Dick's Sporting Goods gets $18.5m finance from W. P. Carey
26 Apr '06
2 min read
Investment firm W. P. Carey & Co LLC has announced that it provided Dick's Sporting Goods, a Pittsburgh-based authentic full-line sporting goods retailer, $18.5 million in build-to-suit financing to expand its existing distribution facility in Plainfield, IN.
W. P. Carey's affiliated income generating real estate fund, Corporate Property Associates 16 - Global Incorporated (CPA:16 - Global), will finance the construction of this state-of-the-art distribution facility and lease it back to Dick's Sporting Goods under a 15-year triple net lease.
This expansion financing took place subsequent to several sale-leaseback transactions between W. P. Carey's affiliates and Galyan's Trading Company Inc, which was acquired by Dick's Sporting Goods in 2004. Together with this build-to-suit transaction, W. P. Carey and its affiliates now own nine Dick's Sporting Goods retail and distribution facilities located in Kennesaw, GA; Lombard, IL; Greenwood (2) and Plainfield, IN; Leawood, KS; Freehold, NJ; Buffalo, NY and Fairfax, VA.
Jason Fox, a Director at W. P. Carey, said, "This expansion will enable Dick's Sporting Goods to meet the distributions needs of its growing business. We are pleased that we have been partners with Dick's for so many years and believe that this transaction continues to exemplify our commitment to meeting the long-term financing needs of our tenants. As a result, Dick's will occupy a state-of-the-art distribution facility while our CPA investors will benefit from a long-term continuous stream of income."
marketing@alchempro.com
