NEW YORK CITY — W. P. Carey, a New York City-based REIT specializing in net-leased deals, has acquired a food processing facility in Tennessee in a sales-leaseback transaction valued at $166 million. The exact location of the facility, which was completed in May and is occupied by a subsidiary of Canadian manufacturer and distributor Premium Brands Holding Corp., was not disclosed. The facility spans approximately 350,000 square feet. Building features include 40-foot clear heights, 27 dock doors and over 250,000 square feet of cooler and freezer space. In addition, the facility is fully powered by renewable energy sources and is expected to receive LEED Silver certification. Under the terms of the deal, which formally closed earlier this summer, Premium Brands is subject to a triple-net lease for a term of 25 years with fixed annual rent increases. Premium Brands will reinvest the proceeds of the sale into its core business. “We’re thrilled to partner with Premium Brands on this transaction, which highlights our conviction in the food production sector and our ability to structure real estate solutions that support operational growth for market-leading companies,” says Boyd Borjiet, vice president of investments at W. P. Carey. — Taylor Williams
