Founded in 1973, W. P. Carey (NYSE: WPC) is one of the largest diversified net lease REITs, specializing in the acquisition of operationally critical, single-tenant properties in North America and Europe. Through property investments and long-term tenant partnerships, we deliver stable income to our investors.
Every investment is tailored to a seller's unique needs. Our access to capital and presence across the U.S. and Europe allow us to move quickly, while our long-term ownership approach keeps us aligned with tenants as their businesses evolve.
Convert your company's owned real estate into capital, while maintaining full operational control through a long-term lease agreement.
Develop a new facility custom-built to your unique specifications with no upfront capital expense or equity required.
Sale-leasebacks are a powerful capital solution to secure the financial flexibility needed to maximize portfolio growth.
Gain a long-term partner with the capital and development expertise to fund and support your evolving real estate needs.
Installation of direct-owned solar rooftop on a 620,000-square-foot facility in Arizona, following an initial sale-leaseback in 2001.
Sale-leaseback of 43 manufacturing facilities across 24 states in the United States triple-net leased to GardenCore, a leading manufacturer of lawn and garden consumables.
$27 million existing lease acquisition of outpatient cancer treatment center in Akron, Ohio. The facility is the tenant's largest free-standing outpatient cancer center offering comprehensive treatment, including outpatient infusion services, medical oncology and radiation oncology.
As companies navigate an increasingly complex operating environment, one theme is becoming clear across the industrial and logistics sectors: flexibility and tailored real estate matter more than ever. Against this backdrop, build-to-suit development is gaining renewed momentum—emerging as a strategic solution for occupiers seeking custom real estate that aligns with their business needs. A Market Defined by Constraints and Opportunity Today’s market conditions are creating a natural tailwind for build-to-suit projects. In many logistics hubs, available space is limited, while demand for high-quality, well-located facilities remains strong. At the same time, elevated construction costs and shifting supply chains have slowed speculative development, further limiting available real estate. For occupiers, existing real estate often falls short of increasingly complex operational requirements. Whether driven by automation, inventory optimization or last-mile delivery needs, companies are prioritizing facilities that are tailored to their business from day one. Build-to-suits bridge this gap—offering a direct path to purpose-built space in markets where alternatives are limited. The Shift to Purpose-Built Real Estate The increase in demand for build-to-suits reflects a broader evolution in how companies view real estate. Rather than adapting operations to fit an existing building, occupiers are increasingly designing space around their workflows, equipment and long-term growth plans. A build-to-suit is fundamentally a partnership model: a developer or capital provider funds and delivers a custom facility aligned with a company’s specifications, with the company entering into a long-term lease upon completion. This approach has several key advantages: Customization: Facilities are custom-built for the tenant’s needs and designed to optimize layout from the outset Capital efficiency: Companies can preserve capital for core operations rather than investing in real estate Operational control: Tenants maintain operational control of the real estate Scalability: Properties can be designed with future expansion, sustainability improvements or evolving requirements in mind In a market where efficiency and resilience are paramount, these benefits are becoming increasingly compelling. Aligning Real Estate with Supply Chain Strategy One of the most significant drivers behind the growth of build-to-suits is the transformation of global supply chains. Companies are rethinking their networks to improve resilience and proximity to end customers, placing greater importance on the role of real estate within their broader strategy. As a result, modern logistics facilities are no longer just warehouses; they are highly specialized hubs incorporating automation, advanced power requirements, specialized layouts, sustainable features, and strategic proximity to population centers and key transportation routes. As these requirements become more complex, custom build-to-suit development is increasingly the most effective—and sometimes only—option. Momentum That’s Here to Stay What began as a niche solution for highly specialized occupiers is becoming a mainstream approach across industries. From e-commerce and third-party logistics providers to manufacturers and retailers, a growing range of companies are turning to build-to-suits to meet their evolving real estate needs. At W. P. Carey, we see this trend as a reflection of how occupiers increasingly value partnership. Through our Carey Tenant Solutions platform, we work alongside tenants to design, fund and deliver tailored real estate solutions that align with their operational goals. By combining deep expertise with a partnership-driven approach, we help companies turn real estate into a strategic advantage—built for today’s needs and adaptable for the future.
