W.P. Carey Launches $75M BTS Food Production Facility

W.P. Carey Inc. entered into an agreement with Cuisine Solutions to invest $75 million in a build-to-suit, state-of-the-art food production facility in San Antonio. Construction on the 290,000-square-foot facility will begin in March 2019 in South San Antonio’s Brooks mixed-use campus. The plant, scheduled to be operational by mid-2020, is anticipated to create 500 new jobs.

As part of the agreement, W.P. Carey made an additional $10 million investment in existing improvements to Cuisine’s Sterling, VA facility, which it acquired in 2012. The existing lease with Cuisine for its Virginia facility will be incorporated into a new, triple-net master lease covering the plants in both Texas and Virginia. The new 26.5-year lease carries 2% rental bumps.

Cuisine is the world’s largest manufacturer and distributor of sous vide foods, a technique of slow cooking under vacuum seal pioneered by the company in 1971.

There is still time to register for Connect Houston! For more information — or to attend — click here.

For comments, questions or concerns, please contact Amy Sorter