CPA 18 Portfolio Snapshot

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CPA®:18's Portfolio

CPA®:18 – Global Portfolio

Wyndham Stuttgart Airport Messe Hotel; January 2016

Located in one of the most important economic and business centers in Germany, the Wyndham Stuttgart is adjacent to the passenger terminal of the sixth busiest airport in Germany with 10 million passengers per year. In 2014, the hotel posted new records for both the number of guests and the number of overnight hotel stays, which created an attractive supply and demand imbalance for hotel operators.

  • Purchased a majority stake for approximately $33.8 million
  • Originally built in 1987, the hotel underwent an extensive renovation that began in 2012 and included all the rooms and common areas, such as the lobby, restaurant and bar
  • 20-year net lease with fixed annual rent escalations

Arandell Corporation; January 2016

Founded in 1922, Arandell is a trusted leader in premier catalog printing solutions for high-end consumer retailers in North America. The company's services include high-quality premedia, catalog printing, mailing, distribution, list management, database marketing, mobile solutions, logistics and consulting to the retail and direct mail catalog markets.

Transaction Highlights:

  • Purchased for $23 million
  • 550,00 square-foot facility, located 15 miles northwest of Milwaukee, has been Arandell's corporate headquarters and sole printing facility since 1981
  • Triple-net lease is for 20 years with annual CPI escalations

Exelon Generation – September 2015

Exelon Generation, a wholly-owned subsidiary of Exelon Corporation, is one of the nation's largest competitive power generators. The Exelon family of companies participates in every stage of the energy business, from generation to power sales to transmission and delivery. Exelon Generation is rated BBB by S&P and Baa2 by Moody's, while parent company Exelon Corporation is rated BBB and Baa1 and has a market capitalization of $28 billion.

Transaction Highlights:

  • Purchased for $34.8 million, excluding acquisition fees
  • 146,800 square-foot, five-story facility, located 30 miles west of downtown Chicago, was constructed as a build-to-suit in 2001
  • Triple-net leased on a long-term basis

Jacobsweerd – August 2015

CPA®:18 – Global has acquired the Jacobsweerd office building in Utrecht, Netherlands, from Dutch asset and investment manager PingProperties.  The Jacobsweerd building is currently majority leased to four Dutch Government agencies—the Dutch Governmental Real Estate Department, the Dutch Chamber of Commerce, the Bureau for Information on Labor and Income and the Information Bureau. The acquisition cost was $52 million.

Transaction Highlights:

  • Leases are guaranteed by the Government of the Kingdom of the Netherlands, which is rated Aaa Stable by Moody's, AAA Stable by Fitch and AA+ Positive by S&P
  • Property is located in the central business district (CBD) of Utrecht, close to the largest and busiest train station in the country, as well as the city's main shopping area
  • 154,900 square-foot building was constructed in 1987 and was completely renovated in 2002
  • Average lease term remaining for the four government tenants is 7.7 years

Jacobsweerd - August 2015

Acosta, Inc. – July 2015

Founded in 1927, Acosta is a leading outsourced sales and marketing agency serving consumer packaged goods companies and retailers in North America. Its client base includes many of the premier global consumer packaged group companies, such as Clorox, Coca-Cola, ConAgra, Heinz, Kraft Foods, Nestle and Procter & Gamble, and leading consumer electronics companies, such as Microsoft and Samsung. Acosta maintains long-standing relationships with its clients, many of which have extended over 25 years.

Transaction Highlights:

  • 88,000 square-foot office building located in Jacksonville, FL
  • Purchased for approximately $17 million, including acquisition fees
  • 12-year lease includes annual rent escalations averaging 3.26%

Acosta, Inc. acquired by CPA:18 - Global in July 2015.

Self-Storage Acquisitions – January - June 2015

CPA®:18 – Global completed 15 separate self­-storage transactions, comprising of 22 well-positioned operating facilities, with an aggregate investment value of approximately $161 million, including acquisition costs. Individual transactions ranged from under $3 million to over $38 million.

