Kings Supermarkets Completes $48.4 Million Sale Leaseback of NJ Stores

PRNewswire/Firstcall - May 10, 2006

Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it completed a sale-leaseback transaction with Kings Super Markets, Inc., a premium food retailer with 26 stores primarily located in northern New Jersey. Proceeds from the transaction helped to fund the $61.5 million acquisition of Kings Super Markets, Inc. by an investor group consisting of Angelo, Gordon & Co., MTN Capital Partners LLC, and Bruce Weitz, a retail executive with over 30-years senior management experience. Mr. Weitz, who has formerly served as CEO of Duane Reade Drugstore and President of First National Supermarkets, will become the new Chairman of Kings.

As part of the acquisition financing, W. P. Carey's affiliated income generating real estate fund, Corporate Property Associates 16 - Global Incorporated (CPA(R):16 - Global), acquired six grocery stores for $48.4 million and leased them back to Kings Super Markets under long-term triple net leases. The six grocery stores are located in Summit, Livingston, Maplewood, Montclair, Morristown, and Cresskill, NJ, areas known to be among the top suburban retail markets in the U.S. Sphere: Related Content