Cold Storage Daily - May 13 - Americold, EQT fund form $1.3B cold storage JV

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NEWS ROUNDUP

JOINT VENTURE: Americold, EQT fund form $1.3B cold storage JV. Americold Realty Trust is forming a $1.3B cold storage joint venture with EQT’s Active Core Infrastructure fund, contributing 12 US facilities with roughly 124M cubic feet of temperature-controlled capacity. EQT will own 70% of the venture, while Americold will keep a 30% stake and continue managing daily operations at the facilities. Americold expects to receive about $1.1B in net cash proceeds, which it plans to use to pay down debt. The companies say the partnership is designed to create one of North America’s largest cold storage platforms and support future expansion in the fast-growing cold-chain logistics sector. Rob Chambers leads the Americold team, while the EQT Active Core Infrastructure team is led by Alexander Greenbaum.

ACQUISITION: ChillCo Logistics buys Mattingly Cold Storage in Zanesville, OH. ChillCo Logistics, backed by Igneo Infrastructure Partners, has acquired Mattingly Cold Storage, located at 302 State Street in Zanesville, Ohio. Through the transaction, ChillCo has acquired a 275,125 SF cold storage facility that it will operate under the “Powered by ChillCo” model. Mattingly’s Andrew Hess, Rusty Deaton, and Angie Schmidt will continue leading operations at the facility and will join the ChillCo executive team. The ChillCo leadership team includes Tarun Lalwani and Jason Lafferty.

FINANCING: Briar Capital provides $10.3M loan secured by Florida cold storage. Briar Capital has closed on a $10,312,500 real estate term loan secured by 2 cold storage and food-processsing facilities in Florida. The borrower is a seafood processor and wholesaler. Susan Holliday led the Briar deal team.

FINANCING: Bok Financial provides $7.25M cold storage financing. Bok Financial has recently closed a cold storage financing that included owner-operated real estate, working capital, and a full treasury relationship. Christopher Schaechtel led the BOK Financial deal team.

DEVELOPMENT: Fort Pierce, FL, approves $240M Amazon cold storage facility. The City Commission of Fort Pierce, Florida, has approved the construction of a 1.1M SF Amazon cold storage warehouse on roughly 70 AC located at 2300 South Kings Highway. The facility is expected to create more than 700 local jobs.

COLD STORAGE PROPERTIES FOR SALE

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60,804 SF | 10 AC | 7,776 SF Freezer (700-Pallet Capacity at -10°F, 22’ Clear Height) | 3,600 SF Cooler (16’ Clear Height) | ±45,252 Dry Storage/Processing Area (24’ Clear Height) | 4,176 SF Office | 27 Dock-High Doors (9 Refrigerated, 8 Ambient) | 2 Drive-in/Grade-Level Doors | 4 Rail-Served Dock Positions | R-507A Refrigeration System | 3,000 Amp 3-Phase Power | Comprehensively Renovated in 2023 | Close to I-75, I-280, I-80/90 Ohio Turnpike, Port of Toledo, Toledo Extpress Airport, Downtown Toledo, and Detroit Metro | ASKING PRICE: $7,200,000

55,855 SF | Substantial Water Credits | 4,000 Amp, 480 Volt Service (277 Volt Lighting Service) | (4) 8’x10’ Covered Dock-High Truck Doors, (1) 12’x12’ Dock-High Truck Door, and (1) 10’x12’ Grade-Level Door | Floor Drains and Sloped Floors | Includes ±0.75 AC of Undeveloped Land

41,383 SF | Building 1: 2,640 SF Commercial Office with 5,560 SF Commercial Dock-High Floors and 2 Drive-in 14’ Overhead Doors | Building 2: 10,450 SF Warehouse with 3,600 SF Cold Storage and Commercial Dock-High Floors | Building 3: 17,064 SF Warehouse with 6 Drive-Through Bays

COLD STORAGE PROPERTIES FOR LEASE

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38,595-91,495 SF | 2 Spaces Available | Rail Capable | Freezer, Cooler, or Processing Capable | Close to I-10, I-610, Port of Houston, and William P Hobby Airport

For Long-Term Sublease | 108,160 SF Available | Fully Racked Class A Convertible Freezer/Cooler Facility | 50’ Clear Height | 14 Dock-High Doors with 40,000 lb Hydraulic Pit Levelers, Temp Capacity from -10°F to +38°F | 43 Auto Parking Spots and 21 Trailer Positions

51,446 SF | 10.60 AC | Loading Areas | 30,000 SF Under Refrigeration | Overhead Bay Doors | Frontage, Signage, and Visibility on US-9 | Close to Rip Van Winkle Bridge, Taconic State Parkway, and I-87

ONE MORE THING

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