BGO JV Acquires 160 KSF Miami Cold-Storage Asset

BGO and Banner Property Group, a real estate owner and operator specializing in cold storage investment, have acquired 12345 NW 38th Ave. in Opa-Locka, Fla., an approximately 160,000-square-foot Class B cold-storage facility. Realterm sold the asset, according to Yardi Matrix, for an undisclosed amount JLL represented the seller and arranged acquisition financing for the transaction.

Sherwood Food Distributors leases the entire property, the same source shows. The tenant sold the cold storage facility to Realterm for $24.7 million in 2020.

The facility was developed in stages between 1983 and 1987 and expanded in 2004. It comprises a mix of freezer, cooler and ambient storage space designed to support temperature-controlled food distribution operations.

The 12.6-acre site is near South Florida’s major transportation infrastructure, with access to Interstate 95, Interstate 75 and Florida’s Turnpike, as well as Miami International Airport, Fort Lauderdale-Hollywood International Airport, PortMiami and Port Everglades.

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The acquisition expands BGO’s cold storage portfolio in South Florida, where specialized infrastructure, transportation connections and infill locations are difficult to replicate, BGO Managing Partner Kevin Rivest said in prepared remarks.

Troutman Pepper Locke LLP and Winston Taylor LLP served as legal counsel to the joint venture.

Cooling cold storage

In March, Commercial Property Executive reported on research by Newmark showing that the U.S. cold-storage market is coping with the fallout of a development surge in recent years, along with a more recent softening of demand. Newmark called the state of the market “moving through a cyclical reset,” as well as a remarkable bifurcation.

“What’s so interesting is just how sharp the performance divide between modern versus legacy was: record demand for new space, record move-outs from legacy space,” Newmark Head of Midwest Research Amy Binstein told CPE at the time.

In May, Americold Realty Trust Inc. and EQT formed a joint venture with EQT’s Active Core Infrastructure fund to own, operate and potentially develop cold-storage warehouse facilities across the U.S. On closing in the second half of this year, the partnership was expected to be the nation’s largest operator of cold storage.

Americold was to contribute 12 cold storage facilities totaling 124 million cubic feet of temperature-controlled capacity and valued collectively at more than $1.3 billion. EQT agreed to purchase a 70 percent interest in the JV; Americold was to keep a 30 percent equity interest and oversee the platform’s daily management.