(P) MAINES PAPER AND FOOD SERVICE (NY) (CONKLIN, NY)
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- Strategically Located Cold/Freezer Distribution Centers 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 Leases 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 portfolio consisting of four total industrial assets located at:
3000 Airport Road in Terrell, Texas 75160
199 Oakleaf Oval in Oakwood Village, Ohio 44146
11420 Gulf Stream Road in Arlington, Tennessee 38002
215 Broome Corporate Parkway in Conklin, New York 13748
The subject properties consist of a total of approximately 356,000 square feet with a mix of dry, cooler and freezer space. The subject assets are strategically located proximate to major metropolitan corridors with easy access to major freeways. Each asset is situated on excess land allowing for future expansion and growth. Built in 1982, 1998, 2008 and 2012; the subject properties are functional cross dock distribution assets with varying clear heights between 35’-44’.
Each 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 assets provide a source of passive investment with two percent annual rental escalations hedging against inflation. The subject’s assets must be sold as a package and offer a blended average 8% cap rate across all four facilities. Lease guaranties will be guaranteed by the operating entity at each location 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.