$36M Quaker deal

An unidentified private investment group has purchased a 1 million-plus-square-foot industrial building in Cedar Rapids, Iowa, for approximately $36.6 million.

The seller, Worley Land Co. LLC, has leased the warehouse to PepsiCo subsidiary Quaker Sales & Distribution Co., which remains at the property on a 15-year lease.

Originally built in 1999, the property is "currently being expanded," according to a principal at Lee & Associates LA North/Ventura Inc., the brokerage that handled the deal.

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