SBA small business loan program MealPro, a rapidly growing meal delivery company, was able to buy its office building for $1.85 million.
SACRAMENTO, CA / ACCESSWIRE / March 26, 2024 / MealPro, the leader in customizable meal delivery, has acquired a $1.85 million office located at 11231 Gold Express Dr, Gold River, CA, 95670, using the SBA 504 small business loan program. Nestled in an upscale suburb of Sacramento, this upgraded office will serve as the hub for MealPro's marketing and support teams, enabling its growth trajectory while providing enhanced service to customers nationwide.
The building was purchased using an SBA 504 loan for $1.85 million
"MealPro is a company with a strong foundation, and we see owning our infrastructure as mission-critical," said Andy Sartori, Founder & CEO of MealPro. Over the past two years, MealPro has invested over $5 million to ensure seamless vertical integration. This included the acquisition of a food production facility for $3.3 million, refrigerated trucks for direct sourcing of premium ingredients, and state-of-the-art cooking and packaging equipment."
"Vertical integration is the foundation of our success. Controlling every facet of our operations, from ingredient sourcing to cooking, packaging and fulfillment, we can uphold rigorous quality standards and consistently exceed customer expectations. MealPro is built for the long term, our strategy relies on strong customer loyalty," continued Sartori.
"We are in a challenging environment for businesses," explained Mark Schwan, Senior Vice President at Bay Area Development Company, one of the banks underwriting MealPro's office purchase. "With inflationary pressure and interest rate challenges, finding a willing lender can be difficult." "The office market is going through a particularly difficult patch," confirmed Jim Stephens of TRI Commercial, the broker who assisted MealPro in this transaction. "Thankfully the SBA 504 loan program enables companies to secure long-term, high leverage, fixed-rate financing for building purchase."
The expansion will enable MealPro to continue growing at its current pace while continuing to innovate in the food delivery industry.
Contact Information
Andy Sartori
Founder
asartori@mealpro.net
4082205926
Andrew Murray
Enterprise Bank SBA Business Development Officer
amurray@enterprisebank.com
916-712-7700
Jim Stephens
Commercial Real Estate Broker/Advisor - TRI Commercial
jstephens@tricommercial.com
916.677.8165
Related Files
SOURCE: MealPro
View the original press release on newswire.com.
