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Provender Partners Acquires Midwest Food Distribution Portfolio for $23.975 Million
By: Provender Partners
The portfolio comprises a 435,968-square-
"Meeting the various food user demand patterns around the country requires regional and diverse networks made up of a variety of different parts that can take years to assemble," said Provender CEO and founder Neil Johnson. "This was a rare opportunity to acquire a complete distribution system critical to the food supply chain in the region that was 100 percent leased to a national credit tenant like Core-Mark."
The transaction follows an active year for Provender Partners which acquired two million square feet of food-related industrial buildings in 2021 increasing its total assets acquired since inception to 6.5 million square feet. It is the second significant Midwest acquisition for Provender in the past three months. In late October the firm acquired a 570,000-square-
The portfolio was marketed for sale on behalf of the seller by Dick Powell, vice president of CBRE. Provender was represented by Matt Bear of Bear Real Estate Advisors
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.
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