Meridian Design Build recently completed construction on a 300,000 SF climate-controlled seed storage and distribution facility for Corteva Agriscience and developer Scannell Properties in Anderson, Indiana. The new building, located at 4210 W. 67th Street, is Corteva’s largest warehouse and distribution center in North America.

The new facility is constructed on a 30-acre site and includes 100,000 square feet of refrigerated/ humidity-controlled cold storage, as well as an adjacent dry storage area accessible via high-speed roll-up doors. The building features 25 loading docks, 2 drive-in doors, a storm shelter, and 4,000 square feet of office space.

Meridian completed the project on a design/build basis, with Curran Architecture providing architectural design services and American Structurepoint Inc. handling the civil engineering design square feet

BGFP International, a strategic partnership between BG Capital, Saoud Development, and FreezPak Logistics, has secured $72 million in funding from Valley National Bank, the Israel Discount Bank of New York (IDB), and Nuveen Green Capital to develop a 275,000-square-foot cold storage facility in Jacksonville. Construction is underway and expected to be completed in November 2024.

The debt execution was originated by Tyler Huffman and Joseph Byrne of BG Capital, which consists of Valley National Bank and IDB contributing as the senior lenders and Nuveen Green Capital providing Commercial Property-Assessed Clean Energy financing (CPACE).

The facility, to be leased exclusively by FreezPak Logistics, spans over 20 acres and will offer 53,000 new pallet positions, 212,000 square feet of freezer space and a 41,000-square-foot cooler dock. Users will have access to blast freezing, cross-docking, transportation, repacking, overseas container plug-ins, and USDA inspections. The facility will also include 34 loading docks, 132 trailer parking stalls, 90 container plug-ins, and 67’ clear-height ceilings.

The Jacksonville facility will be BGFP International’s third built-to-suit location within its national expansion program.

CenterSquare Investment Management and PAGEWOOD have joined forces to acquire Gateway Industrial Commons, a 621,000-square-foot industrial services facility (ISF) portfolio. ISFs are typically truck terminals, material and container storage yards, and equipment maintenance facilities.

Comprised of 46 buildings spanning nine properties in the NW submarket in Houston, the Portfolio caters to a diverse array of service-oriented tenants and accommodates users of various sizes, with spaces ranging from 1,000-30,000 square feet.

New Service Industrial inventory remains limited, due to both high barriers to entry and rising construction costs, positioning sector fundamentals to remain favorable for the foreseeable future. 

CenterSquare and PAGEWOOD intend to address deferred maintenance and make a range of capital improvements throughout the properties. The JV says with improved aesthetics and institutional management of operations, the Portfolio will be positioned to significantly increase the in-place rental rates to align with prevailing market rates and drive meaningful growth of net operating income.

CBRE arranged the sale of a 49,805-square-foot warehouse and cold storage facility from Multiple Organics to a Sutter Health entity. Kevin Hatcher and Austin Hinder of CBRE represented the seller. Terms of the sale were not disclosed.

Located at 200 Linus Pauling Dr. in Hercules, the property features 7,700 square feet of office space, six dock doors, four grade level doors, 22’ clear height, 2,000 amps of power, and 8,000 square feet of cooler. The buyer, Sutter Health, is an integrated, not-for-profit system that provides access to high quality, affordable care.

“Industrial assets have been the most sought-after product type even amid rising interest rates and capital constraints,” said Hatcher. “Well-located, highly functional industrial assets like 200 Linus Pauling Dr. rarely become available in the East Bay and the property’s proximity to life science, research and development companies like Bio-Rad Laboratories strengthens the region’s talent ecosystem.”

Jacksonville issued a building permit to Industrial Building Group to construct a 275,000-square-foot cold storage warehouse, a popular industrial sector in the area. At least five refrigeration and cold-storage projects are in development, primarily in North Jacksonville

The FreezePak facility is expected to cost just under $50 million ($48.8 million) to build. The project comprises 212,000 square feet of freezer space, a 43,680-square-foot loading dock, a 9,728-square-foot office and utility and mechanical space.

The development began construction in August 2023, and completion is scheduled for October 2024.

FreezPak Logistics says it is a leading third-party food logistics company. The company said it will offer blast freezing, cross-docking, transportation, repacking and other services at the facility. 

The Jacksonville Daily Record reports FreezPak told the city its cold-storage and distribution facility would have at least 80 employees by year-end 2027. FreezePak is up for a grant from the city if they spend at least $95 million and hire the employees by the end of 2027.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

Dominion Energy NC has purchased the land needed to get going on a liquified natural gas storage facility in Person County. They paid $12 million for the land needed for the 500-acre plant. The Triangle Business Journal reports 70 acres will be for the actual gas storage tank and equipment and the rest will be a buffer around the facility. The company will break ground on the liquified natural gas storage facility sometime in the first quarter of this year.

The facility will have one storage tank totaling 25 million gallons, with future expansion capabilities to build a second storage tank of the same size. The facility will receive and send natural gas via an existing Dominion gas pipeline on the proposed site.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.