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Food Distributor Closes Sale-Leaseback Deal in Houston

Glazier Foods Co. has sold its 286,000 sq. ft. headquarters and distribution center in Houston to an investment group that plans a $14 million expansion to the property. As part of the deal, the food service distributor has leased the entire space back from the new owner. The purchase price was undisclosed.

Glazier Foods was founded in Houston in 1936 and is a family-owned distributor. The buyer, GSL Welcome Group, is a Houston-based real estate development company with a portfolio of more than 75 single-tenant properties in the Houston area. Glazier’s new landlord closed the purchase through its GSL Fund 21 GF Sub E.

Construction has already begun to add 160,000 sq. ft. to the distribution center over the next year, which will bring the property’s overall size to 446,000 sq. ft. and increase the size of Glazier Food’s freezer and dry storage areas. GE Capital provided financing for the acquisition and funding for the $14 million expansion.

Glazier Foods retained Yancey-Hausman Commercial Real Estate Services to market its 33-acre distribution facility in the third quarter last year. Jackie Ritchie, a senior associate at Yancey-Hausman, and Pat Pollan, senior vice president at the firm, conducted a national bid process that attracted offers from several industrial REITs, according to the brokers. “This was a great opportunity for GSL to acquire a high-quality asset in an excellent location with a long-term, stable cash flow and excellent prospects for appreciation,” Pollan says.

Yancey-Hausman is a full-service commercial real estate company providing services for office, industrial, retail and land projects. Established in 1971, the firm currently has more than 60 employees in Houston and Austin.

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