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Provender Completes $158M ReCap of Cold Storage Portfolio
Newport Beach, CA-based Provender Partners and StepStone Real Estate (SRE) have completed a $158 million secondary and recapitalization of a 4-state, one-million-square-foot cold storage portfolio. The properties are located in Alabama, Illinois, Nevada and Oakland, CA (pictured).
“Since originally acquiring the assets, we increased the portfolio’s occupancy rate to 100% by leasing them to high-quality companies critical to the nation’s food supply chain,” said Provender Founder and CEO Neil Johnson. “We look forward to continuing to build and manage our portfolio with SRE.”
“Well-located supply chain essential cold storage and food-related industrial is one of our high-conviction investment themes,” added SRE Head of Investments John Waters. “We are excited to be partnering with a best-in-class manager like Provender to help us achieve this objective.”
JLL’s Michael Leggett, Sher Hafeez and Josh Lieberman advised Provender on the JV formation with SRE. JLL’s Capital Markets team of Brian Torp and Peter Thompson secured the debt financing.
- ◦Financing
