215 North Mill Road in Vineland — Courtesy: Provender Partners
By Joshua Burd
An investor has acquired a food production and distribution facility in Vineland for nearly $23 million, marking its second such deal in southern New Jersey in less than a year.
According to the buyer, Provender Partners, the 217,540-square-foot, temperature-controlled building at 215 North Mill Road is home to the agriculture and food manufacturing company Safeway Fresh. The Newport Beach, California-based firm acquired the property for $22.5 million as part of a sale-leaseback with the user, which will continue to occupy the full building for the next five years.
“This is a highly functional, mission-critical food production and distribution facility in the supply chain that serves one of the most densely populated regions in the country,” said John Long Jr., Provender’s chief operating officer. “With access to both major regional rail and trucking lines, the asset is well-positioned to provide same or next day delivery for retailers serving a population of approximately 57 million who live within a 250-mile radius. The asset perfectly aligns with our business objectives to build a significant food-related industrial portfolio in the region.”
Safeway provides fresh and prepared foods for retailers throughout the Mid-Atlantic states through its fresh food division Sunnyside Farms, according to a news release. Its North Mill Road facility, which dates to the mid-1990s, includes roughly 64 percent freezer and cooler space and holds both Safe Quality Food and the U.S. Department of Agriculture certifications.
Additionally, the building has 28-foot clear ceiling heights and 23 dock-high doors, the news release said. Provender added that the 18-acre site, which has 27 percent coverage, offers ample trailer parking and expansion potential.
“Understanding their investment strategy and the makeup of this offering, we believed that Provender would be a suitable partner for our client and chose to take the opportunity directly to them,” said Newmark’s Ryan Guittare, who arranged the transaction alongside Senior Managing Director Kurt Montagano.
The deal follows Provender’s acquisition last September of a 255,000-square-foot building in Delanco, which serves as the refrigerated and frozen food distribution facility for national e-commerce food company Misfits Market. The purchase marked its entrance to the Philadelphia market, the firm said, noting that it has invested in more than 6.5 million square feet of food-related industrial buildings across the U.S. since its founding in 2014.
