Exclusive: Charlotte-Area Cold Storage Facility Lands $54M
Karis Cold developed the facility in 2024.
Karis Cold has secured a $53.6 million loan backed by its 277,785-square-foot cold storage facility in Rock Hill, S.C., within the Charlotte, N.C., metro area, according to Yardi Matrix data. Prime Finance Partners originated the note.
Karis Cold developed the Class A property in 2024. The construction was supported by a $48.5 million loan originated in 2023 by Florida Retirement System.
The facility is at 3623 Lazy Hawk Road and occupies approximately 41 acres, near the Interstate 77 corridor. Nearby logistics hubs include the ports of Charleston, S.C., and Savannah, Ga. Charlotte and its international airport are both within 33 miles.
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The building has 50-foot clear heights, a 6,517-square-foot office component, 28 dock-high doors, two grade-level doors, 147 car parking spots and 47 trailer parking spots. It has convertible freezers and a synthetic refrigeration system, with temperatures ranging from -10 to 55 degrees Fahrenheit.
Established in 2020 and based in Naples, Fla., Karis Cold is a private investment and development company specializing in cold storage development, management and acquisition. Karis Cold’s Rock Hill property was, at the time of its development, the first speculative cold storage project in the Charlotte metro area.
In May 2025, Hissho Sushi Inc. signed an 82,107-square-foot leasing agreement at the facility, with plans to establish its new corporate headquarters and primary distribution center there. Cushman & Wakefield, in collaboration with OnPace Partners, is overseeing leasing efforts for the remaining space.
Cold storage fundamentals remain solid
Long-term demand fundamentals remain favorable for cold storage development. Despite the ripple effect of tariffs on global trade affecting the subsector’s demand in U.S. port markets, build-to-suit development may still jump in 2026. The country’s online grocery shopping is expected to grow five times faster than the 1.7 percent rate anticipated for in-store spending by 2029, according to Food Logistics.
Online shopping is forecasted to contribute over 50 percent of all grocery market’s total dollar volume gains over the next three years, fueling the cold storage growth in the U.S., despite challenges.
Recent activity in the subsector across the Southeastern U.S. included Banks Cold Storage’s delivery of a warehouse in Commerce, Ga. Ti Cold served as general contractor for the 210,000-square-foot, temperature-controlled facility.
In May last year, Agile Cold Storage and Ti Cold opened a facility in Pearl River, La. The joint venture’s 121,000-square-foot property has the capacity to store up to 19,500 pallets and generated 200 jobs in the New Orleans metro area.
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