JLL Capital Markets has arranged the recapitalization of a 1.7-million-square-foot cold storage portfolio located across nine U.S. markets. This deal was completed on behalf of a joint venture between Provender Partners and affiliates of Cerberus Capital Management. Financial terms of the transaction were not disclosed.
The recapitalization was structured into two separate sub-portfolios. Heitman acquired a five-property, 795,000-square-foot portfolio, while Artemis Real Estate Partners secured a six-property, 857,000-square-foot portfolio. Collectively, the portfolio comprises 11 food-related industrial properties located in St. Louis, MO; Dallas, TX; Londonderry, NH; Lake Zurich, IL; Clackamas, OR; Delanco, NJ; Lakeland, FL; Kissimmee, FL; Rialto, CA; and Vineland, NJ.
The JLL Capital Markets team overseeing the transaction included Senior Managing Directors Sher Hafeez, Michael Leggett, and John Huguenard; Vice President Wells Waller; Director Will McCormack; Associate Josh Lieberman; and Analyst Harrison Malek.
“Provender is one of the preeminent operators of cold storage properties with a strong track record spanning over 11 years,” said Hafeez. “The successful transactions with two leading institutions, Heitman and Artemis, is a testament to the quality of the assets the joint venture has assembled, and the platform Provender has built.”
