- The IFCO Portfolio consists of four, net leased industrial properties totaling 141,420 SF of improvements and 27.2 acres of improved industrial land
- Two of the properties are located in Riverside, CA (on contiguous lots) and the other two properties are located in Indianapolis, IN and Bartow, FL
- Each property is strategically situated near major interstate and highway systems making them ideal locations for logistics and distributions operations
- The assets have a high land to building size ratio and are positioned to maximize large, outdoor/covered work areas
All four properties are all leased to Pallet Companies, LLC d/b/a 48 Forty Solutions, the largest distributor of wooden pallets in North America with annual revenues in excess of $100MM. Pallet Companies, LLC was formerly the North American subsidiary of IFCO Systems, a wholly owned subsidiary of Brambles Limited, a $16 billion, publicly traded Australian company. In early 2018, Brambles sold Pallet Companies, LLC to Boulder, CO based Grey Mountain Partners for $115MM. Grey Mountain Partners subsequently rebranded the company 48 Forty Solutions. The IFCO portfolio provides highly stable cash flow from a creditworthy, sticky tenant with a long and established tenancy at each property. The Bartow location was the original headquarters location for IFCO in North America. In addition, the company has occupied the Hall Avenue properties since 2002 when it acquired the tenant that previously owned the site and the Indianapolis property since 1999 when it acquired the tenant that previously owned the site.