Transaction Highlights:

  • Eighteen of the acquired operating properties will be managed by Extra Space Storage and four will be managed by Cube Smart. The to­ be­ developed facility in Vaughan, Ontario will be managed by Budget Development Group.
  • Facilities are located in Florida, Georgia, California, Kentucky, Illinois, Nevada and Missouri

Self-Storage August-2015

Core-Mark International – June 2015

Core-Mark is a Fortune 500 company and the second largest wholesale distributor to the convenience retail industry in North America. With more than $10 billion in revenues in 2014, over 5% market share and stable profit margins, Core-Mark is a well-positioned leader within its industry.

Transaction Highlights:

  • 208,900 square-foot warehouse and distribution facility located in Plymouth, Minnesota
  • Purchased from a Minnesota/Wisconsin based private investment group for approximately $17 million
  • Net leased to Core-Mark International, a subsidiary of Core-Mark Holding Company, Inc., for a period of 13 years

Multi-tenant retail site in Oslo, Norway acquired in May 2015

Retail property in Norway – May 2015

CPA®:18 – Global has acquired a multi-tenant retail site in Oslo, Norway for approximately $105 million, including transaction costs, in a joint venture with Oslo-based developer, Winta Eiendom AS. The seller is the real estate division of Coop Norge AS (COOP), the second largest grocery retailer and leading “Do-It-Yourself” retailer in Norway. As a cooperative, COOP is owned by 133 local cooperatives with 1.4 million members. CPA®:18 – Global’s ownership interest in the property is approximately 90%.

Transaction Highlights:

  • Located in Alna, a 1.8 million square-foot destination retail district in Oslo, one of the busiest and strongest retail clusters in the area
  • Site currently includes 253,350 square feet of retail space, 46,800 square feet of basement/warehouse storage and 35,575 square feet of mezzanine office space
  • Joint venture with local real estate specialist and Oslo-based developer, Winta Eiendom AS, who will act as local asset manager for the facility

Multi-tenant retail site in Oslo, Norway acquired in May 2015

Hotel in Munich – May 2015

CPA®:18 – Global has entered into an agreement to fund the completion of a new upscale lifestyle hotel in Munich, Germany. CPA®:18 – Global will provide approximately $85 million to complete the construction of the hotel.

Transaction Highlights:

  • Full-service 290-room upscale hotel with amenities that will include a spa and fitness center, conference facilities, underground parking, a bar and a modern restaurant
  • Property is being constructed near Munich’s core city center in a district benefiting from significant commercial and residential development
  • Hotel development is being undertaken by Mr. Liran Wizman, co-founder and major shareholder of Grand City Hotels, the second largest hotel management company in Germany
  • Lease term of approximately 20 years

Hotel in Munich, Germany acquired in May 2015

Intuit – April 2015

Intuit is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. Established in the 1980s, Intuit has grown substantially in recent years, growing from $3 billion in revenues in 2009 to over $4.5 billion in revenues in fiscal 2014. Intuit’s retail products include QuickBooks, TurboTax and Quicken. The company has approximately 8,000 employees and major offices in the United States, Canada, the United Kingdom, India and other locations. Intuit is rated Baa1 by Moody’s and BBB+ by Standard and Poor’s and is listed on the NASDAQ with a market capitalization of approximately $27 billion.

Transaction Highlights:

  • 166,000 square-foot office facility located in the Legacy Business Park in Plano, Texas
  • Property was constructed as a build-to-suit for Intuit in 2001 and houses management, software development and engineering, as well as operations for its professional tax division
  • Lease term of approximately 11 years

Intuit office building located in the Legacy Business Park in Plano, Texas

Rabobank – February 2015

Rabobank is a globally active Dutch banking and financial services company with origins dating back to 1898. With a presence in over 40 countries, Rabobank has more than 11 million customers worldwide. It is rated Aa2 by Moody’s, A+ by S&P and AA- by Fitch.

