50 million USD: W. P. Carey buys 4 Best Brands plants

New York / NY. (cc) Investment firm W. P. Carey + Co. LLC announced that CPA®:16 Global, its publicly held non-traded REIT affiliate, has purchased four manufacturing facilities from Best Brands Corporation. The purchase price was approximately 50 million USD. The facilities, each of which contains a combination of manufacturing, warehousing and refrigerated warehousing, total approximately 665.000 square feet and are located in Colton (CA); Dallas (TX); Bonner Springs (KS) and Eagan (MN). The facilities will be leased back to Best Brands Corporation on a long-term basis. Headquartered in Minnetonka (MN), Best Brands is a manufacturer and distributor of specialty bakery products, specializing in frozen laminated dough, frozen baked cakes, frozen muffins and bakery mixes, as well as other bakery products sold to in-store bakeries and institutional baking clients such as Wal-Mart, Sam´s Club, Starbucks and Costco (press release).