One among Saxum’s chilly storage amenities in Atlanta. Picture courtesy of Saxum Actual Property
Saxum Actual Property, along with fairness capital companion BGO, has accomplished the recapitalization of an roughly 1.5 million-square-foot chilly storage portfolio.
The gathering includes six not too long ago constructed properties situated in main U.S. distribution hubs akin to Phoenix, Atlanta and Dallas-Fort Price but additionally in Hazleton, Penn., and Reno, Nev. A seventh facility, located in Atlanta, is anticipated to shut shortly, bringing the portfolio to just about 1.7 million sq. ft.
The recapitalization course of concerned three separate transactions. In one of many offers, PGIM Actual Property offered everlasting debt financing for the Atlanta, Hazleton, Penn., and Dallas-Fort Price belongings.
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Arcadia Chilly Storage & Logistics, a number one chilly storage operator, occupies practically 81 p.c of the 1.7 million-square-foot portfolio. Every property options 50-foot clear heights, dock doorways, container dealing with companies, ample dock area and convertible rooms with temperature between -10 and 38 levels F.
Chilly storage continues to indicate its recession-proof qualities regardless of the present financial uncertainties, stated Saxum Principal Sean Gilbert in ready remarks. The corporate has greater than 2 million sq. ft of chilly cupboard space and its improvement pipeline consists of over $1 billion in capitalization throughout chilly storage, industrial and multifamily investments.
Different strikes on the chilly storage entrance
In October, Lineage Logistics expanded its Jap and Midwestern U.S. footprint with the acquisition of a 1.3 million-square-foot chilly storage portfolio. The portfolio consists of eight warehousing and e-commerce belongings unfold throughout six states.
In an earlier deal, Vertical Chilly Storage bought MWCold, an operator of two-temperature-controlled warehouses totaling 545,000 sq. ft within the Indianapolis space. The acquisition was sponsored by Platform Ventures.
