Fundrise acquires distribution center leased to PepsiCo

Online investment platform Fundrise (a Real Estate Investment Trust) has acquired a new class-A distribution center with an in-place lease to PepsiCo. in Capitol Heights, Md, for roughly $7.8 million. The property is located less than 30 minutes from downtown Washington, D.C., directly inside the Capital Beltway.

Completed last year, the building was specifically designed for Frito-Lay (a division of PepsiCo) to utilize as a last-mile distribution facility serving its customers in the national capital region.

A last-mile distribution center, also referred to as a terminal building or sorting center, acts as a handoff point to connect 18-wheeler trucks, which typically carry goods in bulk across longer distances, with the smaller vehicles that make the final leg of the journey to drop off packages at individual homes and businesses.

While it’s critical that these types of facilities are located close to major population centers and easily accessible to the major highways, the availability of industrial zoned land that meets this criteria (generally speaking) is in increasingly short supply, which Fundrise believes will help drive long-term values.

The property was completed as a “build-to-suit” for PepsiCo, meaning that the location was selected by the company based on its attributes, and then the building itself was specifically designed in collaboration with the company to meet the exact specifications of its business needs. Although, unlike many e-commerce companies, Pepsi/Frito-Lay primarily delivers to small businesses, the company recently announced it was launching Snacks.com, a new direct-to-consumer business to offer customers “another way to purchase products they love” and have them “delivered directly to their door.”

“PepsiCo is the sole tenant at the property and, as of our acquisition on June 1, had nine years remaining on their initial lease term with multiple options to extend,” Fundrise said on Thursday. “Our goal is to earn regular rental income from the property and then eventually to sell it for more than we spent on the acquisition."

Cooney appointed senior vice president position at Red Robin

Red Robin Gourmet Burgers, Inc., a casual dining restaurant chain focused on serving gourmet burgers, announced Wednesday the appointment of Cathy Cooney as senior vice president and chief people officer. Cooney will be responsible for leading the development and execution of human resource (HR) strategies that will drive engagement, build strength and capabilities across functions and create a best in class restaurant organization that will consistently advance the company's business goals.

Cooney brings to Red Robin nearly three decades of HR experience, with a career that includes HR leadership roles in a number of industries including consumer brands, food distribution, healthcare and energy.

Before joining Red Robin, Cooney served as executive vice president of Human Resources for Carefusion. Prior to her 14-year career in the healthcare industry, Cooney served in several HR roles of increasing responsibility over an eight-year span for Pepsico, Inc., including senior director of Human Resources for Pepsico Food Systems and benefits leader for Frito-Lay, Inc.

Cooney earned a Bachelor of Arts degree in psychology from the University of Missouri, Kansas City, Mo.

There currently are 478 Red Robin locations across the United States and Canada. The restaurant chain was founded in 1969.

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