Investment firm W. P. Carey & Co. LLC announced that CPA(R):16–Global, its publicly held, non-traded REIT affiliate, has purchased a cold storage facility from The Schwan Food Co. for approximately $25 million.
Located in Suwanee GA, the facility is within a building that also separately houses a bakery, which Schwan has simultaneously sold to Flowers Foods. CPA(R):16–Global and Flowers hold condominium interests in their respective portions of the building. W. P. Carey is leasing separate freezer sections of its cold storage space to both Schwan and Flowers under individual long-term leases.
Founded in 1952 by Marvin Schwan when he began delivering gallons of ice cream to families in rural Minnesota out of his truck, The Schwan Food Co. has grown to become one of the largest manufacturers of frozen pizzas and frozen bakery dessert products in the world. Schwan’s brands, including Freschetta, Tony’s, and Red Baron pizzas, as well as Mrs. Smith’s pies, can be found in more than 50 nations.
