Cold Storage Daily - October 9, 2024 - Americold buys cold storage portfolio for $170M

Good morning. This is Cold Storage List, and we ward off evil spirits.

→ We are here to serve the owners, brokers, and tenants who are interested in cold storage, refrigerated warehouses, and food/beverage supply chain. Do us a favor, and forward this email to your favorite cold pro. They can sign up here.

Now, let’s get to it.

NEWS ROUNDUP

ACQUISITION: Americold buys portfolio of 9 cold storage properties for $170M. Americold Realty Trust has purchased a portfolio of 9 cold storage facilities from Global Net Lease (GNL). The properties are currently leased to subsidiaries of Americold. The transaction value of $170 million reflected a 7.88% cash cap rate on 3.3 years of weighted average remaining lease term. GNL is led by CEO Michael Weil, while CEO George Chappelle leads Americold.

DISPOSITION: CORFAC brokers $6M sale of cold storage facility in Apopka, FL. Berger Commercial Realty Corp./CORFAC Intl. and First Capital Property Group/CORFAC Intl. have collaborated on the sale of 2349 South Apopka Boulevard in Apopka, Florida. The 62,452 SF facility includes 18,250 SF of cooler/freezer warehouse space. The Berger deal team, which represented the seller, included Lawrence Oxenberg, Jonathan Thiel, and Keith Graves. The First Capital deal team included Trent Scott and Hunter Strickland, who is now with Colliers.

DISPOSITION: Global Net Lease sells cold storage in Zumbrota, MN. Global Net Lease sold 1000 Arctic Avenue in Zumbrota, Minnesota. The sale price was $22.85 million. The property features a total of 181,000 SF of warehouse space.

DEVELOPMENT: BGO/Yukon Partners break ground on Kansas City area project. BGO and Yukon RE Partners have broken ground on a 291,000 SF cold storage facility in New Century, Kansas, a suburb of Kansas City, Missouri. The rail-served facility has been 100% leased to CJ Logistics America and is expected to open in the third quarter of 2025. The BGO team includes Kevin Rivest, Steven Majich, and Kunal Sakhuja. The Yukon team includes Oliver Davis-Urman, Axel Anderson, Mark Winter-Gitelson, and Marty Khait. The CJ Logistics team is led by Kevin Coleman and Ken Heller.

DEVELOPMENT: RealCold plans East Hanover, NJ cold storage warehouse. RealCold is planning to build a 380,000 SF temperature-controlled warehouse at the corner of Route 10 and Ridgedale Avenue in East Hanover, New Jersey. The facility will feature a 50’ clear Class A, LEED Silver warehouse with 40 dock doors. Capital for the project has been provided by sponsor Related Fund Management, as well as RealCold partners Onyx Equities and Russo Development. RealCold is led by CEO Keith Goldsmith.

READ: Dallas sees strong surge in cold storage industrial investment.

COLD STORAGE PROPERTIES FOR SALE

Click on each photo for more information.

13,199 SF Warehouse Condo | Fully Refrigerated | 3 Dock-High Doors | Corner Unit

115,000 SF | 5 Pre-cooler Rooms | 7 Storage Rooms | 5 Loading Docks

48,804 SF | 2.257 AC | 22’ Clear Height | 5 Dock-High Doors

COLD STORAGE PROPERTIES FOR LEASE

Click on each photo for more information.

100,000-486,353 SF | 189,232 SF Freezer Storage | 139,198 SF Cooler Storage 103,119 SF Refrigerated Dock

10,000-46,008 SF | 2 Units Available | Also Available As Entire Building | 18’ Ceiling Height

1,800-25,200 SF | 1 Space Available | High-Efficiency Refrigeration System | Shared Forklift

ONE MORE THING

→Try our resources for cold pros:

Search Properties (beta) | Cold Storage News | Comps | Professional Network

Advertise Listings | Share a Closing Announcement