NEW YORK, April 30, 2015 /PRNewswire/ -- W. P. Carey Inc., a global net-lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, today announced the acquisition of an office facility by CPA®:18 – Global, one of its managed non-traded REITs. The 166,000 square-foot facility is located in the Legacy Business Park in Plano, Texas and is leased to Intuit Inc. (Intuit) for a period of 11 years.
Market-leading tenant with history of growth: Intuit is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. Established in the 1980s, Intuit has grown substantially in recent years, growing from $3 billion in revenues in 2009 to over $4.5 billion in revenues in fiscal 2014. Intuit's retail products include QuickBooks, TurboTax and Quicken. The company has approximately 8,000 employees and major offices in the United States, Canada, the United Kingdom, India and other locations. Intuit is rated Baa1 by Moody's and BBB+ by Standard and Poor's and is listed on the NASDAQ with a market capitalization of approximately $27 billion.
Critical facility built for Intuit: The property was constructed as a build-to-suit for Intuit in 2001 and houses management, software development and engineering, as well as operations for its professional tax division. The facility includes a cafe, mail room, data center and full fitness center, including outdoor basketball and volleyball courts. Additional amenities include a grilling station with covered dining areas and an employee-created vegetable and herb garden.
Strong Dallas-area Legacy Business Park location: The Legacy Business Park is a 2,700-acre business park with an impressive roster of Fortune 500 campuses, several amenities and excellent access throughout the Dallas metropolitan area. National and regional headquarters located in the business park include Hewlett-Packard, JCPenney, Frito Lay, Bank of America and Ericsson, and Toyota North America is also in the process of moving its headquarters there from California. Proximity to the Shops at Legacy, the Marriott at Legacy Town Center hotel and the recently opened Hilton at Granite Park further support the location.
W. P. Carey Executive Director, Katie Barthmaier, commented: "The Intuit facility is a highly fungible, single-user asset in a desirable business park with low vacancy. Intuit has made regular capital improvements to the facility and is currently seeking approval for additional work at the site. The strong corporate credit, low investment basis and strong real estate fundamentals as well as Intuit's demonstrated ongoing investment in the facility make this an attractive long-term, income-generating investment for CPA®:18 – Global's investors."
W. P. Carey Inc.
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This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Ms. Barthmaier are examples of forward looking statements. A number of factors could cause CPA®:18 – Global's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; andother risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact CPA®:18 – Global, reference is made to its filings with the Securities and Exchange Commission.