{"id":1004641511,"date":"2023-01-26T04:12:04","date_gmt":"2023-01-26T12:12:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004641511"},"modified":"2023-01-26T06:06:15","modified_gmt":"2023-01-26T14:06:15","slug":"provender-partners-stepstone-complete-158m-portfolio-recapitalization","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/provender-partners-stepstone-complete-158m-portfolio-recapitalization\/","title":{"rendered":"Provender Partners, StepStone Complete $158M Portfolio Recapitalization"},"content":{"rendered":"
\"5420<\/a>

5420 St. Charles Road, Berkeley, Ill. Image courtesy of Provender Partners<\/p><\/div>\n

Provender Partners<\/strong> has recapitalized a 1 million-square-foot cold storage<\/a> portfolio in a $158 million deal with StepStone Real Estate<\/strong>, the real estate arm of global private markets investment firm StepStone Group<\/strong>.<\/p>\n

The six assets are located in the high-growth markets of Oakland, Calif.; Las Vegas, Nev.; Berkeley, Ill.; Bolingbrook, Ill.; and Birmingham, Ala. Provender, a Newport Beach, Calif.,-based food-related industrial buildings (FRIB) investor, acquired the properties over the last three years with an unidentified global investment management firm that recently sold its interests to SRE on a secondary basis, according to Neil Johnson, Provender founder & CEO.<\/p>\n

In addition to acquiring the former partners\u2019 interest, SRE will contribute additional capital to Provender\u2019s investment program to help the firm build its platform as it acquires and develops additional best-in-class cold storage and other types of food-related assets across the U.S., John Long, Jr., Provender COO, said in a prepared statement.<\/p>\n

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READ ALSO<\/strong>: Top Sectors for Industrial Demand: JLL<\/a><\/p>\n

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Johnson said in prepared remarks Provender has increased the portfolio\u2019s occupancy rate to 100 percent by leasing assets to high-quality companies critical to the nation\u2019s food supply chain. Tenants include local and regional wholesale food logistics companies, food service providers and frozen food packagers with a remaining average lease term of approximately six years.<\/p>\n

\"860<\/a>

860 81st St., Oakland, Calif. Image courtesy of Provender Partners<\/p><\/div>\n

John Waters, partner & head of investments at SRE, said in a prepared statement well-located and supply-chain essential cold storage and food-related industrial is one of the firm\u2019s high-conviction investment themes. He said SRE is excited to partner with a best-in-class manager like Provender to help it achieve its investment objective.<\/p>\n

In the past five years, Provender has acquired nearly 6 million square feet of refrigerated real estate assets valued at nearly $750 million, sold $600 million of property and leased more than 5.5 million square feet to clients including Nash Finch Co., Sprouts, Dollar General, Hello Fresh and Kraft Heinz.<\/p>\n

Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. JLL\u2019s Capital Markets Debt Advisory Team of Brian Torp and Peter Thompson sourced the debt financing for the transaction.<\/p>\n

Portfolio details<\/strong><\/h2>\n

The largest property in the portfolio is 400 Industrial Drive in Birmingham, which is 486,353 square feet.<\/p>\n

Two properties totaling 161,033 square feet are located in Oakland \u2013 860 81st St., 123,560 square feet, and 940 81st St., 37,473 square feet.<\/p>\n

The other assets are:<\/p>\n