SAN ANTONIO—Industry professionals say infill cold storage assets will become more valuable in light of limited supply and high build costs. Fitting that description are two facilities totaling more than 500,000 square feet that Provender Partners recently sold in San Antonio and St. Louis for nearly $64 million.
Last year, Provender Partners invested more than $6 million in extensive improvements and renovations to the distribution centers before securing 10-year leases from Dollar General in both locations. With freezer, cooler and dry storage, the properties are part of Dollar General's new DG Fresh initiative to bring logistics capabilities in-house, seeking further control over its operations as it expands into the fresh and frozen food categories.
Guy Ponticello and Robert Gibson of CBRE along with Scott Delphey of Food Properties Group represented Provender Partners.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
