Kraft Foods Group (Nasdaq:KRFT
) finalized the sale-leaseback of its 70-acre campus in Northfield, IL. W.P. Carey Inc. (NYSE:WPC
), a REIT that owns and manages net leased assets, is the buyer. The price was undisclosed.
Kraft will maintain its headquarters at the 679,000-square-foot office building
at 3 Lakes Drive in Cook County. Built in 1990, the four-story facility is fully occupied by the single tenant. It is 20 miles north of Chicago.
The company recently made significant upgrades to the property and plans to relocate approximately 700 workers to the complex from its old headquarters in Glenview by the end of this year.
"The sale-leaseback with W. P. Carey provided an opportunity for us to maintain our presence in Northfield and reinvest resulting capital into our business and people," said John Dattilo, senior manager, corporate real estate at Kraft.
The organization employs 25,000 workers in the U.S. and Canada and owns the Maxwell House, Oscar Mayer, Planters and JELL-O brands.
Michael Rotchford, Louis Wolfowitz, Robert Elms, Ned Franke and Christopher Porter of Cushman & Wakefield advised Kraft.
See CoStar COMPS #2653948 for more information.