BAKERSFIELD, CA-GlobeSt.com exclusively learns that Titan Real Estate Investment Group Inc. has acquired a 360,000-square-foot cold storage facility here, and has formed Titan Cold Storage Inc., a wholly owned subsidiary of the parent company. The acquisition was valued at $15 million and brings the firms’ cold storage portfolio to almost half a million square feet.
According to president Kevin Kaseff, “Cold storage is an under-served sector with high barriers to entry that is vital to the economy and well-being of the community at large.” As part of the transaction, Titan acquired the cold storage management company to handle the daily operations for the Bakersfield facility.
Kaseff explains that the team is pleased to “meet the unique needs of an industry that is vital to the California economy,” adding that “our company is committed to providing local growers with superior cold and dry storage facilities, supported by the latest technologies, the best service and the safest storage environment possible at competitive pricing.”
The facility, which includes 9 million cubic feet of refrigerated and dry storage space, is the largest refrigerated storage facility in Kern County, according to Kaseff. He also noted that the firm plans to expand the refrigerated capacity of the Bakersfield facility by adding rooms and racking the dry storage space to meet growing demands of the farming community.
The facility is located at 6001 Snow Rd., adjacent to Highway 99, and situated in California’s north-south corridor between Los Angeles and San Francisco, “enabling trucks to drop off products and return to their base without exceeding the 11-hour drive-time limit mandated by the U.S. Department of Transportation’s highway safety rules for drivers.”
Kaseff explains that Titan is “committed to acquiring and managing superior cold storage facilities nationwide that provide a comprehensive package of efficient, quality storage and related services, supported by state-of-the-art technologies.”
He adds that Titan is on track to acquire one million plus square feet of new cold storage facilities this year. “Our team of management professionals is dedicated to providing the best customer service and safest environment possible for stored products at competitive pricing.”
Titan plans to continue to focus on growing a portfolio of niche property types, including a network of public distribution facilities that offer cold storage, refrigerated storage and dry storage, as well as class A multifamily and apartment communities, and senior independent-living and assisted-living projects.
Titan is actively seeking additional cold storage properties of at least 100,000 square feet to add to its existing portfolio of cold storage and multifamily properties that meet its niche market criteria nationwide. The firm currently owns a 110,000-square-foot cold storage facility in Utah and multifamily communities in Texas, Georgia, South Carolina, North Carolina and Florida.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
