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.