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Cold Storage’s Explosive Growth Hasn’t Removed Its Risk

cold-storage

The growth in the cold storage sector of industrial real estate over the past 12 months has been simply staggering.

Average rent for U.S. cold storage space increased about 15% from the first quarter through the end of last year, CoStar Group reports. Since 2017, rent in the sector has grown by 29%, easily outpacing the still-impressive 21% growth in industrial properties overall over that time period.

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Industrial Investors Look For Bigger Returns With Class B and C Product

Pricing and cap rates for Class A industrial product are expected to stabilize for the remainder of this year, according to a new report from Cushman & Wakefield—though trophy properties in the Inland Empire of Southern California, New Jersey, South Florida, Seattle, and Dallas will reap the most aggressive overall rates.

Spring 2021 data from C&W shows that overall capitalization rates range widely by asset class, with a nearly 90 basis point difference between Class A and B industrial product and a 235 bps difference between Class A and C industrial facilities. And overall rates for Class C properties are clocking in 143 bps higher than their Class B counterparts.

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BRIDGE Closes On $78.24 M Financing For Bridge Point AVE

BP AVE

Bridge Development Partners (“BRIDGE”), a privately-owned development and acquisition firm of Class-A industrial properties, announced it has secured $78.24 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport.

The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and on schedule to be delivered in the third quarter of 2021.

 

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