Lineage Logistics Continues Cold-Storage Growth Spurt

The world’s largest REIT in its specialty has added 46 million cubic feet of capacity.

Image by Adrian Sulyok via Unsplash

Lineage Logistics LLC, of Irvine, Calif., has acquired Hanson Logistics, a leading Midwestern provider of temperature-controlled warehousing, Lineage announced Wednesday. The transaction’s dollar value was not disclosed.

READ ALSO: Why REITs Are Optimistic Despite Declines in Appraisals

Lineage is the world’s largest REIT specializing in temperature-controlled facilities. Hanson is North America’s 12th-largest cold storage and logistics provider, according to the International Association of Refrigerated Warehousing.

Lineage also announced two further acquisitions in North America.

A family-owned business founded in 1954, Hanson has a network of seven distribution facilities totaling more than 46 million cubic feet of capacity across Michigan (Benton Harbor/Sodus, Decatur, Hart and Hartford) and Indiana (Hobart, Lafayette and Logansport).

The company also operates a frozen food consolidation program, Velocities.

Cold storage stays hot

The Hanson acquisition follows Lineage’s announcement of five other North American acquisitions earlier this year:

  • Dick Cold Storage (three locations in the Columbus, Ohio, area)
  • A new strategic warehouse in Lyndhurst, Va.
  • Great Lakes Cold Storage (two locations: Solon, Ohio, and Cranberry Township, Pa.)
  • Win Chill Cold Storage (one location, in Sioux Falls, S.D.)
  • Joliet Cold Storage (two locations: Bolingbrook and Joliet, Ill.)

Since then, Lineage has also acquired Marc Villeneuve, a direct-to-store distribution service in Montreal, and Orefield Cold Storage (three locations in eastern Pennsylvania).

There have also been other deals along the way.

A year ago in July, Advance Realty Investors and Greek Development received $104 million in construction financing for their Logan North Industrial Park in Logan Township, Gloucester County, N.J. A Lineage subsidiary, Preferred Freezer Services, had preleased the entirety of one of the first two buildings there, a 189,889-square-foot build-to-suit cold storage facility.

Lineage has more than 250 facilities in 35 states and two Canadian provinces, totaling more than 1.7 billion cubic feet of temperature-controlled capacity.

In January, Lineage announced plans to acquire Cryo-Trans, which is best known for owning and operating North America’s largest private fleet of refrigerated and insulated railcars, more than 2,200 of them.

You May Also Like

Most Read