Provender Partners Announces Sale of Maryland Distribution Center
Premier Refrigerated Real Estate Investor in the U.S. Sells Distribution Center After Securing 7-Year Lease With Fortune 500 Company
Provender Partners today announced the sale of a freestanding food distribution center for $62 million to Scout Capital Partners.
Provender Partners purchased the 363,872 SF tri-temperature food distribution facility located at 8024 Telegraph Road, Severn, Maryland in December 2017. After investing several million in improvements and renovations, Provender secured a seven-year lease with Nash Finch Company in October 2020.
Bruce Strasburg, David Dannenfelser and Craig Childs of Jones Lang LaSalle and Chris Cummings of Colliers International represented Provender Partners and Scout Capital Partners.
“The ability to acquire, enhance, lease and sell a facility of this size and significance in the Baltimore Washington Corridor is yet another example of surging demand for strategically located, quality cold storage facilities,” says Neil A. Johnson, Founder & CEO of Provender Partners. “As the industry pivots in response to ever-evolving market conditions, ‘last mile’ distribution to densely populated areas will play an increasingly important role in serving consumers across the United States.”
This is the latest in a series of recent transactions that have continued Provender’s position as an industry leader of cold storage solutions. Last year, Provender expanded its portfolio with the acquisition of two processing facilities in Illinois and one frozen and refrigerated distribution facility in Oakland, California while selling more than $215 million in assets and leasing over 790,000 SF of refrigerated real estate across the United States. In late 2020, Provender Partners announced a joint venture with Cerberus Capital Management, L.P., a global leader in alternate investing that has deployed approximately $29 billion of equity across the globe.