February 19, 2019
New York-based W. P. Carey Inc. signed a deal with its existing tenant, Cuisine Solutions, to invest $75 million in a build-to-suit state-of-the-art food production facility in San Antonio, TX. The REIT plans to begin construction in March on the 290,000-square-foot facility once permits and building plan approvals are secured.
The state-of-the-art facility will support Cuisine’s future growth plans, enabling increased production capacity amid growing demand from its core partners. The facility will be located in Brooks, the former U.S. Brooks Air Force base, which has been redeveloped as a 1,300-acre mixed-use community less than 10 miles south of downtown San Antonio.
The facility is expected to deliver in mid-2020, along with a promise of more than 500 jobs over the next four years. As part of the overall transaction, W. P. Carey also made an additional $10 million investment in existing improvements to Cuisine’s Sterling, VA facility, which W. P. Carey acquired in 2012.
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