Transaction Highlights:

  • $115.4 million build-to-suit transaction for Class-A office building to serve as Rabobank’s headquarters in Eindhoven, Netherlands
  • CPA®:18 – Global partnered with Dutch developer OVG on the construction of the facility, which is scheduled for completion in 2017
  • Site is located in a prime area of Eindhoven’s city center, opposite the central station

Rabobank headquarters - Eindhoven, Netherlands

Self-Storage Acquisitions – Announced January 2015

CPA®:18 – Global recently completed seven separate self-storage acquisitions with an aggregate purchase price of approximately $53 million, including acquisition costs.

Transaction Highlights:

  • Well-located, attractive facilities in strong markets:
  •          • Kailua-Kona, HI facility – 56,352 net rentable square feet/507 units
             • Pompano Beach, FL facility – 74,927 net rentable square feet/771 units
             • Jensen Beach, FL facility – 63,650 net rentable square feet/755 units
             • Dickinson, TX facility –76,800 net rentable square feet/660 units
             • Humble, TX facility – 59,325 net rentable square feet/468 units
             • Temecula, CA facility – 89,228 net rentable square feet/660 units
             • Cumming, GA facility – 73,237 net rentable square feet/513 units

  • Strong property management: Five of the properties will be managed by Extra Space Storage and two will be managed by CubeSmart.

Jensen Beach - Self-Storage Asset Self-Storage Asset - Humble, TX

Club Méditerranée SA – January 2015

CPA®:18 – Global acquired La Plantation d’Albion Club Med, a 266-room resort hotel, located in Albion, Mauritius, for approximately $72 million (€59 million). 

Transaction Highlights:

  • Resort location on the northwestern coast of the Mauritius, supports Club Med’s up-market strategy, as well as its increased focus on the growing Asian tourism market
  • One of only two Club Med 5-Trident resorts in the world, property has shown stable performance since its development in 2007
  • Facility is triple net-leased to Holiday Village Management Services Ltd, a subsidiary of Club Méditerranée SA for initial term of 15 years

Club Med, Albion, Mauritius - January 2015

City Center Rotterdam Office Towers – December 2014

CPA®:18 – Global acquired a single tenant office building and an adjacent multitenant high-rise tower in Rotterdam, Netherlands for approximately $86 million (€69 million).

Transaction Highlights:

  • Property is well known in the market and is uniquely located on the northern shore of the river Maas in the city of Rotterdam
  • Two-building complex consists of a six-story low-rise tower and an 11-story high-rise tower
  • Low-rise tower was renovated in 2012 as Royal Vopak's global headquarters and received a GreenCalc A+ score for environmental efficiency

City Center Rotterdam Office Towers

Midcontinent Independent System Operator, Inc. (MISO) – November 2014

MISO is a not-for-profit, member-based organization that administers wholesale electricity markets for its forty nine transmission owners and ninety six non-transmission owners across fifteen U.S. states and the Canadian province of Manitoba.

Transaction Highlights:

  • Totaling 60,000 square feet, the property includes a headquarters and an operations/control center located outside Minneapolis, Minnesota
  • The facility is leased to MISO and has a remaining lease term of approximately 11 years

MISO Headquarters - Minneapolis, Minnesota

USF Holland Inc. – November 2014

Founded in 1929 in Holland, Michigan, USF Holland has established a comprehensive next-day trucking service network and annually records one of the lowest freight loss/damage claim ratios in the industry. Originally organized to serve the central United States, USF Holland has expanded into the Southeast and Midwest.

Transaction Highlights:

  • Build-to-suit truck terminal situated on 22 acres in Grand Rapids, Michigan
  • 59,000 square-foot terminal Michigan, will include a 40,420 square-foot dock building, a 6,500 square-foot office building and a 12,000 square-foot shop building
  • Upon completion, the facility will be leased to USF Holland for an initial term of 15 years

Cooper Tire & Rubber Company – November 2014

Cooper Tire is the fourth largest tire manufacturer and marketer of replacement tires in North America and focuses on the manufacture and sale of passenger and light and medium truck replacement tires. Based in Findlay, Ohio, Cooper Tire and its family of companies currently operate nine manufacturing facilities and 40 distribution centers in 11 countries, employing more than 13,000 people worldwide.

