RICHMOND, Va. -- A two-decade business relationship has soured between Performance Food Group and the landlord of the company’s Henrico distribution center.
In a lawsuit filed last month, the property’s owner, Ranco-Ric LLC, says that the publicly traded food distribution giant’s 22-year lease at 7420 Ranco Road is coming to an end, and the agreement’s renewal option can’t be exercised because PFG is allegedly in default.
But PFG contends that it has renewed the lease and plans to stay put for another five years at the 332,000-square-foot warehouse after the initial lease term ends later in 2024.
Ranco argues that PFG is in default of the lease agreement because the tenant has allegedly allowed the facility to fall into disrepair and has failed to appropriately restore those alleged deficiencies. The suit states that the Ranco Road facility needs more than $5 million in work to remediate mold found in the warehouse’s offices, redesign fire and life safety systems and address other issues.
