MAINES PAPER AND FOOD SERVICE (NY) (CONKLIN, NY)

SALE LEASEBACK

215 BROOME CORPORATE PARKWAY CONKLIN, NY 13748
Price :
$ 8,630,000
Cap Rate :
7.75%
NOI :
$ 668,779
Lot Size :
42.74 acres
Year Built :
2008
Property Area :
95,540 sqft
Status :
UNDER CONTRACT
MARKETING PACKAGE

By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

 

Investment Highlights

• 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

Investment Overview

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.

Contact Agent:
ADAM ABUSHAGUR
Vice President Investments
National Office and Industrial
Properties Group
Dallas Office
Office (972) 755-5223
Fax (972) 755-5210
adam.abushagur@marcusmillichap.com
License: TX 661916
Broker of Record:
John Krueger
New York Broker of Record
Manhattan Office
Tel: 212-430-5157
Fax: 212-430-5110
John.Krueger@marcusmillichap.com
License: NY: 10311205789
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0060630)

Exclusive Listing

Adam Abushagur
(972) 755-5223
Lic # TX : 661916

Need Financing?

Learn how we can help you. Get Started

Questions?