JLL Capital Markets has closed the sale-leaseback of two chilly storage services totaling 262,904 sq. toes, in Miami and in metro New Orleans, for Quirch Meals.
JLL represented Quirch within the sale to an undisclosed third social gathering. Quirch occupies each services. Financials on the deal weren’t disclosed.
The Miami property is on 15 acres at 7600 NW 82nd Place and totals 178,428 sq. toes. The power is accessible from Florida’s Turnpike, U.S. 27 and State Highway 826 (the Palmetto Expressway) and is near Miami Worldwide Airport and the Port of Miami.
The metro New Orleans facility is on 19.4 acres at 11502 Scariano Lane in Hammond, La., and totals 84,476 sq. toes. It’s close to the intersection of Interstates 12 and 55 and has environment friendly entry to a number of Gulf Coast ports.
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The JLL Capital Markets group representing Quirch was led by Director Max La Cava, Senior Managing Director Brian Shanfeld, Managing Administrators Jason Dewitt and Luis Castillo, and Vice President Steven Okon.
Quirch is a portfolio firm of Palladium Fairness Companions, a New York–based mostly mid-market personal fairness fund.
Quirch touts itself as one of many largest distributors of meals merchandise within the U.S., Latin America and the Caribbean, whose clients embody impartial and chain supermarkets, foodservice distributors, processors and producers, cruise traces and eating places.
The corporate operates a fleet of almost 500 refrigerated vehicles and occupies greater than 2.3 million sq. toes of distribution house in 23 services throughout 10 states and Puerto Rico.
Cool runnings
Chilly storage industrial stays a closely in-demand asset class amongst buyers, La Cava commented in a ready assertion, including that long-term leased product supplies buyers with enticing yields and surety of money stream.
“Regardless of broader market volatility that occurred over the summer season, JLL noticed a exceptional degree of curiosity from an array of buyers that aggressively pursued the chance,” he mentioned.
The continuing progress in demand for chilly storage property is plain.
In March, Bridge Industrial landed FreezPak as a full-building tenant for its then-still-uncompleted and initially speculative Bridge Level Chilly Logistics Middle, in Hialeah, Fla. The 321,000-square-foot facility is a three way partnership with PGIM Actual Property.
And in Could, Bain Capital and Barber Companions LLC shaped a three way partnership to develop 15 Class A chilly storage services throughout the nation, to be operated below Barber’s newly launched Chill Storage model. The companions deliberate to speculate $500 million of asset worth within the three way partnership.
Regardless of limitations to entry akin to excessive building prices and complicated consumer necessities, the chilly storage sector continues to thrive, as does investor curiosity, in keeping with a June report from CBRE. As of the second quarter, 3.3 million sq. toes of speculative chilly storage improvement was underway within the U.S., up from solely 300,000 sq. toes in 2019, the report famous.
