In a deal brokered by the Dallas office of New York-based Cushman & Wakefield, Dakota Dunes, S.D.-based IBP Inc. has acquired a 600,000 sq. ft. food processing plant in Sherman, Texas from New York-based Kraft Foods. Cushman & Wakefield represented Kraft in the transaction.

IBP expects to invest $40 million to $60 million to renovate the former Oscar Mayer plant, which closed in 1998. One of the largest beef and pork producers in the United States, IBP will employ 1,400 people at the plant, which first opened in 1974. Renovations of the plant have begun and include removal of walls, improvements in flooring and refrigeration, and the installation of new processing and packaging equipment.