Vineland Plant in Recapitalization Deal

A cold storage warehouse in Vineland was part of a recapitalization of a 1.7 million-square-foot cold storage portfolio located across nine markets nationwide, according to JLL Capital Markets, which arranged the deal.

JLL represented the joint venture between Provender Partners and affiliates of Cerberus Capital Management in the transaction, which was structured as two separate sub-portfolios. Heitman acquired the five-property, 795,000-square-foot portfolio. Artemis secured the six-property, 857,000-square-foot portfolio.

The portfolio consists of 11 food-related industrial buildings, including the one in Vineland. The other locations are St. Louis; Dallas; Londonderry, NH; Lake Zurich, IL; Clackamas, OR; Delanco, NJ; Lakeland, FL; Kissimmee, FL; and Rialto, CA. The assets serve the specialized cold storage and food distribution sector with varying lease profiles and occupancy levels designed to meet diverse institutional investment strategies.

“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,” JLL Capital Markets Senior Managing Director Sher Hafeez told the media.