Provender Partners has closed on a 185,569-square-foot cold storage facility in Dallas, Texas, the third and final piece of a 469,000-square-foot, tri-temp real estate portfolio acquired from an undisclosed national food service company for nearly $50 million.
The seller will lease back the three buildings in Dallas, Kissimmee, Floria; and St. Louis, Missouri, for the next two years, as it completes construction on three new larger facilities in those markets.
“After demonstrating our ability to execute on the Kissimmee facility earlier this year, the seller shared their disposition plans and offered us the opportunity acquire the two remaining assets,” said Provender founder and CEO Neil Johnson. “By structuring the transactions as sale/leasebacks, the seller now has the runway to phase out of these buildings and into their new facilities, while we receive a steady stream of passive income and make plans to re-tenant.”
The buildings are strategically located in prime distribution hubs within their respective markets. Each feature an attractive combination of freezer, refrigerated and ambient storage space along with refrigerated docks and clear heights ranging from 30 to 36 feet.
Chris Robinson with Fischer and Scott Delphey with Food Properties Group represented both parties in the portfolio sale.
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 $915 million of refrigerated real estate totaling 8.82 million square feet; sold $1.075 billion of property; and leased 6.75 million square feet to clients that include Sprouts, Dollar General, Hello Fresh, Penske Logistics and Kraft Heinz.