W. P. Carey is a leading global real estate investment company, specializing in the acquisition of operationally critical, single-tenant properties in Europe and North America. With over 50 years of experience and a portfolio of over a thousand properties in 25 countries, W. P. Carey has an established track record of enabling companies to unlock the value of their real estate. We develop creative deal structures tailored to the unique needs of each seller and have the ability to structure complex, multi-asset, multi-jurisdictional deals. Whether you are interested in a sale-leaseback, build-to-suit or the sale of an existing net-leased property, we will work with you to understand your objectives and maximize the proceeds to reinvest in your business. We pride ourselves on a fast and efficient deal process, completed at a pace that meets the seller’s timing requirements. With the ability to close all equity and in as little as 30 days, W. P. Carey welcomes the opportunity to work with you. 1. Origination W. P. Carey works with the seller and its advisors to shape the scope of the transaction. During this initial phase, W. P. Carey seeks to understand your business needs and real estate portfolio and offers suggestions on the optimal structure based on your unique situation and goals. 2. Offer Using the insights gathered during the origination process, W. P. Carey presents a custom letter of intent outlining the key framework of the proposed transaction. We work together to refine the terms until both parties are in agreement. 3. Approval Following signature of the letter of intent, W. P. Carey presents the transaction to its investment committee and completes its underwriting process. The preparation and negotiation of the transaction documents takes place seamlessly in parallel. 4. Closing All documents are signed and funds are transferred to the seller. As an all-equity buyer, W. P. Carey does not need to obtain mortgage financing to fund its acquisition, providing fast execution and high closing certainty. Interested in selling your real estate to W. P. Carey? Contact us
What Is a Sale-Leaseback? In a sale-leaseback (or sale and leaseback), a company sells its commercial real estate to an investor for cash and simultaneously enters into a long-term lease with the new property owner. In doing so, the company extracts 100% of the property's value and converts an otherwise illiquid asset into working capital, while maintaining full operational control of the facility. This is a great capital tool for companies not in the business of owning real estate, as their real estate assets represent a significant cash value that could be redeployed into higher-earning segments of their business to support growth. What Are the Benefits? Sale-leasebacks are an attractive capital raising tool for many companies and offer an alternative to traditional bank financing. Whether a company is looking to invest in R&D, expand into a new market, fund an M&A transaction, or simply de-lever, sale-leasebacks serve as a strategic capital allocation tool to fund both internal and external growth in all market conditions. Key Benefits Include: Immediate access to capital to reinvest in core business operations and growth initiatives with higher equity returns. 100% market value realization of otherwise illiquid assets compared to debt alternatives. Alternative capital source when conventional financing is unavailable or limited. Ability to retain operational control of real estate with no disruption to day-to-day operations. Potential to gain a long-term partner with the capital to fund future expansions, building renovations, energy retrofits and more. Who Qualifies for a Sale-Leaseback? There are several factors that determine whether a sale-leaseback is the right fit for a company. To be eligible, companies must meet the following criteria: Own Their Real Estate The first and most obvious criterion for qualification is that the company owns its real estate or have an option to purchase any existing leased space. Manufacturing facilities, corporate headquarters, retail locations, and other forms of real estate can be potential candidates for a sale-leaseback. Unlocking the value of these locations and redeploying that capital into higher yielding parts of the business is a key driver for companies pursuing sale-leasebacks. Be Willing to Commit to Operating in the Space While the term of the lease in a sale-leaseback can vary, most investors will want a commitment from a future tenant to occupy the space for a 10+ year term. Assets critical to a company’s operations are often good candidates for a sale-leaseback because a company is willing to sign a long-term lease for those locations. This makes it a more attractive investment for sale-leaseback investors as they have more security that the tenant will stay in the facility for the long term. Have a Strong Credit Profile Companies do not need to be investment-grade quality to pursue a sale-leaseback. However, some credit history is typically required so the sale-leaseback investor knows that the business can make rental payments over the course of the lease. Sub-investment-grade businesses are still eligible as long as they have a strong track record of revenue and cashflow from which to judge their creditworthiness; however, they may need to find an investor who has the underwriting capabilities to assess their business. Minimum revenue and profitability requirements will vary based firm to firm, so it’s best to ask about this upfront before engaging with any particular sale-leaseback partner. Qualities to Look for in a Sale-leaseback Investor When considering a sale-leaseback, finding the right buyer is critical in order to ensure a company is maximizing the value of their real estate. Here are some of the key qualities to look for in a sale-leaseback investor. Experience A knowledgeable investor can offer more flexibility and guide sellers through the process, creating customized deal structures to meet all of a company’s unique objectives and avoid potential pitfalls. Additionally, experienced investors can typically navigate all market cycles and offer certainty of close (some in as little as 30 days), ensuring the deal closes in a timeframe that works for the company and their fiscal requirements. An All-Equity Buyer When looking for a sale-leaseback partner, finding an all-equity buyer is important, particularly when dealing with timing constraints. All-equity buyers don't have to worry about third-party debt or financing contingencies, meaning there’s less likelihood of a re-trade in the late stages of negotiation. All-equity buyers can also typically close faster as they do not need to wait on approval from banks or lenders, providing a smoother process overall. A Long-Term Real Estate Holder Finding a long-term investor is vital. Sellers don’t want someone who is simply looking to flip a property for a quick profit. Instead, look for an investor who will remain a committed partner to you over the long run and one that can provide capital for future projects such as expansions, renovations, or energy retrofits. Diverse Knowledge and Experience Different industries, property types and locations require unique expertise to efficiently and effectively partner with sellers to structure a deal that address the needs of all parties. Working with an investor with experience in the company’s specific industry, property type and/or country ensures that all potential risks and opportunities are considered before entering into a sale-leaseback agreement. For example, if you are considering a cross-border, multi-country transaction it’s critical you look for an investor with local teams in those countries who speak the language and understand the local rules. What is a Build-to-Suit? When looking into a sale-leaseback, another term companies may encounter is a build-to-suit. In a build-to-suit, a company funds and manages the construction of a new facility or expansion of an existing one to meet the specifications of a prospective or existing tenant. Upon completion, the company enters into a long-term lease, similar to a sale-leaseback. For companies looking for a brand-new property, this is a great solution that requires no upfront capital. The Main Benefits of Build-to-Suits Include: Development of a custom-built facility in a location of the company’s choice. No upfront capital required, enabling the company to preserve capital for its business. Ability to retain operational control of the facility post construction. Potential to gain a long-term partner with the capital to fund future expansions, building renovations, energy retrofits and more. Conclusion While sale-leasebacks may seem intimidating for companies who have never pursued one, working with an experienced and well-capitalized investor can make the process easy. When working with an investor like W. P. Carey, sellers can ensure they are working with a partner that can understand the unique requirements of their business while having the added option of closing in as little as 30 days and the added advantage of gaining a long-term partner who can support its tenants through flexibility and additional capital should they wish to pursue follow-on projects such as expansions or energy retrofits as their business and real estate needs evolve. In all market conditions, sale-leasebacks are a great financing tool to unlock otherwise illiquid capital that can be reinvested into a company’s business to support future growth. Think a sale-leaseback is right for your company? Contact our team today!