CHICAGO, IL – May 7, 2020 – STREAM Capital Partners, LLC, a leading global net lease and sale leaseback advisory group, recently represented the buyer and seller in the $18,000,000 sale of a single tenant net leased food processing facility in Berkeley, Illinois, a western suburb of Chicago.
The 130,000 square-foot property serves as a food processing facility for Preferred Meals, a subsidiary of Elior North America, which is part of the Elior Group, a multinational France-based food contracting company.
Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners represented both the buyer and seller on the transaction. The seller was the former owner of Preferred Meals, who retained ownership of the building following the sale of the business. The buyer was Provender Partners, an investor focused on cold storage and food facilities.
Wolfe said about the transaction, “this was a good deal to get done, not just for us but for the market overall. It’s obviously been a challenging time for everybody, but the buyer, seller and, frankly, everyone involved, did a great job to get the deal done.”
Shtulman added that “STREAM continues to be extremely active in the food space, both selling net leased properties and structuring and executing sale leasebacks. We expect sale leaseback activity to pick up even more as companies look to alternative sources of liquidity.”