NEWPORT BEACH, Calif. – Oct. 4, 2022 – PRLog — Provender Partners has acquired a four-property food production and distribution portfolio totaling 483,000-square square from SpartanNash for $29.9 million.

The portfolio is made up of four temperature-controlled buildings:

• 171,371-square-foot refrigerated food processing and distribution facility in Indianapolis, IN;
• 160,986-square-foot refrigerated food distribution facility in Minot, ND;
• 103,838-square-foot grocery/produce distribution cross dock facility  in Newcomerstown, OH; and
• 42,124-square-foot, rail-served frozen and refrigerated distribution facility in Lakeland, FL.

Built between 1990 and 2005, each of the fully fenced secure buildings in the portfolio feature 30′ or more clear heights, ample loading with as many as 51 dock doors, and abundant trailer parking.  Provender plans a multi-million capital improvement program across the portfolio that will include a full refrigeration refit, roof repairs / replacements where necessary and interior and exterior upgrades to meet the demands of today’s food companies, according to Provender Vice President Edward McLaughlin.

“These buildings are an important part of the food supply chain in their respective regions,” said McLaughlin.   “After completing the necessary improvements, with our relationships, we believe we can quickly stabilize the properties in the portfolio by leasing to food service companies, grocers and logistics companies in need of high-quality, strategically located facilities for regional and/or last mile distribution.   We are already seeing proposals on two of the buildings,” he said.

The portfolio became available when SpartanNash, a Michigan-based Fortune 400 company food solutions company acquired several assets from Caito Food Services including its food distribution business.  After consolidating operations, the four redundant facilities were put on the market earlier this year.

Chuck Rosien, executive vice president with JLL in the firm’s Chicago office led the team that marketed the portfolio on behalf of SpartanNash.

With the SpartanNash portfolio, Provender, a leading food-related industrial buildings investor has acquired  1.8 million square feet of cold storage and temperature-controlled facilities in 2022.   The assets, which are located California, Florida, Illinois, Indiana, Iowa, Minnesota, Missouri, New Jersey, New Hampshire, Ohio, Oregon and South Dakota, are part of the country’s critical food supply chains serving a population of more than 300 million people.

About Provender Partners

Provender Partners (http://www.provenderpartners.com) is the leading Food Related Industrial Buildings  (“FRIB”) 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.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

NEWPORT BEACH, Calif. – Aug. 29, 2022 – PRLog — Provender Partners has acquired  from Safeway Fresh Foods, a 217,540-square-foot temperature controlled food production and distribution facility in Vineland, NJ 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 percent of the building for the next five years under the sale/leaseback transaction.

Located at 215 N. Mill, the mid 1990’s vintage 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 in September of last year with the acquisition of a 255,000-square-foot building in Delanco, NJ.   That building serves as the refrigerated and frozen food distribution facility for national e-commerce food company Misfits Market.

“Understanding their investment strategy and the makeup of this offering, we believed that Provender would be a suitable partner for our client and chose to take the opportunity directly to them,” said Ryan Guittare, who arranged the transaction alongside Newmark Senior Managing Director Kurt Montagano.

The Newmark Capital Markets team has closed on nearly 1 million square feet of cold storage space over the last year+ in the greater Philadelphia marketplace including both deals with Provender.

About Provender Partners

Provender Partners (http://www.provenderpartners.com) 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.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

NEWPORT BEACH, Calif. – Feb. 15, 2022 – PRLog — Provender Partners, a leading food-related industrial buildings investor, has acquired two Class A cold storage warehouses totaling approximately 316,000 square feet in Londonderry, NH in a $67 million transaction. Leased by ReallyCold, the facilities are strategically located to serve a population of more than 87 million within an approximately 500-mile radius.

Located less than a mile from Interstate 93, the 191,836-square-foot Class A cold storage warehouse at 219 Rockingham Rd. comprises 147,623 square feet of -10 degree freezer space, 7,689 square feet of -20 degree below freezer space, 10,200 square feet of refrigerated dock space and 7,224 square feet of office space. The 14.2-acre facility offers 24,000 pallet positions and includes 10 docks and 30-foot clear heights.

The 124,100-square-foot Class A cold storage warehouse at 6 Rockingham Rd., located only 3 minutes away from the interstate, features more than 90,000 square feet of -10 degree freezer space, 14,120 square feet of refrigerated dock space, 6,000 square feet of cooler/freezer and 5,342 square feet of office space.  Situated on a 12.86-acre site, the 20-year-old facility, which was expanded in 2005, offers 14,000  pallet positions and includes 10 docks and 30-foot clear heights.

“While there is tremendous demand, there is virtually no available freezer space in the Northeast U.S.,” said Provender CEO and founder Neil Johnson. “The 32,000 pallet positions between these two Londonderry cold storage properties made this purchase a prime opportunity to tap into the critical food supply chain in the region that serves more than 87 million people from Washington, D.C., to Montreal and Boston to Pittsburgh, all located within a single day’s truck drive.”

The major food-related industrial buildings purchase comes on the heels of Provender Partners’ approximately $24 million acquisition of a Midwest industrial portfolio in January. The Orange County, Calif.-based investor/operator enjoyed an active 2021, acquiring two million square feet of food-related industrial buildings which increased its total assets acquired since inception to 6.5 million square feet. The firm also expanded its geographic footprint making first investments in Alabama, Iowa, Nevada, New Jersey and Utah.

Kevin Griffiths of Newmark  represented Provender in the off-market sale. The seller, a New York-based investment and real estate firm was represented Newmark’s Brian Pinch.

About Provender Partners

Provender Partners (http//:www.provenderpartners.com) 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 $720 million of refrigerated real estate totaling more than 7M SF; sold $555 million of property; and leased 5.4 million square feet to clients that include Sprouts, Dollar General, Hello Fresh, Penske Logistics and Kraft Heinz.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com