06.23.10
Sun Products Corporation plans to add a 1.4 million sq. ft. distribution center in Bowling Green, KY to serve the East Coast region.
When completed, the site will be leased to Sun Products under a long-term triple net lease and will enable the company to consolidate operations of nine other facilities in the Bowling Green area. Located adjacent to one of Sun Products' four manufacturing plants, the distribution center will be one of two distribution facilities serving the entire East Coast.
CPA:17 – Global, an affiliate of New York investment firm W. P. Carey & Co. LLC, will provide build-to-suit financing for the distribution center. The financing will total approximately $41 million, according to W.P. Carey.
“"Because of W. P. Carey's experience with build to suit financing and the private equity industry they were able to understand our objectives and structure a financing that met our business needs, as well as their own investment objectives. The completion of this facility will be an enhancement to our business and the community,” said Blair Hawley, senior vice president, logistics and distribution of Sun Products.
"We are pleased to complete this build to suit financing with Sun Products. At a time when financing for to-be-built facilities remains challenging, we were able to structure a financing that funds both the construction of the facility and provides long term financing once construction is complete. It also demonstrates our ability to work with portfolio companies of private equity firms in order to support their business and investing objectives,” said W. P. Carey’s director, Kathleen Barthmaier.
When completed, the site will be leased to Sun Products under a long-term triple net lease and will enable the company to consolidate operations of nine other facilities in the Bowling Green area. Located adjacent to one of Sun Products' four manufacturing plants, the distribution center will be one of two distribution facilities serving the entire East Coast.
CPA:17 – Global, an affiliate of New York investment firm W. P. Carey & Co. LLC, will provide build-to-suit financing for the distribution center. The financing will total approximately $41 million, according to W.P. Carey.
“"Because of W. P. Carey's experience with build to suit financing and the private equity industry they were able to understand our objectives and structure a financing that met our business needs, as well as their own investment objectives. The completion of this facility will be an enhancement to our business and the community,” said Blair Hawley, senior vice president, logistics and distribution of Sun Products.
"We are pleased to complete this build to suit financing with Sun Products. At a time when financing for to-be-built facilities remains challenging, we were able to structure a financing that funds both the construction of the facility and provides long term financing once construction is complete. It also demonstrates our ability to work with portfolio companies of private equity firms in order to support their business and investing objectives,” said W. P. Carey’s director, Kathleen Barthmaier.