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February 29, 2024
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Provender Partners and StepStone Real Estate Complete $158 mil Recapitalization of 1 msf Cold Storage Portfolio


Provender Partners (Provender) and StepStone Real Estate (SRE) have completed a $158 mil secondary and recapitalization of a 1 msf cold storage portfolio with assets in the high-growth industrial markets of: Oakland, CA; Las Vegas, NV; Berkeley, IL; Bolingbrook, IL; and Birmingham, AL.

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 SRE on a secondary basis, according to Provender Founder and Chief Executive Officer Neil Johnson. “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,” added Provender Chief Operating Officer John Long, Jr.

“Since originally acquiring the assets, we increased the portfolio’s occupancy rate to 100% 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 added.”

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.

Michael Leggett, Sher Hafeez and Josh Lieberman of JLL advised Provender on the formation of the joint venture. JLL’s Capital Markets Debt Advisory Team of Brian Torp and Peter Thompson sourced the debt financing for the transaction.

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