Cold Storage Daily - June 25 - CRE Consultants sells cold storage in Naples, FL for $6.5M

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NEWS ROUNDUP

DISPOSITION: CRE Consultants sells cold storage in Naples, FL for $6.5M. CRE Consultants has facilitated the sale of 4176 Mercantile Avenue in Naples, Florida. The property features an 18,271 SF warehouse building with cold storage. The CRE Consultants deal team included Dave Wallace and David Wallace.

ACQUISITION: Lineage buys cold storage in Pottsville, PA from Tyson Foods. Lineage Logistics has completed its acquisition of 110 Keystone Boulevard in Pottsville, Pennsylvania. The transaction is part of Lineage’s earlier agreement to buy 4 cold storage facilities from Tyson Foods for nearly $250M. Greg Lehmkuhl leads the Lineage team.

LEASE SIGNED: Rise Realty leases cold storage warehouse in Miami metro area. Rise Realty has facilitated the subleasing of 10450 Northwest 29th Terrace in Doral, Florida. The property features an 11,016 SF cold storage warehouse. Keith Darby, Mario Rodriguez, Kevin Krueger, and Luis Jeronimo Alarcon with Rise Realty represented both the tenant, Growers 2 Home, and the subtenant, SWG Group, in the transaction.

LEASE SIGNED: SpartanNash renews cold storage lease in Lumberton, NC. SpartanNash has renewed its lease at 121 Cold Storage Road in Lumberton, North Carolina. Besides boasting an excellent street address (if we say so ourselves), the property features a 343,000 SF cold storage warehouse owned by Box Equities. The Box Equities leadership team includes Haim Dabah, Mac Dabah, and Ori Schwartz.

FINANCING: Blackstone refinances portfolio including cold storage for $1B. Blackstone’s real estate investment trust has refinanced an investment portfolio composed of 59 assets for a total of 11.6M SF across 13 states with a $1B interest-only, floating-rate CMBS loan. The portfolio includes a mix of industrial properties, including cold storage. The lenders included Goldman Sachs, JPMorgan, Barclays, and German American Capital. The Blackstone deal team was led by Stephen Schwarzman and Jon Gray.

READ: Speculative cold storage construction shows signs of slowing. “In general, interest in the asset class continues to grow, and new players want to get involved, but at this moment in time, it’s primarily driven by build-to-suit opportunities, similar to core industrial development.” — Craig Hurvitz of Colliers

COLD STORAGE PROPERTIES FOR SALE

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For Sale and Lease | 249,511 SF Tri-Temp Building in CA’s Central Valley | 61 AC | 121,859 SF of Dry, 96,403 SF of Cooler, and 20,654 SF of Freezer Storage | Cold Dock | 40+ Docks | 15’-34’ Clear Heights | Adjacent to CA-99

129,340 SF | 12.78 AC | 45,000 SF of Cold Storage | 3-Phase Power | 7 Dock-High Doors | Many Recent Upgrades | Close to I-70 | Convenient Access to Dayton, Indianapolis, Columbus, and Cincinnati

28,000 SF | 8.12 AC | 20’x30’ of Freezer Storage, 11,000 SF of Cooler Space, and 9,000 SF for Ambient Dry Storage or Staging | 9 Dock-High Doors | 3-Phase ower | 18’8”-22’6” Ceiling Heights

COLD STORAGE PROPERTIES FOR LEASE

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18,682 SF | All Convertible Frozen/Refrigerated Storage | 1,100 Racked Positions | 22’ Ceiling Height | 7 Exterior Covered Dock Positions | Near I-5

36,205 SF Total | 2,186 SF Refrigerated Warehouse | 5,400 SF Freezer Warehouse | 9.65 AC | 6,400 SF Office | 7 Dock Doors | 26’ Ceiling Height | 2,186 SF Refrigerated | Fully Sprinklered | Surplus Land for Additional Warehouse Space, Parking, or Outdoor Storage

10,000-46,008 SF | Adjacent to Miami Intl. Airport | 18’ Ceiling Height | Located in the Heart of the Miami Flower District | Ideal for Flowers and Perishables

ONE MORE THING

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