W. P. Carey completed the $166 million sale-leaseback of a food processing facility in Chattanooga, Tennessee. Totaling more than 350,000 square feet, the facility is triple-net leased to a wholly owned subsidiary of Premium Brand Holdings Corporation, a leading manufacturer and distributor of specialty food products.  

Construction was completed in May 2025, and the Class-A facility features over 250,000 square feet of cooler and freezer space. It is powered by 100% renewable energy. 

Headquartered in British Columbia, Premium Brands serves over 20,000 customers across over 90 brands. The tenant chose the facility’s location for its proximity to customers, access to skilled labor and highway accessibility. The facility is triple-net leased for 25 years with fixed annual rent increases. 

Will Kalutycz, CFO, Premium Brands, said: “By unlocking the value of our real estate, we’ve been able to secure capital to strengthen our balance sheet and reinvest in our core business.” W. P. Carey is a diversified net lease REIT, specializing in acquiring single-tenant properties in North America and Europe.