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The property is located at 1125 Sycamore Road in the Village of Manteno, 55 miles south of downtown Chicago. Built in 1999, the building is 100% temperature controlled accommodating a wide array of uses. It also features 41-foot clear heights, 84 docks, rail service and 132 trailer stalls. Within a single day's truck drive of the Chicago, St. Louis, Milwaukee, Detroit, Des Moines, Louisville, Cincinnati, and Indianapolis metro area, the cross-dock facility serves as the centralized Midwest distribution center for McKesson's pharmaceutical supply chain.
The acquisition also includes 50 acres of excess land, which is fully entitled for the development of an additional 620,000 square feet of industrial space. Provender is considering several options for the land including future expansion of the existing building, speculative or a build-to-suit industrial development.
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The Provender Midwest Distribution Center is the fourth and largest FRIB asset acquired by Provender Partners in the Chicagoland metro in the past 18 months. After entering the market in May 2020 with the acquisition of a 141,000-square-foot food processing facility in Berkeley, IL, 100 percent leased to Preferred Meals, Inc., Provender's portfolio now totals 906,000 square feet of food related industrial buildings.
Two of those assets, an 81,000-square-foot meat processing facility in Bolingbrook and a 95,000-square-foot Tri-Temp building in Lake Zurich were vacant at the time of acquisition. After speculative upgrades, Provender leased up both buildings to HelloFresh (Lake Zurich) and a pre-prepared meal manufacturer (Bolingbrook).
"Cold storage is largely a function of population and food manufacturing, and as one of the largest food manufacturing hubs in the country, it is obvious the vital role Illinois/Chicagoland plays in the country's food supply chain," said Provender Partners CEO and Founder Neil Johnson. "We will continue to invest in the area's Cold Chain opportunistically, whether that be in cold storage or food manufacturing facilities."
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The sale was facilitated by Will Mura, Vice President for CBRE's Capital Markets, Industrial & Logistics Investment Sales Services Team with Ted Gates, Vice President, Industrial & Logistics Advisory and Transactions Team.
About Provender Partners
Provender Partners (http://www.provenderpartners.com) is the premier Food Related Industrial Buildings investor in the U.S. and the only investor 100% dedicated to FRIB. With real estate holdings throughout the United States, Provender Partners combines cutting-edge research and analysis with years of experience to ensure the best possible value for its clients in every facet of the FRIB business. Since inception in 2014, Provender Partners has acquired $620 million of refrigerated real estate totaling 6.5M SF; sold $555 million of property; and leased more than 5M SF to clients that include Sprouts, Dollar General, Hello Fresh, Penske Logisitcs and Kraft Heinz.
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