SANTA MARIA, CA—Capping off a year of non-stop growth in the high-rent market for refrigerated space, Bay Grove Capital LLC of San Francisco has acquired a 335,000-square-foot warehouse in this Bay Area city. The terms of the purchase, which includes a 27-acre site, were not disclosed.

The purchase cements Bay Grove’s position as one of the largest owners and operators of refrigerated industrial space in the country. The investment firm and its wholly owned cold storage companies have a total combined capacity of over five million square feet of floor space and 130 million cubic feet of storage capacity, making the company the fifth largest in North America, according to International Association of Refrigerated Warehouses.

 “This facility will serve as a primary platform for future expansion to accommodate growth and enhance our footprint in California’s central coast region,” said Bay Grove managing director Kevin Marchetti in a statement.

Attempts to reach company officials for further information were not successful.

The principals of the firm have some notable investment credentials. Marchetti formerly worked with Los Angeles billionaire Ron Burkle and The Yucaipa Cos. Another managing director, Adam Forste, formerly worked at Kohlberg Kravis Roberts & Co., the investment banking firm.