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Colliers Facilitates Largest Cold Storage Lease in Southeastern United States

Provender Partners secures ten-year lease for supply chain solutions company, AFH Logistics.

Birmingham, Ala.– December 9, 2021 – Leading diversified professional services and investment management company Colliers recently facilitated the lease of Provender Partners’ 486,353 square-foot industrial cold storage facility in Birmingham, Alabama. Senior Vice President Chris Cummings, Vice President Turner Wisehart and Associate Cater Cosgrove with the firm’s Food Advisory Services Group led negotiations alongside Director of Industrial Services Tripp Alexander and Senior Associate Joe Azar on behalf of the landlord. The building was leased to AFH Logistics, a low-risk, cost-effective provider of supply chain solutions, for a duration of ten years.

 

“We are pleased to support our longstanding client, Provender Partners, in the leasing efforts of what is one of the largest cold storage leasing transactions in the Southeast United States in recent years,” said Cummings. 

 

The tenant, AFH Logistics, holds a contract with the U.S. Federal Government to provide food and equipment to areas affected by natural disasters and plans to use this building as a logistics center to carry out this work. The company intends to begin using the space in February 2022.  
Provender Partners is an owner and investor of food-related industrial buildings. The company recently made an $8 million investment into this property which resulted in facility renovations and upgrades to the freezer and cooler distribution facility. The Birmingham facility is Provender Partners’ only food distribution center in Alabama and second in their Southeast portfolio. There are currently 22 real estate holdings in Provender Partners’ portfolio nationwide.

 

An array of industrial users surround AFH’s new facility located at 400 Industrial Avenue. The single-story warehouse zoned for industrial use and was originally built in 1988 and underwent renovations in 1995 and 2021. The building’s 486,353 square-foot footprint is easily divisible among multiple tenants and features a 34-foot clear heights, 95 dock high doors and glycol underfloor heat in the freezer areas. The building encompasses 22.78% of the property’s 49.01 acres which includes roughly 312 employee parking spaces and truck parking. 

 

Cummings added, “The demand we are seeing for cold storage is quite active and underscored by the amount of speculative cold construction planned in the coming years and currently underway, increased investor and capital interest in cold storage, a continuing trend of compressing cap rates and significant rental rate increases on second generation cold space.”   

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Chris Cummings

Senior Vice President, Principal

Atlanta

Since joining Colliers International in 2005, Chris Cummings has been appointed the Director of Colliers' highly specialized National Food Advisory Team. Facility specialization for the team includes refrigerated warehousing, freezer and cooler distribution, food processing and dry food distribution facilities. The Team's expertise in coordinating all technical experts, vendors, and consultants involved in the real estate process has earned them long-term and multi-market assignments with leading food organizations. 

Chris' experience serving as head of the Team has earned him a solid national and local client base and prepared him well to understand the unique requirements of food distributors, manufacturers and processors and to deliver the best service possible.

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Turner Wisehart

Vice President, Principal

Atlanta

Turner joined Colliers International in 2009 and is an industrial broker focused solely on the food industry.  As a member of the Food Advisory Services (FAS) practice group, Turner specializes in the acquisition and disposition of food manufacturing and food distribution facilities. He leverages his unique blend of food industry knowledge, industry relationships, and national transaction experience to help his clients make strategic real estate decisions and achieve transaction objectives.

Specifically, Turner has completed transactions in 25 different states involving a wide range of food-grade facilities (cold storage, freezer/cooler distribution and food processing/manufacturing facilities). Turner’s clientele includes all aspects of the food supply chain such as food manufacturers and processors, food distributors (specialty and broadline), cold 3PL’s and food retailers.

Turner is a member of various food industry trade organizations and enjoys traveling to conferences across the country to continually learn more about the industry and meet new people.

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Cater Cosgrove

Associate

Atlanta

Cater Corley joins the Food Advisory Services team as an Associate and specializes in connecting food industry users and real estate partners with the valuable services offered by Colliers. Additionally, she provides transactional support and management to help the team quickly facilitate deals.

Prior to joining Colliers, Cater spent nearly two years with Jones Lang LaSalle (JLL) as an Analyst and later, as an Associate with the Industrial team, focusing on tenant representation in the NE submarket of Atlanta. As an Analyst, Cater provided financial and market analysis, property surveys, competitive set database management, property tours and other real estate support functions. Prior to JLL, Cater gained experience in refrigerated supply chain and logistics, brokering freight for Coyote Logistics (owned by UPS).

Cater is a graduate of Davidson College where she received her Bachelor of Arts. She is a licensed real estate salesperson in the state of Georgia.

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Tripp Alexander

Partner, Director of Industrial Services

Birmingham, AL

Tripp Alexander is a Partner with the firm and the Director of Industrial Services for Colliers International | Alabama. He and his team are currently responsible for the marketing of over 2.0 million square feet of industrial property across the state of Alabama, in addition to his tenant and buyer representative projects. During his fifteen (15) year tenure in the industry, he has closed
hundreds of millions in lease and sales transactions across sixteen (16) states. 

Tripp works with industrial owners and occupiers to assist them in making informed real estate decisions regarding both land and buildings. His experience includes site selection, acquisitions, dispositions, project budgeting, agency sales and leasing as well as, property due diligence. Tripp’s thorough approach utilizes his extensive market knowledge, careful research of comparable
buildings and historic transactions and diligent analysis of financial and qualitative factors. This thorough and tech-savvy approach has enabled Tripp to solve challenging problems for the benefit of his clients and be an industry leader in his market.

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Joe Azar

Senior Associate

Birmingham, AL

Joe specializes in Industrial Services real estate. He provides transactional management to the firm’s industrial clients, assisting them in strategically managing their real estate portfolios. 

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