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Provender JV Recapitalizes Cold Storage Portfolio with Heitman, Artemis
JLL Capital Markets arranged the recapitalization of a 1.7-million-square-foot cold storage portfolio, located across nine markets nationwide, on behalf of a joint venture of Provender Partners and affiliates of Cerberus Capital Management. Terms were not disclosed.
The recapitalization was structured as two separate sub-portfolios. Heitman acquired a five-property, 795,000-square-foot portfolio, while Artemis secured a six-property, 857,000-square-foot portfolio. In total, the portfolio includes 11 food-related industrial buildings located in St. Louis; Dallas; Londonderry, NH; Lake Zurich, IL; Clackamas, OR; Delanco, NJ; Lakeland, FL; Kissimmee, FL; Rialto, CA; and Vineland, NJ.
The JLL Capital Markets team was led by senior managing directors Sher Hafeez, Michael Leggett and John Huguenard, VP 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.”
