Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a six-building, 753,000-square-foot food manufacturing portfolio. The assets represent the entire U.S. operation of Diamond Crystal Brands, a leading manufacturer and distributor of customized food service solutions. The properties are located in California, Georgia, and Iowa, and the portfolio was purchased by New Mountain Capital, a private equity group based in New York, for $38.5 million. The seller was an institutional investor from New York.
Stan Johnson Company’s Joey Odom, Mollie Alteri, Mike Sladich, and Maggie Holmes represented both the buyer and seller in the transaction.
“This transaction emphasized the strength we continue to see in the manufacturing sector of the net lease market and the success our clients are having in that space,” said Odom, Regional Director in Stan Johnson Company’s Atlanta office. “We ran a nationwide marketing campaign that spanned private and institutional capital, and after generating offers on individual assets and the entire portfolio, we selected New Mountain Capital among a wide pool of bidders.”