WP Carey to Invest in Food Build-to-Suit
WP Carey Inc. has entered into an agreement with its existing tenant, Cuisine Solutions, to invest $75 million in a 290,000-square-foot build-to-suit food production facility in San Antonio.
SAN ANTONIO—WP Carey Inc., net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, has entered into an agreement with its existing tenant, Cuisine Solutions, to invest $75 million in a build-to-suit food production facility.
WP Carey was joined by partners and local leaders at a groundbreaking ceremony for what will be a 290,000-square-foot facility. Construction is projected to begin in March 2019, pending the issuance of permits and building plan approvals. As part of the overall transaction, WP Carey also made an additional $10 million investment in existing improvements to Cuisine’s Sterling, VA facility, which WP Carey acquired in 2012.
“Today’s announcement is a great example of how we can work with existing tenants to support their ongoing business needs and advance their strategic growth objectives,” says Gino Sabatini, head of investments, WP Carey. “The new production facility will not only help Cuisine respond to increasing customer demand, but will create additional value for WP Carey shareholders. We look forward to deepening our relationship with Cuisine as they continue to grow their position in the sous vide global food market.”