Search
 

WP Carey Acquires Cold Storage Facility for $25M

SUWANEE, GA-WP Carey is leasing separate freezer sections of the space to Schwan Food Co. and Flowers Foods.

By Natalie Keith | Updated on January 15, 2008

SUWANEE, GA-New York City-based WP Carey has acquired a cold storage facility from the Schwan Food Co. for approximately $25 million. WP Carey acquired the facility through a REIT affiliate called CPA (R): 16–Global.

The facility is located within a building that also houses a bakery, which was also sold by Schwan to Flowers Foods. WP Carey and Flowers Foods hold condominium interests in their respective portions of the building. WP Carey is leasing separate freezer sections of its cold storage space to both Schwan and Flowers under individual, triple-net long-term leases. The total square footage of the building, and the square footage for the Schwan and Flowers leases, was not disclosed.

WP Carey executive director Jason Fox tells GlobeSt.com that the strength of the tenants and the condition of the facility were among reasons the property was attractive for acquisition. Founded in 1952, the Schwan Food Co. manufactures frozen pizzas and frozen bakery dessert products. Among brands are Tony’s, Red Baron and Freschetta pizzas, and Mrs. Smith’s pies. Flowers produces and markets bakery foods, with brands including Nature’s Own, Whitewheat, Cobblestone Mill, ButterKrust, Mary Jane, Mrs. Freshley’s and Blue Bird. “We have two strong, investment-grade tenants in the facility,” Fox says. “This is a state-of-the art facility with 90-foot ceilings and fully automated picking and conveyer systems.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.