Venture One will be building a cold storage facility in Long Island, New York through a joint venture with BGO’s cold storage unit, BGO Cold Chain.

The facility, called VENTURE PARK COLD at ISP, is set to stand at 137,470 square feet, with the location planned at 2100 Smithtown Avenue in Ronkonkoma.

One of the biggest features will include a convertible freezer/cooler, which will hold temperatures between -10 degrees and 35 degrees Fahrenheit. There will also be 18 loading docks, 40-inch clear heights, an insulated glycol floor slab, 194 parking spots, and a drive-in door.

VENTURE PARK COLD will be 1.2 miles away from the Long Island Expressway. Also, 11.7 million of the nation’s most wealthy consumers are within a 90 minute drive of the site, according to Venture One. It is set to finish by the fourth quarter of 2025.

Venture One has been busy this year adding to its pipeline. Last month alone, it made three purchases, headlined by a 718,709 square foot building in Monee, Illinois that’s 100 percent leased to a single tenant. The other two were also located in Illinois, spanning 421,638 square feet and 59,735 square feet, respectively. According to Venture One’s news releases, the company has made 11 total purchases in 2024.

Venture One has developed 16 million square feet of space, accounting for a total value of $1.7 billion.

LightBox’s CRE Activity Index is seeing a pick up in demand in the industrial and multifamily sectors. In the third quarter alone, properties within those asset classes compromised 51 percent of the listings on LightBox's RCM platform. Multifamily and industrial is expected to continue to lead the acitity in the fourth quarter.