Kraft Heinz Buys Out Final Seven Years Of Suburban Lease
Medline Industries' purchase of Kraft Heinz's former suburban HQ is complete, with an assist from Kraft Heinz. Medline paid $44.7M for the 679k SF space at 3 Lakes Dr from WP Carey. Kraft Heinz, which signed a 10-year sale-leaseback with Carey in 2013, paid $47M to buy out the remaining years of the lease.
Kraft Heinz wanted to dispose of all obligations to the Northfield property, now that the company's move to Aon Center is complete. As part of its deal, Kraft Heinz paid a $22.2M termination fee and a one-time rent payment of $25M to Carey, according to Crain's.
The big winner in this is WP Carey. Between the Kraft Heinz buyout and Medline's acquisition, the firm made a $92M ROI. Medline will begin moving into its new HQ later this year. [Crain's]
