Provender Partners has acquired from Safeway Fresh Foods, a 217,540-square-foot temperature controlled food production and distribution facility in Vineland, New Jersey for $22.5 million.
Safeway, an agriculture and food manufacturing company, which provides fresh and prepared foods for retailers throughout the Mid-Atlantic states through its fresh food division Sunnyside Farms, will continue to occupy 100% of the building for the next five years under the sale/leaseback transaction.
Located at 215 N. Mill Road, the mid 1990s-era building with approximately 64% freezer and cooler space, is Safe Quality Food (SQF), USDA and organic certified. The building features 28 foot clear heights and 23 dock-high doors. Situated on an 18-acre site, the 27% coverage offers ample trailer parking and potential for expansion.
“This is a highly functional, mission critical food production and distribution facility in the supply chain that serves one of the most densely populated regions in the country,” said Provender COO John Long, Jr. “With access to both major regional rail and trucking lines, the asset is well positioned to provide same or next day delivery for retailers serving a population of approximately 57 million who live within a 250 mile radius. The asset perfectly aligns with our business objectives to build a significant food related industrial portfolio in the region.”
Vineland is the second major acquisition for Provender in the Greater Philadelphia metro in the last 12 months. Provender, which has invested in more than 6.5 million square feet of food-related industrial buildings across the country since its founding in 2014, entered the Philadelphia market last September with the acquisition of a 255,000-square-foot building in Delanco, New Jersey. That building serves as the refrigerated and frozen food distribution facility for national e-commerce food company Misfits Market.
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.