Provender Partners Acquires 483,000-Square-Foot Food Related Industrial Portfolio
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.