A joint venture between Provender Partners and affiliates of Cerberus Capital Management has announced the sale of a 1.7 million-square-foot cold storage portfolio located across nine markets nationwide.
JLL represented the joint venture in the transaction, which was structured as two separate sub-portfolios. Heitman acquired the five-property, 795,000-square-foot portfolio. Artemis secured the six-property, 857,000-square-foot portfolio.
The portfolio consists of 11 food-related industrial buildings located in St. Louis; Dallas; Londonderry, N.H.; Lake Zurich, Ill.; Clackamas, Ore.; Delanco, N.J.; Lakeland, Fla.; Kissimmee, Fla.; Rialto, Calif.; and Vineland, N.J. The assets serve the specialized cold storage and food distribution sector with varying lease profiles and occupancy levels designed to meet diverse institutional investment strategies.
