Provender Partners Acquires Two Food-Related Industrial Buildings in New Hampshire
The cold storage warehouse acquisitions provide a strategic opportunity to support a distribution system that serves over 87 million within a day’s drive.
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, New Hampshire $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 -100 freezer space, 7,689 square feet of -200 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 -100 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.