HF Foods Group Inc. said Jan. 21 that it completed the acquisition of 10 warehousing properties for a total consideration of $101.3 million.
The North Carolina-based food distributor bought the properties through its subsidiary B&R Global Holdings Inc.
As part of the deal, B&R Global acquired a 100% stake in nine independent property holding companies, which collectively control 10 warehousing properties that have a total area of 642,757 square feet. The properties were previously owned by B&R Group Realty Holding LLC, a real estate holding firm in which HF Foods Co-CEO Peter Zhang has an 8.91% stake.
J.P. Morgan Chase Bank and Comerica Bank were the principal lenders in the transaction, funding about 75% of the purchase. The remaining balance was financed through a $7 million promissory note issued to B&R Global and $18.7 million drawn from HF Foods' existing line of credit.