Andrew Sandquist and JC Asensio of CBRE represented Forterra Buildings Products in a sale-leaseback transaction consisting of 49 properties for $217 million. The buyer was New York-based W.P. Carey Inc.
The properties combine for 4.0 million square feet and are spread across 29 U.S. states and two Canadian provinces. Forterra Building Products assumed a 20-year lease for each property. The transaction closed in May.
CBRE Corporate Capital Markets’ Andrew Sandquist, Senior Vice President in Denver; Brian Scott, Senior Managing Director in New York; and JC Asensio, Senior Associate, and Briggs Goldberg, Financial Analyst, both in Chicago; represented Forterra Building Products in the transaction.
“This was a very unique transaction consisting of a geographically diverse portfolio with locations across the United States and Canada,” said CBRE’s Sandquist. “Today, investors have a big appetite for single-tenant assets with long-term leases.”