{"id":1004815960,"date":"2026-10-20T04:52:44","date_gmt":"2026-10-20T12:52:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004815960"},"modified":"2026-10-20T05:27:41","modified_gmt":"2026-10-20T13:27:41","slug":"bgo-jv-acquires-160-ksf-miami-cold-storage-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\/","title":{"rendered":"BGO JV Acquires 160 KSF Miami Cold-Storage Asset"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6ad76e8d50d68&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004815894\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/12345-nw-38th-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg\" data-orig-size=\"1920,804\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"12345 NW 38th Avenue\" data-image-description=\"&lt;p&gt;image sent with press release by Jennifer Little at Akrete &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 12.6-acre property includes freezer, cooler and ambient storage space for food distribution operations. Image courtesy of BGO &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"429\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?w=1024\" alt=\"aerial view of cold storage facility in Opa-Locka, Florida\" class=\"wp-image-1004815894\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?resize=300,126 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?resize=768,322 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?resize=1024,429 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-Avenue.jpg?resize=1536,643 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 12.6-acre property includes freezer, cooler and ambient storage space for food distribution operations. <em>Image courtesy of BGO <\/em><\/figcaption><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The 12.6-acre site is near South Florida\u2019s major transportation infrastructure, with access to Interstate 95, Interstate 75 and Florida\u2019s Turnpike, as well as Miami International Airport, Fort Lauderdale-Hollywood International Airport, PortMiami and Port Everglades.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">Top 10 Markets for Industrial Deliveries in H1 2026<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The acquisition expands BGO\u2019s 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.<\/p>\n\n\n\n<p>Troutman Pepper Locke LLP and Winston Taylor LLP served as legal counsel to the joint venture.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cooling-cold-storage\">Cooling cold storage <\/h2>\n\n\n\n<p>In March, <em>Commercial Property Executive<\/em> <a href=\"https:\/\/www.commercialsearch.com\/news\/cold-storage-market-increasingly-bifurcated\/\">reported on research by Newmark<\/a> 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 \u201cmoving through a cyclical reset,\u201d as well as a remarkable bifurcation.<\/p>\n\n\n\n<p>\u201cWhat\u2019s 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,\u201d Newmark Head of Midwest Research Amy Binstein told <em>CPE <\/em>at the time.<\/p>\n\n\n\n<p>In May, <a href=\"https:\/\/www.commercialsearch.com\/news\/americold-eqt-to-form-1-3b-cold-storage-jv\/\">Americold Realty Trust Inc. and EQT formed a joint venture<\/a> with EQT\u2019s 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\u2019s largest operator of cold storage.<\/p>\n\n\n\n<p>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\u2019s daily management.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property last traded in 2020. <\/p>\n","protected":false},"author":882,"featured_media":1004815893,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1492,21742,32781],"tags":[51805,52263,32796,49252],"class_list":["post-1004815960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-miami","category-latest","category-southeast","tag-banner-property-group","tag-bgo","tag-jll","tag-realterm"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BGO JV Acquires 160 KSF Miami Cold-Storage Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"BGO and Banner Property Group, have acquired 12345 NW 38th Ave. an approximately 160,000-square-foot Class B cold-storage facility in the Miami area.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BGO JV Acquires 160 KSF Miami Cold-Storage Asset\" \/>\n<meta property=\"og:description\" content=\"BGO and Banner Property Group, have acquired 12345 NW 38th Ave. an approximately 160,000-square-foot Class B cold-storage facility in the Miami area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-20T12:52:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-20T13:27:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/10\/12345-NW-38th-AvenueFeatured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"BGO JV Acquires 160 KSF Miami Cold-Storage Asset\",\"datePublished\":\"2026-10-20T12:52:44+00:00\",\"dateModified\":\"2026-10-20T13:27:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/\"},\"wordCount\":419,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/10\\\/12345-NW-38th-AvenueFeatured.png\",\"keywords\":[\"Banner Property Group\",\"BGO\",\"JLL\",\"Realterm\"],\"articleSection\":[\"Industrial\",\"Investment\",\"Miami\",\"News\",\"Southeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\\\/\",\"name\":\"BGO JV Acquires 160 KSF Miami Cold-Storage Asset - 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Image courtesy of BGO"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/bgo-jv-acquires-160-ksf-miami-cold-storage-asset\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"BGO JV Acquires 160 KSF Miami Cold-Storage Asset"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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