Transaction Highlights:

  • 653,000 square-foot facility, located in Albany, Georgia
  • Facility serves as Cooper Tire's southeastern U.S. distribution center and its location provides critical access to sources of supply and customers
  • Lease term of approximately 10 years

Barnsco, Inc. – November 2014

Barnsco is an integrated distributor and service provider to the concrete industry in its service area and sells products such as supplies, tools and rental equipment, as well as services such as rebar shaping/cutting, specialty manufacture of wire items used in concrete installation and the repair and servicing of commercial vehicles and equipment. Barnsco is a wholly owned operating subsidiary of Kodiak Building Partners and is based in Dallas, Texas.

Transaction Highlights:

  • Five industrial facilities, totaling 128,000 square feet, are located in Dallas and Fort Worth, Texas
  • Assets are industrial facilities used for the storage, distribution and manufacturing/assembly of construction components
  • Facilities are leased to Barnsco for an initial term of 15 years

Barnsco - Dallas and Fort Worth, TX

Alliant Techsystems Inc. (ATK) – November 2014

ATK is an aerospace, defense and outdoor sports and recreation company with operations in 21 states, Puerto Rico and internationally. Since moving into the building in 2001, ATK has made substantial investments in the facility to meet its specific criteria for testing and housing specialized labs and equipment.

Transaction Highlights:

  • Approximately $43 million acquisition of a 191,000 square-foot office and R&D facility in Plymouth, MN
  • Facility serves as headquarters for ATK's Armament Systems Division and contains ATK's product integration and test laboratories
  • Located in the Twin Cities' strong west/northwest commercial corridor
  • Lease term of approximately 10 years

ATK Acquisition - November 2014

Dupont Place Apartments/Gentry's Walk – November 2014

CPA®:18 – Global acquired a 97% interest in two income-generating multifamily properties in Georgia: Dupont Place Apartments, a 217-unit property located in Tucker and Gentry’s Walk, a 227-unit property in Chamblee.

Transaction Highlights:

  • Approximately $46 million total purchase price
  • Properties are in prime locations, both situated just outside of Midtown Atlanta and within close proximity to major office submarkets
  • Established local operator, Carroll Organization, a fully-integrated multifamily management company with a portfolio of more than 16,000 units across 6 states, will manage both properties

Gentry's Walk - November 2014Dupont Place Apartments - November 2014

Apply AS – November 2014

Apply AS is a Norwegian oil and gas industry topside engineering and services company and is majority owned by Køhlergruppen—the founding family of the predecessor to Apply, Sørco Group—and HitecVision, Europe's leading private equity firm dedicated to the oil & gas industry. Apply is one of the top three providers of Maintenance, Modification and Operations (MMO) services for the offshore sector on the Norwegian Continental Shelf, one of the world's largest proven oil reserves. In addition to its MMO business, Apply is a global leader in the production of aluminum living quarters for offshore installations.

Transaction Highlights:

  • Approximately $100 million joint CPA®:18 – Global and CPA®: 17 – Global acquisition of Apply's headquarters in Stavanger, Norway
  • Completed in January 2014 by Swedish construction company, Skanska, the Class-A facility is highly energy efficient
  • Long-term net lease with approximately 14 years remaining

Apply - November 2014

Infineon Technologies AG – October 2014

Publicly listed on the Frankfurt stock exchange, Infineon is one of the world's largest semiconductor companies. It is also part of the DAX 30, Germany's blue chip index and has been part of the Dow Jones Sustainability Index since 2010.

Transaction Highlights:

  • Approximately $25 million acquisition of office and research & development facility in Warstein, Germany
  • The facility serves as one of Infineon's two global competence centers and is vital to the company's long-term strategy
  • Completed in December 2012, the facility is DGNB Gold certified with "Energy A" Rating
  • Long-term net lease of approximately 17 years

Infineon - October 2014

Self-Storage Acquisitions – July - September 2014

CPA®:18 – Global acquired five self-storage facilities through five separate transactions. These assets are well-located, attractive facilities in strong markets and each show opportunities for growth, revenue enhancement and bottom-line improvement.

