MAINES PAPER AND FOOD SERVICE (NY) (CONKLIN, NY)
By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.
• Strategically Located Cold/Freezer Distribution Center with Proximate Access to Major Freeways
• Situated on Excess Land Allowing for Ample Parking and Storage as Well as Future Expansion
• Maines Paper & Food Service – 95 Years of Distribution Experience & Annual Revenues in Excess of $3.5 Billion
• Absolute Triple-Net Lease with 2 Percent Annual Rental Increases, Minimizing Landlord Responsibility and Hedging Against Inflation
• Largest Single Distributor for Burger King, Wendy’s, and Darden Food’s, Serving Over 35 States Across the United States
Marcus & Millichap is pleased to present the opportunity to acquire Maines Paper & Food Service, Inc. cold storage located at 215 Broome Corporate Parkway in Conklin, New York. The subject property consists of approximately 95,540 square feet on approximately 42.74 acres. The subject asset is strategically located proximate to major metropolitan corridors with easy access to major freeways. The asset is situated on excess land, allowing for future expansion and growth. Built in 2008, the subject property is a functional cross dock distribution asset with clear height of 44’.
The facility will be entering into a new seven-year absolute NNN lease, due to commence upon close of escrow. With zero landlord responsibility, the subject asset provides a source of passive investment with two percent annual rental escalations hedging against inflation. Lease guaranties will be guaranteed by the operating entity and not the corporate entity.
Headquartered in Conklin, New York, Maines Paper & Food Service was founded in 1919 and originally named “Maines Candy Company.” The company delivers to over 35 states, with eleven distribution centers and four food and party warehouses. Maines Paper & Food Service is the seventh largest broadline distributor in the country and one of the largest independent systems distributors in the country. They now have over 2,600 employees, annual revenue of over 3.5 billion dollars, and were recently ranked No. 127 on the Forbes “America’s Largest Private Companies” list for 2018. In addition, Maines Paper & Food Service is the nation’s largest foodservice distributor in the Burger King system and has won numerous awards from Applebee’s, Subway, and Darden restaurants. Other customers include Chili’s, Olive Garden, IHOP, Red Lobster, Fuddruckers, Boston Market, and Wendy’s.