Cold Storage Daily - May 21 - Envision Cold buys cold storage in Miami for $47.25M

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NEWS ROUNDUP

ACQUISITION: Envision Cold buys cold storage in Miami for $47.25M. ECS-Miami Propco LLC, an affiliate of Envision Cold, has acquired 2950 Northwest 75th Street in Miami, Florida. The property features a 187,122 SF cold storage warehouse. The seller was Rivas Family Enterprises, which purchased the property in 2003 for $4.4M. Barings LLC provided financing for the sale. The Envision leadership team includes Austin Solem, Eric Diaz, and Stephen Draper. Pablo Vignolo and Raul Pino with The Hype Real Estate Group represented both the buyer and the seller in the transaction.

DISPOSITION: Newmark brokers sale of LA area cold storage warehouse. Newmark has facilitated the sale of 15015 Valley View Avenue in Santa Fe Springs, California. The property features a 302,850 SF cold storage warehouse and distribution facility leased to United Natural Foods. Andrew Briner, Jim Linn, Bret Hardy, Kevin Shannon, Aaron Banks, and Luke Easton with Newmark represented the seller, a fund backed by Brookfield Properties. The Brookfield deal team was led by Joonas Partanen. The buyer was W. P. Carey.

LEASE SIGNED: Colliers/OnPace Partners lease Birmingham, AL cold storage. Colliers and OnPace Partners have facilitated the leasing of 81,678 SF at 400 Industrial Drive in Birmingham, Alabama. The property features a total of 486,353 SF of cold storage and industrial space. The new tenant is Southeastern Meats. Tripp Alexander and Joe Azar with Colliers and Turner Wisehart, Chris Cummings, and Carter Cosgrove with OnPace Partners represented the landlord in the transaction.

FINANCING: Arrow REA closes $13.8M refi loan for Columbus, OH cold storage. Arrow Real Estate Advisors has closed the refinancing for 6660 Broughton Avenue in Columbus, Ohio. The property features a 105,191 cold storage facility. Morris Betesh, Jack McPhail, and Alexander Ellman with Arrow REA represented the owner in securing the $13.8M loan from a life insurance company.

FUNDING: Pension fund commits $100M to Westport Capital cold storage fund. The Florida State Board of Administration has invested an additional $100M in Westport Capital Partners’ WCP NewCold III fund. In November, the pension fund committed $150M to the same WCP fund. Westport aims to raise $2B for the fund, which focuses on cold storage properties in the US, Europe, and Asia. The Westport leadership team includes Sean Armstrong, Jordan Socaransky, and Gregory Geiger.

WATCH: Why investors are increasingly interested in cold storage. Featuring Ariana Nelson of Platform Ventures.

SPACE NEEDED

COLD STORAGE PROPERTIES FOR SALE

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107,978 SF Total | 67,725 SF Freezer and 23,441 SF Cooler | 13,068 SF Refrigerated Dock | 15 Docks | 7,595 Pallet Positions | 20’-36’ Clear Heights | Close to Richmond, VA and I-95

45,00 SF Total | 1.72 AC | Potential Rail Access via 8-Car Rail Spur | 8,525 SF Chilled Processing Area | 4,500 SF Freezer Space | Refrigeration Equipment in Excellent Condition | 3 Dock-High Doors | (1) 12’x12’ Grade-Level Door

130,000 SF Total | ±38,988 SF Freezer Spaces | ±64,950 SF Cooler Spaces | 7 Units | 31 Dock-High Loading Doors Equipped with Load Levelers | 10’-16’ Ceiling Heights | 70 Car Parking Spaces on Paved Yard

COLD STORAGE PROPERTIES FOR LEASE

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For Sublease | 96,745 SF Total | 56,095 SF of Freezer/Cooler Space and Climate-Controlled Loading Areas | 3,500 SF Food Processing Room with Grease Trap and Floor Drains | 27’ Clear Height | 22 Dock Doors Sealed with Load Levelers and 3 Grade Doors | Sublease Expires 5/30/26 with Longer Term Available

354,051 SF Total | 2 Buildings | Building A: 205,888 SF Fully Convertible Facility to Support Various Temperature and Size Requirements | Building B: 148,163 SF with Ability to Be Cooler or Freezer | Close to I-95 and Florida Turnpike

152,000 SF Total | 17.5 AC | 22’-30’ Clear Heights | 31 Dock-High Doors (17 Equipped with Levelers) | 120 Trailer Spaces | 200 Car Spaces | 30’x40’ Column Spacing | Close to US-130, New Jersey Turnpike, and I-295

ONE MORE THING

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