New Owner For Greenfield Distribution Hub

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The nearly 420,000 facility is expected to create up to 260 jobs by the end of 2016. The nearly 420,000 facility is expected to create up to 260 jobs by the end of 2016.

Ownership of a newly-constructed cold storage distribution center in Greenfield has changed hands. Virginia-based Centurion Investments LLC purchased the nearly 420,000 square-foot facility for $43 million.

Centurion bought the distribution center from Virginia-based Smithfield Foods Inc., who built the facility after acquiring the 47.6 acre site on which it sits in 2014. Centurion is now leasing the facility back to a subsidiary Smithfield

"This sale-leaseback will allow us to redeploy capital and fund strategic initiatives to further enrich our core business offerings," said Tim Dykstra, vice president and corporate treasurer at Smithfield. "The Cushman & Wakefield team understood our mission and applied their real estate experience and expertise, which led to a great result; they were invaluable partners for us, from beginning to end."

Cushman & Wakefield in Indianapolis closed the deal on behalf of Smithfield. Vice Chairman Scott Goldman says the deal was an excellent opportunity for Smithfield because of "the current low-interest-rate environment, coupled with strong investor demand for state-of-the-art facilities occupied by credit tenants."

The facility is expected to create up to 260 jobs by the end of the year.

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