Northmarq’s Josh Dicker, senior investment sales analyst with sale leaseback expertise, and Isaiah Harf, managing director, arranged the sale leaseback of a 28,000-square-foot, cold storage and meat processing facility located at 117 Masonic Drive in Princeton, Kentucky. Dicker and Harf represented the seller, Porter Road Butcher, which executed a long-term triple net lease at the time of sale. The buyer, a California-based private investor, acquired the asset for $5.0 million.
“The sale leaseback transaction was not only an investment in Porter Road’s unique real estate, but also an investment in their business and what they are trying to accomplish as an innovator in the direct-to-consumer butcher business,” said Dicker, a sale leaseback expert. “The deal represented a win for not only buyer and seller, but the local Princeton community in which Porter Road operates.”
Founded by two former chefs, Porter Road is a growing direct-to-consumer butcher service that sources their meat from local farms in Kentucky and Tennessee. The property was completely retrofitted in 2021 and converted to the state-of-the-art freezer/cooler and meat processing facility. Situated near multiple major highways, the facility is conveniently located an hour and 30 minutes from downtown Nashville and close to the company’s meat suppliers.