W.P. Carey Inc. (NYSE: WPC) has acquired a distribution facility used by J.M. Smucker Co. (NYSE: SJM) from Exeter Property Group for $48 million.
The building is an 824,624 square foot distribution facility in University Park, Illinois.
A subsidiary of Smuckers, which makes consumer products including packaged coffee, jelly and peanut butter, will continue as the tenant in the building.
W.P. Carey, headquartered in New York, is a real estate investment trust that specializes in corporate sale-leaseback financing, build-to-suit construction financing and acquiring single-tenant properties.
In another recent real estate transaction, RLJ Lodging Trust (NYSE: RLJ), a REIT founded by Black Entertainment Television founder Robert L. Johnson, paid $120 million to acquire two west coast hotels.