Ambrose Sells 300 KSF Cold Storage Facility
The property came online in 2023.
Industrial and logistics specialist Ambrose has sold Building III at Mount Comfort Logistics Center in Greenfield, Ind., part of the Indianapolis metro, for an undisclosed amount. The buyer was a locally based private investor, according to the seller.
The 297,769-square-foot cold storage property was developed on a build-to-suit basis in 2023 for PL Cold, an affiliate of Progressive Logistics, which fully leases the facility.
The facility features freezer and cooler space, 40 docks and VNA racking and ALTA Refrigeration EXPERT systems. As part of the Mount Comfort Logistics Center campus, the property has access to both I-70 and I-465.
The deal comes on the heels of a similar disposition in the same market by Ambrose. In September, Ambrose sold Building III of Indianapolis Logistics Park in Whitestown, Ind., a suburb of Indianapolis, to a private REIT for $37.6 million. Cardinal Health leases the entire asset.
Ambrose also broke ground recently on Buildings V and VI of Indianapolis Logistics Park-Northwest in Whitestown. The two facilities, which total about 947,000 square feet, are slated for completion in summer 2027.
LISTEN ALSO: Why Cold Storage Is Becoming More Specialized
The Indianapolis industrial market recorded approximately 2.1 million square feet of positive net absorption in the third quarter of 2026, while average asking rents increased about 6 percent year-over-year, according to CBRE’s third-quarter 2026 Indianapolis Industrial Market Report.
Colliers’ Alex Cantu and Alex Davenport represented Ambrose in the transaction.
Cold storage investment remains active
The U.S. cold storage market has experienced a surge in development in recent years, followed by softer demand. However, newer facilities have generally outperformed older properties. Modern cold storage facilities recorded their strongest year of positive absorption in 2025, while older facilities experienced record net move-outs.
In May, Americold Realty Trust and EQT formed a $1.3 billion joint venture with EQT’s Active Core Infrastructure fund to own, operate and potentially develop cold storage warehouse facilities nationwide. Americold is contributing 12 cold storage facilities into the partnership, representing 124 million cubic feet of temperature-controlled capacity.
Investors are also still interested in the specialized property type. In July, a MetLife Investment Management client acquired New Century Cold Storage, a 291,000-square-foot cold storage facility in New Century, Kan. A joint venture between BGO and Yukon Real Estate Partners sold the rail-served property.
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