555 Northwest Ave. , Northlake, IL
NORTHLAKE, IL—Locally-based cold storage firm Frozen Assets LLC has signed a lease for 124,406 square feet of space at 555 Northwest Ave. here.
The lease deal signed with building owner Bridge Development Partners marks Frozen Assets' second Chicago area cold storage facility. CBRE SVP Steve Livaditis represented Frozen Assets in the lease. John Suerth and Jason Lev of CBRE represented ownership, Bridge Development Partners of Chicago.
Frozen Assets is a third-party provider of temporary storage, turn-key packing, labeling and transportation/export logistics for the cold storage industry.
The firm also operates a facility at 2635 S. Western Ave. and according to its website is planning a February 2020 opening of a facility in Savannah, GA.
The company is leasing more than half of the 256,467 square feet of freezer space available at the 555 Northeast Ave. building.
“This marks our fifth transaction with Frozen Assets Cold Storage. We are proud to be a part of the company's continued growth and success and thrilled we could accommodate their expansion within our cold storage facility,” said Anthony Pricco, president of Bridge Development Partners.
According to a recent CBRE report, Illinois is one of the top 10 markets nationally for cold storage, coming in at number seven in the country with 188 million cubic feet of space.
“We continue to see third-party cold storage providers thrive in this market,” said CBRE's Livaditis. “As the importance of last-mile logistics continues to expand, we should see even more activity as this market grows.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