Transaction Highlights:

  • Approximately $32 million purchase price of five facilities, including acquisition costs
  • Facilities are located in Palm Desert, CA; Miami, FL; Corpus Christi, TX; Kailua-Kona, HI; Columbia, SC
  • All properties will be managed by Extra Space Storage, the second-largest storage operator in the United States

Self-Storage Acquisition - Palm Desert, CA

Scottish Trade Counter Portfolio – August 2014

Trade counter assets are typically high volume showrooms or light retail businesses that require an element of retail space and use the balance of space for warehousing inventory and/or office purposes. Modern trade counter assets are in high demand in the UK, and tenants typically include building merchants, trade suppliers, tool rental companies, car accessory suppliers and quasi-retail occupiers.

Transaction Highlights:

  • Approximately $17.8 million acquisition of 14 trade counter and industrial assets
  • Portfolio is spread among six trade parks throughout Scotland
  • Tenant mix consists of well-known Scottish companies, including: Jewsons, South Ayrshire Council, City Electrical Factors, Howdens and Saint Gobain
  • Assets are leased to 24 tenants on a triple-net basis, with a weighted average lease term of 8.2 years

Scottish Trade Counter Asset 1 - August 2014 Scottish Trade Asset 2 - August 2014 Scottish Trade Asset 3 - August 2014 Scottish Trade Asset 4 - August 2014

Belk, Inc. – July 2014

Belk, Inc. is one of the largest retailers in the United States with nearly 300 stores across 16 states and $4 billion in annual revenues. Founded in 1888, Belk sells top national brands of fashion apparel, shoes and accessories for women, men and children, as well as cosmetics, home furnishings, housewares, fine jewelry, gifts and other types of quality merchandise.

Transaction Highlights:

  • Approximately $45 million acquisition and build-to-suit expansion of distribution center
  • The facility, located in Jonesville, South Carolina, plays a significant role in Belk's evolving e-commerce strategy
  • Long-term net lease of 15 years

Belk, Inc. - July 2014

AT&T – May 2014

AT&T Inc. provides telecommunications services to consumers and businesses in the United States and internationally.

Transaction Highlights:

  • Approximately $11.6 million acquisition of warehouse facility, and the land on which the building is located, in Chicago, Illinois

AT&T - Chicago, IL

Janus International Group LLC – May 2014

Janus International Group LLC (“Janus”) is the leading manufacturer of steel roll up sheet doors and storage facility components for self-storage, commercial and industrial markets. Founded in 2002, Janus is headquartered in Temple, Georgia and has manufacturing locations in Arizona and Texas and distribution locations in California, Florida, Mexico and South Africa.

Transaction Highlights:

  • $17 million acquisition of three facilities located in Georgia, Arizona and Texas
  • The three facilities totaling 362,000 square feet, house the entirety of Janus’s manufacturing capacity
  • Long-term net lease of 20 years

Northern American Lighting, Inc. - May 2014

Northern American Lighting (“NAL”) designs, manufactures and supplies automotive lighting products for vehicle manufacturers in North America, including BMW, Lexus, Toyota, Ford, Honda, General Motors, Subaru, Daimler Chrysler, Mitsubishi, Mazda, Nissan, and Harley-Davidson. NAL is a subsidiary of Koito Manufacturing Co., a Tokyo Stock Exchange listed company with a market capitalization of JPY286 billion (US $2.8 billion), that manufactures and markets automotive lighting equipment, aircraft parts and other electrical equipment.

Transaction Highlights:

  • $10.2 million acquisition of NAL’s technology research center, located in Farmington Hills, Michigan
  • 75,300 square foot office building, leased for a period of 12 years

Northern American Lighting, Inc. - May 2014

Swift Spinning - April 2014

Founded in 1906, Swift is the second largest producer of ring-spun cotton yarn in the United States, based on sales to third parties. Swift purchases raw bales of cotton and utilizes the ring-spinning method to manufacture yarn for use in socks, jeans and shirts, among other textiles.

