CPA:17 – Global Acquires $22 Million Office and Data Center Leased to iHeartCommunications, Inc.

20880 Stone Oak Pkwy

 W. P. Carey Inc., a global net lease REIT specializing in corporate sale-leaseback financing, build-to-suit financing and the acquisition of single-tenant net lease properties, announced today the acquisition of an office and data center facility on behalf of CPA®:17 – Global, one of its managed non-traded REITs. The 120,147 square-foot facility is located in San Antonio, Texas, at 20880 Stone Oak Pkwy, and is leased to iHeartCommunications, Inc. for a period of 20 years.

The total acquisition price was approximately $22 million.

Key Facts

Market-leading tenant: iHeartCommunications, Inc., previously known as Clear Channel Communications, Inc., is a leading media company that specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities.

Critical facility: Constructed in 2002 as a build-to-suit for Clear Channel, the facility serves as the company’s primary IT and finance shared service center.

Click to read entire article: CPA:17 – Global Acquires $22 Million Office and Data Center Leased to iHeartCommunications, Inc. (PRNewswire, 02-11-15)