CHICAGO—Romel Enterprises, LLC has just sold its class A, cold-storage industrial facility at 2500 S. Damen Ave. to AAG Management for $33 million. The 128,200 square-foot building is 100% leased to Preferred Freezer Services.
Holliday Fenoglio Fowler, LP marketed the property to a limited number of qualified investors on behalf of the San Mateo, CA-based Romel. The New York-based AAG purchased the asset free and clear of existing debt.
Completed in 2003, the one-story building features 6.6 million cubic square feet of freezer capacity; a 22,200 square foot refrigerated loading and unloading dock; USDA, FDA and USDC designated inspection areas; HACCP certification; 16 dock doors with levelers and seals; a 100% diesel backup generator to run the entire facility; private QA laboratories for on-site sampling and 24-hour security.
The location also provides access to rail and interstate systems, including I-55 and is 21.3 miles from Chicago's O'Hare International Airport.
The HFF investment sales team representing the seller was led by director Jordan Angel, managing director Patrick Sullivan and real estate analyst Ryan Chambers.
“This transaction was a win for both buyer and seller,” Angel says. “It represents a great asset fully occupied by a best-in-class freezer storage company.”
Other top cold storage properties have traded hands recently. As reported in GlobeSt.com, in 2013 Bridge Development Partners, LLC and Akard Street Partners purchased a 307,000 square foot, two-building cold storage facility a few blocks away at the corner of 26th St. and Western Ave. Mesa West Capital provided the joint venture with $26.3 million in first mortgage debt to facilitate the acquisition.
“This was an excellent opportunity for us to make a loan to a strong and experienced local sponsor on cash-flowing, high quality real estate in a supply constrained market,” Mesa West principal Ronnie Gul said at the time.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
