Spanning North America from California’s Central Valley, through Northwest Iowa, to the congested PA-NJ-DE corridor, Global Food Properties closed three (3) production plant transactions totaling nearly 500,000 SF and $8,000,000 in aggregate consideration. Two of the facilities were frozen production plants; the third property, a dry mixing and baking plant, had yet formally to hit the market. A quick snapshot of each trails below:
San Joaquin Valley, California (248,000 SF)
Representing one of the world’s largest private label manufacturers, Global Food Properties quietly solicited interest on its client’s behalf, minimizing publicity and interruptions to the plant’s operations. A logical Buyer was identified, the terms were negotiated, and the sale closed in less than 75 days from commencement. Significantly, the transaction achieved a massive return above book value, post-closing and rent free occupancy valued at an additional $700,000, all with no vacancy and carry cost.
PA-NJ-DE Corridor (134,000 SF)
Representing a market-leading investor in second-generation food production assets, Global Food Properties created a pathway to the utopian “middle ground:” The Buyer secured an outstanding food production plant with spiral freezers and high audit conformity, and the Seller achieved market pricing and an expedited closing before year-end. Global Food Properties was privileged to work with Pillar Real Estate Advisors, and its team of Eric Kuhn, Andrew Carlino, and Andrew Turner, without whom the sale would not have closed. This same Global Food Properties / Pillar Real Estate team will represent the Buyer in the next phase of repositioning the property for lease or redevelopment.
Northwest, Iowa (30,000 SF)
Representing an emerging frozen bakery manufacturer, Global Food Properties was delighted to work with CBRE’s Andy Lubinski and Justin Felix in the sale of a shuttered bakery plant in Northwest Iowa. The Buyer’s search had been exhausting and tortuous, with property tours and negotiations in more than a half-dozen communities spanning the Midwest to Deep South. The end result was a “win-win” for the Buyer, Seller, and community, with the redeployment of a credible plant, the return of quality jobs, payroll, and tax and utility loads to a rural Iowa town.