iStar Inc., the founder and investment manager of the publicly-traded Safehold, has closed on a seven-asset portfolio of cold storage properties leased to Preferred Freezer Services for $442.3 million, including the assumption of $228 million in debt. It is the latest—and perhaps largest—sign that cold storage has become an attractive asset subsector for the net lease space.
“There is very limited product in cold storage to begin with and demand for owning these types of facilities is only increasing,” Chelsea Mandel, vice president of STREAM Capital Partners tells GlobeSt.com. Last month STREAM Capital, a national net lease and sale-leaseback advisory group, arranged the sale and four refrigerated, food production and distribution facilities in Boston and the Midwest.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
