ATLANTA—Americold Realty Trust has acquired a 3.2 million cubic foot cold storage facility in Tampa, FL for $25 million. It has also closed on a previously announced acquisition of AM-C Warehouses in the Dallas-Fort Worth, TX market totaling 13.8 million cubic feet, for $82.5 million. The acquisitions were funded with cash on hand.
The Tampa transaction complements the REIT's existing Florida presence, says CEO Fred Boehler. "We believe we will be able to increase the asset's profitability over time by putting into practice our commercial business rules, enhancing the customer mix, and implementing the Americold Operating System," he says in prepared remarks.
"Additionally, our acquisition of AM-C Warehouses in Texas grows our capacity in this key region by 30% and expands our relationship with a leading global protein producer."
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The total investment for the Tampa facility is expected to be $25.5 million, including $500,000 of initial capital expenditures. Under prior ownership, the site had been operating near breakeven. Over time the Americold says it expects to achieve stabilized yields of 9% to 10% by year-end 2023 through a combination of enhancements to commercialization and customer mix, and cost savings resulting from the Americold Operating System. The location also complements two of Americold's existing Florida facilities, Plant City and Bartow, by providing additional capacity closer to the major Tampa market.
The AM-C Warehouse acquisition in the Dallas-Fort Worth market consists of an 8.6 million cubic foot owned facility in Mansfield and a 5.2 million cubic foot leased facility in Grand Prairie. The total investment is expected to be $85 million, with an $82.5 million purchase price and $2.5 million of initial capital expenditures.
The investment reflects a net entry NOI yield of 7.4%, which the company expects to stabilize at 8% to 10% by year-end 2023.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
