Flowers Foods built the bakery and adjacent freezer in 1999 and 1996 respectively, and then sold the property to Schwan in 2003 as part of its sale of the Mrs. Smith’s business. Since 2003, Flowers Foods has operated the bakery under the terms of a building lease with Schwan, and will continue to produce hearth-baked buns, rolls and bagels in the Suwanee facility after the transaction.
In a separate transaction, Schwan sold the adjacent freezer facility to a REIT affiliate of investment firm W.P. Carey & Co. LLC. Flowers Foods has entered a 15-year lease agreement with W.P. Carey for a portion of the freezer space.