CBRE Arranges $8 Million Sale-Leaseback of Cold Storage Facility in Atlanta

CBRE has facilitated an $8 million sale-leaseback for Highland Provisions, a major Boar’s Head distributor and purveyor. The subject property was a cold storage distribution facility in Atlanta, Georgia. A New York-based private equity investment firm purchased the property from Georgia-based Highland Provisions Co.

Andrew Jaworski with CBRE Capital Markets represented both the seller and buyer in the transaction. The deal included the 17.5-year, absolute triple net (NNN) master lease with strong annual escalations to hedge against inflation.

“We achieved a win-win scenario for all parties within a tight timeline,” said Mr. Jaworski. “One of the key points for assembling this transaction was providing the tenant the flexibility of capturing growth-capital at the time of their sale-leaseback. Utilized as a financing vehicle, the sale-leaseback process allows a company the flexibility within their capital structure to re-deploy capital into its core business, reduce long and short-term debt along with making room for new growth or future acquisitions.”

The 50,544-sq.-ft. single-tenant property sits on 3.38 acres at 900 Westlake Parkway SW. It features 24-foot clearance heights, LED lighting, 10 dock-high doors, and one drive-in door. The building is less than five miles from Interstates 895, 75, 285, and 20. Situated in a major corridor of Atlanta with ease of accessibility for the organization’s delivery routes, the property carries un-tapped potential with strong room for growth on the operational side.