Provender Partners, a food-related industrial buildings investor, has acquired a 469,673-square-foot tri-temp distribution portfolio that serves as the Midwest food and convenience channel supply chain for Core-Mark, in a $23.975 million transaction.
The portfolio comprises a 435,968-square-foot warehouse and distribution center in Carroll Iowa, and a strategic network of six support facilities 100 percent leased to Core-Mark, one of the nation’s largest wholesale distributors to the convenience retail industry, and a unit of The Performance Food Group.
The warehouse and distribution center is located on a 49-acre site at 1751 U.S. Highway 30 East and features 296,968 square feet of ambient warehouse, 95,118 square feet of cooler/freezer and 30,444 square feet of office space. It is central to the six cross-dock distribution buildings ranging in size from 2,500 to 4,000 square feet in Iowa, South Dakota and Minnesota, allowing for 24-hour delivery across Core-Mark’s 12-state Midwest service area.
The transaction follows an active year for Provender Partners, which acquired 2 million square feet of food-related industrial buildings in 2021, increasing its total assets acquired since inception to 6.5 million square feet.
The portfolio was marketed for sale on behalf of the seller by Dick Powell, vice president of CBRE. Provender was represented by Matt Bear of Bear Real Estate Advisors
