Campbell Soup Co. (NYSE:CPB) said it has acquired 1300 Admiral Wilson Boulevard in Camden, from Camden Gateway Properties, I, LLC. Financial details of the deal were not disclosed.
The acquisition will expand the Gateway Redevelopment Plan which was announced in February 2007, the Camden, New Jersey-based maker of branded convenience food products said.
Since 2007, Campbell has bought several properties adjacent to its headquarters.
With the closing of the latest deal, Campbell said it will have acquired roughly 13 acres, all of which are planned to be included in the proposed office park.
"Campbell's acquisition of this property will clear the way for future development in the Gateway Neighborhood and create potential jobs in our City," said Camden Mayor Dana Redd.
The 4-acre property includes the vacant Sears building.
"By turning vacant and underutilized property into productive use, we will be able to attract other companies to the city, increasing employment and overall economic activity in the area," said Caren Franzini, Chief Executive Officer of the New Jersey Economic Development Authority.
Campbell Soup said the Camden Redevelopment Agency (CRA) and Campbell have received clearance from both the City Planning Board and the New Jersey Department of Environmental Protection (NJDEP) to raze the long-vacant Sears building.
On Monday, CPB shares fell 0.13 percent to trade at $31.68.