WP Carey Picks Up State Farm Austin Complex For $110M

Law360, Houston (August 21, 2013, 5:46 PM EDT) -- Affiliates of W.P. Carey Inc. have struck a deal to acquire State Farm Mutual Automobile Insurance Co.’s operation center in Austin, Texas, in a sale-leaseback transaction worth $110 million, the real estate investment trust announced Wednesday.

The New York-based REIT’s publicly held, non-traded units, Corporate Property Associates 17 – Global Inc. and Corporate Property Associates 18 – Global Inc., picked up the building, which has been leased back to State Farm for an initial term of 15 years, the company said.

Gino Sabatini, who serves as...
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