**WP Carey Completes $166M Sale-Leaseback of Chattanooga Food Processing Plant**
WP Carey has finalized a $166 million sale-leaseback transaction for a state-of-the-art food processing facility in Chattanooga, Tennessee. The property, encompassing more than 350,000 square feet, is now triple-net leased to a wholly owned subsidiary of Premium Brand Holdings Corporation — a prominent manufacturer and distributor of specialty food products.
Completed in May 2025, the Class A facility includes over 250,000 square feet of cooler and freezer space and is fully powered by renewable energy. The location was strategically chosen for its customer proximity, skilled labor availability, and convenient highway access.
Premium Brands, headquartered in British Columbia, operates over 90 brands and serves more than 20,000 customers. The lease is set for 25 years and includes fixed annual rent escalations.
“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,” said Will Kalutycz, CFO of Premium Brands.
WP Carey is a diversified net lease real estate investment trust (REIT) with a focus on acquiring single-tenant properties across North America and Europe.
