Provender Partners’ Selling Spree Continues

1 min read

The company sold a 363,900-square-foot industrial asset in Severn, Md., for more than $60 million.

Mid Atlantic Food Center. Image courtesy of Provender Partners

Provender Partners has sold the Mid-Atlantic Food Center, a 363,900-square-foot distribution facility in Severn, Md. Scout Capital Partners acquired the property for $62 million. According to CommercialEdge data, Provender had purchased the asset in 2018, for $23 million.

Built in 1990, the Class A property includes a 101,500-square-foot freezer, 47,000 square feet of cold storage and 150,300 square feet of dry warehouse space. After the 2018 acquisition, the buyer implemented a capital improvement plan at the building. In October 2020, Nash Finch Co. signed a seven-year lease for the entire asset. JLL’s David Dannenfelser and Chris Cummings from Colliers assisted both parties in the negotiation. The duo, along with JLL’s Bruce Strasburg and Craig Childs, also brokered the trade to Scout Capital.

Located at 8024 Telegraph Road, on approximately 31 acres, the building is within 5 miles of Interstate 97. The property is also 6 miles from Baltimore/Washington International Thurgood Marshall Airport and 16 miles from the Port of Baltimore.

Last year, Provender sold more than $215 million in assets and leased more than 790,000 square feet of refrigerated facilities across the U.S. In late 2020, the company also formed a joint venture with Cerberus Capital Management. The partnership will seek to build a multibillion-dollar portfolio of U.S. cold storage facilities. The joint venture also intends to expand a strategic program that enables farmers to pivot between bulk and individual packaging.

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