Transaction Highlights:

  • $11.3 million acquisition of two manufacturing facilities, located in Columbus, Georgia
  • The two facilities, totaling 432,800 square feet, account for all of Swift’s yarn production
  • Long-term net lease of 20 years

Bank Pekao - March 2014

The second largest bank in Poland, Bank Pekao is publicly traded on the Warsaw Stock Exchange and has an equity market capitalization of nearly $17 billion. It is rated “BBB+ / Stable” by S&P.

Transaction Highlights:

  • $158 million acquisition of Bank Pekao's headquarters in Warsaw, Poland
  • Class-A Facility, is located in the “Airport Corridor” along the main route from the airport to the city center 
  • Long-term net lease of approximately 9.5 years

Bank Pekao - Warsaw, Poland

Automobile Protection Corporation - February 2014

Automobile Protection Corporation (“APCO”) is a leading marketer and administrator of vehicle service contracts and related benefits sold by automotive dealers throughout the United States. APCO is a portfolio company of global private equity firm Stone Point Capital.

Transaction Highlights:

  • $5.8 million acquisition of office building, located in Norcross, Georgia
  • Long-term net lease of 15 years

APCO - February 2014

Siemens - February 2014

Siemens AS is the wholly-owned Norwegian operating subsidiary of German engineering and electronics conglomerate Siemens AG, rated A+/Aa3 by S&P/Moody's. In its fiscal year 2013, Siemens AG generated revenues of $103 billion and employed approximately 362,000 people worldwide.

Transaction Highlights:

  • $90 million acquisition of a 166,000 square foot headquarters
  • Facility is located in the new Oslo Business Park and it is the most energy efficient office building in Norway with a LEED Gold (Energy A) rating
  • Approximately 12-year existing lease with two 10-year renewal options

Siemens Headquarters - Oslo, Norway

Solo Cup - February 2014

Founded in 1936 and recently acquired by Dart Container Corporation, Solo Cup Company focuses on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets.

Transaction Highlights:

  • $85 million acquisition of a 1.5 million square foot distribution facility
  • Facility is located on a 90.24 acre site outside Chicago in University Park, IL

Solo Cup - University Park, IL

Self-Storage Facilities - January 2014

CPA®:18 – Global acquired two self-storage facilities in Kissimmee and St. Petersburg, Florida respectively.
Both properties will be managed by Extra Space Storage.

Transaction Highlights:

  • $24.6 million purchase price, financing of the acquisitions totaled $14.5 million
  • A total of 169,122 rentable square feet in the two Florida facilities

Self-Storage - January 2014

Air Enterprises - January 2014

Founded in 1964, Air Enterprises assembles and produces custom aluminum air handling equipment for commercial customers.

Transaction Highlights:

  • $7 million acquisition of a manufacturing and warehouse facility located in Streetsboro, Ohio
  • 178,180 square foot property is less than 25 miles from Cleveland's central business district
  • Long-term, 15-year net lease

Air Enterprises - Streetsboro, Ohio

Agrokor - December 2013

Agrokor is Croatia's largest private company with approximately 40,000 employees. It is the country's largest food retailer, producer, processor and distributor.

Transaction Highlights:

  • $92 million joint venture purchase of five modern, Class A retail stores in Croatia
  • The five stores are leased to Konzum, the largest retailer food retailer in Croatia and Agrokor’s principal subsidiary
  • Long-term, 20-year triple-net lease with strong tenant
  • Sale-leaseback proceeds will be used to support Agrokor’s expansion and growth strategy

Agrokor - December 2013

State Farm - August 2013

State Farm is a Fortune 500 company that provides auto-insurance products and services approximately 81 million policies and accounts throughout the United States and Canada. It has been the #1 auto insurer in the United States since 1942.

Transaction Highlights:

  • $110 million joint venture purchase of the State Farm Operation Center in Austin, TX
  • Class A office building located in one of the nation’s top performing metro areas
  • Long-term, 15-year lease with fixed annual escalations
  • Sale-leaseback proceeds will be used towards expanding and updating the facility

State Farm - Austin, TX