Provender Partners, a food-related industrial buildings investor, has acquired a 469,673-square-foot tri-temp distribution portfolio that serves as the Midwest food and convenience channel supply chain for Core-Mark, in a $23.9-million transaction.
The portfolio comprises a 435,968-square-foot warehouse and distribution center in Carroll Iowa, and a strategic network of six support facilities that are 100% leased to Core-Mark, one of the nation’s largest wholesale distributors to the convenience retail industry, and a unit of The Performance Food Group. The warehouse and distribution center is located on a 49-acre site on U.S. Highway 30 East and features 296,968-square-feet of ambient warehouse, 95,118-square-feet of cooler/freezer and 30,444-square-feet of office space. It is central to the six cross-dock distribution buildings ranging in size from 2,500 to 4,000-square-feet in Iowa, South Dakota and Minnesota, allowing for 24-hour delivery across Core-Mark’s 12-state Midwest service area.
“Meeting the various food user demand patterns around the country requires regional and diverse networks made up of a variety of different parts that can take years to assemble,” said Provender CEO and founder Neil Johnson.
It is the second significant Midwest acquisition for Provender in the past three months. In late October the firm acquired a 570,000-square-foot warehouse and distribution facility in Chicago.
About Provender Partners
Provender Partners is the leading Food Related Industrial Buildings investor in the U.S. and the only investor 100% dedicated to FRIB. With real estate holdings throughout the United States, Provender Partners combines cutting-edge research and analysis with years of experience to ensure the best possible value for its clients in every facet of the FRIB business. Since inception in 2014, Provender Partners has acquired $620 million of refrigerated real estate totaling 6.5M SF; sold $555 million of property; and leased more than 5 million square feet to clients that include Sprouts, Dollar General, Hello Fresh, Penske Logisitcs and Kraft Heinz.