Lee & Associate Arizona Negotiates Sale of Second Cafe Valley Location, A 291K SF Food Processing Facility in Indiana
Lee & Associates Negotiates Sale in Indiana of Second Café Valley Location
Lee & Associates – Arizona Investment Team announced the sale of the Café Valley Indiana building a 291,262 square-foot, Class-A food processing and cold storage facility located at 3701 South Adams Street in Marion, Indiana. Constructed in 2013, the asset is comprised of a combination of office, warehouse, baking, production, and state-of-the-art ammonia freezer facilities.
The property also features a 30-foot clear height and is situated on a spacious 19.40-acre site, zoned L-1, Industrial. The build-to-suit project is 100% leased to Café Valley Bakery on a long-term absolute triple net (NNN) basis, with annual rental increases. Café Valley Bakery, Inc. is one of the largest independent wholesale bakeries in the United States serving In-Store Bakery, Club Store Mass Merchandise, Foodservice, and convenience-store segments.
The purchaser of the facility is SomeraRoad, a New York and Nashville-based Commercial Real Estate investment and development firm that was founded in 2016. The firm focuses on distressed and opportunistic debt and equity transactions across a multitude of asset classes and geographies.
The property transacted for $34,553,151 and the Seller was represented by the Lee & Associates Investment Team, including, Ross Sanzari, Greg Guglielmino, Marcus Muirhead, and Steve Gonzalez. In July 2020, the Investment Team also sold Café Valley’s Arizona location at 7000 West Buckeye Road in Phoenix, Arizona for $42M.
“The tenant profile attracted a niche buyer pool. Both locations were opportunities to invest in trophy food assets strategically placed in mission critical locations occupied by a best-in-class company” said Sanzari.
“This is the conclusion of a marketing campaign that included both CV locations. We are pleased to have been able to partner with the sellers to achieve their real estate goals” said Guglielmino.
About Lee & Associates
Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates, visit lee-associates.com/ or follow us on Facebook, LinkedIn, Twitter.
About SomeraRoad
SomeraRoad is a commercial real estate investment and development company focused on value-add and opportunistic transactions across all asset classes and geographies. The firm’s diversified expertise enables it to invest throughout the capital structure in debt, equity, and securitized products. With an initial focus on distressed and value-add investing, the company has since evolved into a diversified, vertically integrated commercial real estate platform with a reputation for solving complex problems, becoming local experts, and thoughtfully executing business plans. The firm’s core businesses include: Value-Add, Ground-Up Development, Opportunity Zone, Distressed Debt, and Net-Leased/Income Producing. SomeraRoad is headquartered in New York, NY and Nashville, TN, with additional offices in Pittsburgh, PA and Cleveland, OH. The company was named one of Inc. magazine’s Best Places to Work and firmly believes that human capital is its strongest asset. Since its founding, SomeraRoad has acquired over $2 billion of commercial real estate debt and equity and manages over 20 million square feet of property in over 50 markets throughout the United States. For more information, visit someraroadinc.com.