RICHLAND, WA—Lexington Realty Trust has borrowed $110 million in acquisition financing for the purchase of a 456,412-square-foot class A cold-storage warehouse and distribution facility in Richland, WA from Holliday Fenoglio Fowler LP. The class A cold-storage warehouse and distribution facility is triple net leased to a wholly-owned subsidiary of Preferred Freezer Services.
The 10-year fixed-rate loan is with MetLife Agricultural Investments. Completed in 2015, the facility, located at 2800 Polar Way, is the largest refrigerated warehouse in North America and largest automated freezer in the world. The 116-foot-tall facility has a total of 36,340,650 cubic feet of temperature controlled area (excluding office and mechanical/utility area), which consists of 312,755 square feet of freezer capacity that stores product at -10° F and 94,930 square feet of medium temperature mezzanine dock space.
Additional building features include an 11,900-square-foot, two-story office; 6,492-square-foot, two-story equipment/utility room; and 30,335 square feet of mezzanine dock space. The facility is a state-of-the-art Automated Storage and Retrieval System (ASRS) building. Construction of this facility features a rack supported structure for the freezer and a steel frame; metal roof deck and load-bearing concrete walls for the medium temperature dock and the office; and perimeter steel and insulated wall panels around the freezer with a mechanically-attached TPO roof.
The building consists of 117,288 pallet positions operated by a Dematic Automation System that controls cranes, conveyors, monorail and specialized software. At the peak, the freezer has a wall height of 115 feet with an interior clear height of 108 feet allowing for approximately 11 stories of vertical product storage. There are 31 manually-operated dock high doors, four automated truck loading dock high doors and one grade-level door. The ASRS components are real property due to the integration and function of the systems in the facility. The property stores and distributes potatoes processed at ConAgra's nearby Lamb Weston processing plant and is expected to move approximately two billion pounds of frozen products through the facility annually.
The HFF investment sales team representing the seller was led by senior managing director Mark West and managing directors Brandon Chavoya and Coler Yoakam.
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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.
