JLL Capital Markets advises Provender Partners on transaction with Artemis Real Estate and Heitman

New York, NY JLL Capital Markets arranged the recapitalization of a 1.7 million s/f cold storage portfolio located across nine markets nationwide.

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 s/f portfolio. Artemis secured the six-property, 857,000 s/f portfolio

The portfolio consists of 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 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 JLL Capital Markets team was led by senior managing directors Sher Hafeez, Michael Leggett and John Huguenard, 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 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.”