Newport Beach, California: Provender Partners and StepStone Real Estate, the real estate arm of private markets investment firm StepStone Group, have completed a $158 million secondary and recapitalisation of a one-million-square-foot cold store in Oakland, California.
Provender acquired the properties over the last three years in a joint venture with a global investment management firm that recently sold its interests to StepStone Real Estate on a secondary basis according to Neil Johnson, chief executive, Provender.
John Long, Jr, chief operating officer said: “In addition to acquiring our former partners’ interest, SRE will contribute additional capital to our investment program to help us build our platform and acquire and develop additional best-in-class cold storage and other types of food-related assets across the United States.”
“Since originally acquiring the assets, we increased the portfolio’s occupancy rate to 100 percent by leasing the assets to high-quality companies critical to the nation’s food supply chain,” said Johnson. “We look forward to continuing to build and manage our portfolio with SRE,” he said.
Tenants include local and regional wholesale food logistics companies, food service providers, and frozen food packagers with a remaining average lease term of approximately six years.
