RL Cold, BGO Land $79M Refi for Georgia Cold Storage Property

A joint venture between RealtyLink’s RL Cold and BGO has secured a $78.5 million refinancing loan for a 268,060-square-foot cold storage property in Lula, Ga., Commercial Observer first reported. QuadReal issued the debt in a deal arranged by Newmark.

CJ Logistics fully leased the property, which debuted in November 2024. The warehouse features 38 dock doors and 38,259 pallet positions, as well as parking arrangements for 106 cars and 52 trailers.

Carrying the address 3875 Cornelia Highway, the property is approximately 62 miles northeast of downtown Atlanta. The cold storage warehouse is adjacent to the planned 104-acre Northeast Georgia Inland Port, which will provide a direct link to the Port of Savannah, Ga.

---

READ ALSO: 2025 Is Half Over. Are You Thriving Yet?

---

Newmark Vice Chairmen Nick Scribani and Blake Thompson, together with Co-Presidents Jordan Roeschlaub and Jonathan Firestone, arranged the debt on behalf of the RL Cold and BGO.

Since forging their joint venture, BGO and RL Cold have built four cold storage facilities and are currently working on bringing another four online, according to RL Cold’s website. The partnership has two other projects in the planning stages.

BGO’s ventures in the sector don’t stop there. In a separate agreement with Yukon Real Estate Partners, the company is developing a 291,000-square-foot cold storage project in Kansas City, Mo. CJ Logistics pledged to occupy that facility as well.

Cold Storage market on track to grow

Coherent Market Insights valued the U.S. cold storage market at $46.5 billion in 2025. Backed by the rising consumption of perishable foods, the sector is expected to reach $104.8 billion by 2032.

Debt continues to flow in the market. Last April, an insurance company issued a $68.3 million acquisition loan for Manulife Investment Management and Harel Insurance Investments and Financial Services. The duo purchased a 333,728-square-foot cold storage asset in Jacksonville, Fla.