tempe, Arizona leased to Avnet, Inc. The facility serves as the global headquarters of Avnet’s Technology Solutions group.
The 132,070 square-foot property is located on a nine acre site within the Arizona State University Research Park in Tempe, the best performing major submarket of Phoenix. With excellent freeway exposure along the Loop 101, the site provides parking for more than 660 vehicles and room for future expansion of the facility.
The facility serves as the group corporate headquarters for Avnet Technology Solutions, one of two operating groups of Avnet, Inc. Constructed in 2000 as a build-to-suit for Avnet, the company has made several capital improvements to the property over the years. Most recently, Avnet has sought permission to install solar panels on the roof and covered parking to improve energy efficiency and continue its commitment to operating a “greener” facility.
Kathleen Barthmaier, W. P. Carey Executive Director said, “The facility is a high quality, critical asset leased to a Fortune 500 company located in one of the most desirable office parks in Tempe. The acquisition allowed us to provide liquidity to the current owners while adding a solid income generating property to CPA®:17 – Global’s portfolio.”
Amy Hillman, Dean of the W. P. Carey School of Business at Arizona State University (separate entity from buyer) added, “W. P. Carey’s acquisition of the Avnet facility serves to strengthen our relationship with this outstanding corporate partner. We are thrilled to have W. P. Carey join the roster of investors in the Research Park and look forward to many more opportunities for collaboration.”
The property is leased for ten years to a BBB- Standard & Poor’s rated tenant. Avnet, Inc. (AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers globally.