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JLL Capital Markets has successfully arranged the recapitalization of a 1.7-million-square-foot cold storage portfolio, strategically located across nine markets nationwide. The transaction was completed on behalf of a joint venture between Provender Partners and affiliates of Cerberus Capital Management. Financial terms of the deal were not disclosed.
The recapitalization was structured into two separate sub-portfolios. Heitman acquired a five-property portfolio totaling 795,000 square feet, while Artemis Real Estate Partners secured a six-property portfolio encompassing 857,000 square feet. Altogether, the 11 industrial buildings in the portfolio serve food-related uses and are 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 representing the joint venture was led by Senior Managing Directors Sher Hafeez, Michael Leggett, and John Huguenard, along with 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 Sher 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.”
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