2009-06-30 22:39:11 -

Campbell Soup Company (NYSE:CPB) today announced that it has completed the acquisition of a 1.9-acre tract of land previously owned by the Delaware River Port Authority (DRPA) as part of the company’s efforts to develop an office park adjacent to its campus headquarters.

Campbell purchased the land, which had been used as a parking lot, for $426,000. The property is located

between 11 th Street and Admiral Wilson Boulevard in Camden, adjacent to three additional parcels Campbell purchased (a former commercial laundry operation, a building housing a former elevator repair operation and a City Parking Authority lot).

“We have lived up to every commitment we made on this project, and we continue to make progress on our plans to help revitalize this corner of Camden,” said Robert Zane, Campbell’s Vice President of Real Estate Operations. “We now have a sizable plot of land ready for redevelopment and are in ongoing discussions with potential tenants and developers interested in the project.”


With the most recent purchase, Campbell now has an entire stretch of land from 11 th Street to Admiral Wilson Boulevard between Newton and Mt. Ephraim Avenues available for the office park. Campbell also acquired additional land for the office park to the immediate east, west and south of the former Sears building, which remains vacant and in a state of disrepair, despite promises to restore the building by Ilan Zaken, who has owned the dilapidated property since October 2007.

In addition to acquiring land, Campbell has remediated environmental issues on all the properties and prepared them for immediate redevelopment as part of the planned office park.

Most of the acquired acreage included vacant, blighted buildings and empty lots. For instance, in July 2008, Campbell demolished the abandoned and graffiti-covered Sears Tire and Battery building, located next to the long-neglected Sears building, on Admiral Wilson Boulevard.


Project Background

The planned office park will occupy approximately 100 acres, with Campbell’s campus covering approximately 40 acres. The proposed office park would cover parcels previously containing vacant and neglected buildings and empty lots.

Campbell plans to invest up to $90 million in the project, including its new facility, 40-acre campus and the planned office park; government agencies will invest approximately $23 million to upgrade roadways and other utilities in the area.

Campbell broke ground on its new building in October 2008 and completed the steel phase of construction in April 2009, which is part of a 90 million dollar expansion of its world headquarters. The New Jersey Department of Transportation together with the City and County have begun upgrading the roadways in the Gateway District and the Camden County Municipal Utilities Authority has initiated utility relocation projects necessary to service the planned office park.



About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of high-quality foods and simple meals, including soup, baked snacks, and healthy beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s,” and “V8.” For more information on the company, visit Campbell’s website at www.campbellsoup.com : .



Campbell Soup CompanyAnthony Sanzio (Media)(856) 968-4390