JLL Capital Markets closed the $114-million sale of ConAgra Distribution Center, a 1.5-million-square-foot, Class A bulk regional distribution center triple net leased to ConAgra Brands in the Indianapolis-area community of Frankfort, IN. The buyer was W. P. Carey (WPC), which announced $200 million in acquisitions Monday.
A JLL Capital Markets team of senior managing director John Huguenard and senior director Kurt Sarbaugh marketed the property on behalf of the seller, Founders Properties, LLC. The facility was completed in 2015 as a build-to-suit industrial facility for ConAgra, the 11th-largest food and beverage maker in the U.S.
“This building is one of the largest modern distribution centers in the Midwest and plays an integral role in ConAgra’s ability to deliver food to a significant portion of the country,” Huguenard said. “These types of infrastructure-driven offerings continue to attract institutional capital.”
Separately, WPC announced the $27-million sale-leaseback of a 187,000-square-foot temperature-controlled and refrigerated warehouse facility within the Minneapolis MSA, and the completion of a $25-million, 505,000-square-foot warehouse and logistics redevelopment in Pennsylvania’s Lehigh Valley.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).