UNIVERSITY PARK, IL-A 517,887-sf industrial cold storage facility here has sold for $63.3 million. The seller was University Park Cold Storage LLC and the buyer was BVSEF University Park Cold Storage LLC. The high-tech facility at 450 Central Ave. is occupied by Continental Refrigerated Services.
Matthew Terry, an investment specialist at Marcus & Millichap, says the transaction represents the single largest cold-storage asset sale to date. "There were five offers on the property, and in the end, we were able to achieve a record-breaking price for a single-tenant, net-leased asset of this size." John Abuja, a senior associate at the company, assisted on the deal.
Jonathan Lee of Marcus & Millichap says this is the second cold-storage property sold by the company in the past six months. "We sold another large cold storage portfolio, properties all over the Midwest," he says. "This new deal showcases our ability to create great efficiencies in the marketplace."
AmeriCold Realty Trust of Paramus, NJ entered into an agreement in September to buy four refrigerated warehouse from ConAgra Foods Inc. for $152 million. The five refrigerated warehouses are in Atlanta; Fort Worth; Victorville, CA; York, PA; and Rochelle, IL.
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