Rendering of Jacksonville Chilly Storage. Picture courtesy of Arcadia Chilly
Arcadia Chilly has commenced the development of Jacksonville Chilly Storage, a 216,297-square-foot facility in Jacksonville, Fla. The venture is slated for completion in early 2024.
In late 2022, the Jacksonville Enterprise Journal reported that Jacksonville’s metropolis council agreed to supply Arcadia a $2 million property tax rebate for the event, whereas JAX USA reported in October that Arcadia will make investments $86.5 million within the refrigerated distribution facility.
Upon completion, the chilly storage facility will embody 30,254 pallet positions with a freezing capability for greater than 6 million kilos of product per week, with temperatures starting from -10 levels F to 38 levels F. The venture will function ample dock area and doorways to handle import, export and distribution companies.
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The ability will rise within the Imeson Worldwide Industrial Park, 9.2 miles from downtown Jacksonville, with entry to Freeway 17 and Interstate 95. The chilly storage venture is designed to assist distribution exercise by means of the Jacksonville Port Authority, which is 4.8 miles from the event website.
Final month, Arcadia signed an settlement to lease and function Phoenix Chilly Storage, a 293,000-square-foot industrial constructing presently beneath development in El Mirage, Ariz. Final 12 months, the corporate additionally broke floor on a chilly storage facility in Hazleton, Pa., and two different services in Atlanta and Fort Value, Texas.
Demand for chilly storage property stays sturdy
Pushed by the pandemic-induced rise in e-commerce exercise, demand for chilly storage warehouses stays sturdy. This development turned evident in 2021, when complete annual gross sales for this explicit asset class in dense city areas amounted to $2 billion.
Notable current offers embody Barber Companions and Bain Capital’s formation of a three way partnership in Could 2022, with plans to take a position $500 million within the improvement of 15 chilly storage services that will function beneath the Chill Storage model. Later in September, IDS Actual Property Group secured $124 million in post-close acquisition financing for its chilly storage facility in Riverside, Calif., which traded for $225 million.
In March 2022, Bridge Industrial signed FreezPak to a full-building lease for its chilly storage facility in South Florida, whereas the venture was nonetheless underway.
A newer deal was introduced early this 12 months in February, when Tiger Cool Specific signed a lease/buy settlement to amass an industrial property that may host a 200,000-square-foot chilly storage facility in Wallula, Wash.
