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CPA:17 – Global Acquires Class A Office Property Near Downtown Milwaukee

Corporate Property Associates 17 – Global, a publicly registered non-traded real estate investment trust managed by W.P. Carey Inc. (NYSE: WPC), purchased a class corporate office headquarters in the Milwaukee suburb of Oak Creek, Wisconsin for approximately $18 million.

The property, which was fully renovated in 2011, is located near downtown Milwaukee, General Mitchell International Airport and public transportation. The 120,900-square-foot facility is triple-net leased on a long-term basis to The Master Lock Company, a manufacturer, marketer and distributor of padlocks and security products under the Master Lock and SentrySafe brands. The lease term is 15.75 years with fixed annual two percent rent escalations commencing in June 2018. The building served as the headquarters for Midwest Airlines from 1995 to 2010 and Bucyrus International / Caterpillar Inc. from 2010 to 2015.

“The acquisition of The Master Lock Company headquarters represented the opportunity to add a class-A office asset to CPA®:17 – Global’s portfolio,” said Kathleen Barthmaier, W. P. Carey executive director. “The long-term, triple-net lease, strong credit tenant, attractive initial cash flow and high asset quality are consistent with our established investment criteria.”

CPA:17 – Global went effective in November 2007 and closed in January 2013 after raising $2.9 billion in investor equity. The company’s portfolio consists of 446 properties with an investment cost of $4.5 billion.

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