Provender Partners Acquires Two Cold Storage Facilities in San Francisco Area
Acquisitions Expand the Portfolio of Premier Real Estate Investor / Operator of Food Related Industrial Buildings in the U.S.
Provender Partners today announced it has acquired two facilities in the San Francisco area totaling more than 160,000 SF of space on more than 8 acres of land. The transaction adds to its acquired portfolio of more than 5M SF of refrigerated real estate throughout the United States.
Provender Partners purchased two properties, 860 and 940, both on 81st Avenue in Oakland, California. Both facilities include freezer, cooler and dry storage and are ideally positioned near the Port of Oakland and Oakland International Airport. The buildings were acquired for approximately $26 million.
While in escrow, Provender Partners secured a new 7-year lease to United Cold Storage, a San Francisco-based company offering frozen, refrigerated and dry storage space to small businesses and national corporations since 1966.
Art Rasmussen and David Norrie of CBRE handled both sides of the transaction as well as the United Cold Storage lease.
“We are pleased to announce the acquisition of these assets into our portfolio,” said Neil A. Johnson, Founder & CEO of Provender Partners and former Bay Area real estate investor. “The fact that Provender Partners was able to lease the building while still in escrow is indicative of the lack of available refrigerated space in the Bay Area and beyond.”
In 2020, Provender Partners sold more than $150 million in assets; leased a 267,000 SF building to Dollar General and two buildings totaling 162,000 SF to United Cold Storage; acquired 220,000 SF of processing facilities in Illinois; and has now added another 162,200 SF of refrigerated real estate in Oakland to its portfolio.