Rick Ross, Senior Director of The Net Lease Group (NLG) arranged the sale of two build to suit distribution facilities in Kentucky.
Each was leased for 15 years to Flowers Baking of Bardstown, LLC, a wholly owned operating subsidiary of Flowers Foods, Inc. (NYSE: FLO). The properties are located in Owensboro and Paducah, Kentucky. NLG represented the seller, a build to suit developer. A California investor acquired the properties, completing a 1031 exchange, for $1.64 Million.
Flowers Foods, Inc. generated 2017 FY sales of $3.9 Billion through a nationwide network of 49 bakeries which operate as wholly owned subsidiaries. Flowers’ mix of brands includes Nature’s Own, Wonder Bread, and Sunbeam, along with organic brands, Dave’s Killer Bread and Alpine Valley Organic.