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Cold Storage Daily - October 30, 2024 - Principal buys FL warehouse for $54.6M

Cold Storage Daily - October 30, 2024 - Principal buys FL warehouse for $54.6M

Principal buys Florida cold storage. TradeLane sells Chicago cold storage. JLL sells North Carolina cold storage. Wildman to lease Indiana cold storage. Nor-Am opens Ohio cold storage. Six new cold storage listings.

Matt H & Katherine Peach
October 30, 2024

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NEWS ROUNDUP

Principal Asset Management buys Florida cold storage

ACQUISITION: Principal buys warehouse in FL for $54.6M. Principal Asset Management has acquired Osceola Logistics Center, 5010 and 5030 Industrial Lane in Kissimmee, Florida. The property consists of 2 buildings totaling 280,800 SF, including food storage and freezer space. The seller was a partnership between InLight RE Partners and Black Salmon Capital. A Cushman & Wakefield team led by Mike Davis facilitated the sale. Principal Asset Management is led by Kamal Bhatia.

DISPOSITION: TradeLane sells cold storage warehouse in Chicago, IL. TradeLane Properties has sold 5251 South Millard Avenue in Chicago, Illinois. The property includes a 66,835 SF cold storage warehouse with a 10,053 SF freezer and a 30,397 SF cooler. The buyer was a Midwest-based meat processing company. John Basile with NAI Hiffman represented TradeLand in the deal. Brandon Waters with KBC Advisors assisted in the transaction.

UPDATE: In last week’s issue, we reported on the sale of 2900 Lowery Street in Winston-Salem, North Carolina. The property features 69,000 SF of cold storage capabilities, as well as 14,000 SF of office space. We now know that the JLL deal team of Michael Scarnato, Kevin Griffiths, and Wells Waller facilitated the sale.

LEASE SIGNED: Wildman to temporarily lease cold storage in Warsaw, IN. Wildman Business Group will temporarily lease 10,000 SF of cold storage space at 500 South Buffalo Street in Warsaw, Indiana. The property is currently owned by the Warsaw Redevelopment Commission. Wildman will pay $1,353 per month for 6 months. If the commission has not found a tenant or buyer for the property within that time frame, Wildman will have the option of extending the lease for $3,000 per month. Wildman is led by CEO Josh Wildman.

DEVELOPMENT: Nor-Am opens $50M frozen food distro hub in Cleveland, OH. Nor-Am Cold Storage has opened a new facility at 2797 East 75th Street in Cleveland, Ohio. The public warehouse totals 160,000 SF and already has 9 customers who use the facility for cold storage. The Nor-Am team includes David Johnson and Rebecca Thomas.

READ: Why investors love cold storage. “Covid… threw a massive spotlight on the need for better-working supply chains across the globe, but obviously, the need for new cold storage facilities.” — Anthony Rinaldi, Founder and Managing Principal of Saxum Real Estate