Selling 40% higher per square foot than the national CRE average, cold storage properties continue to outperform due to recent lifestyle changes and other factors related to the COVID-19 pandemic, according to CommercialEdge.
Cold storage in 2021 traded at an average sales price of $157 per foot, 40% higher than the overall national average price of $112 per foot. Facilities near large population centers are especially attractive.
Recent deals include a cold storage facility in Queens, NY, which was acquired by EverWest Real Estate Investors for $57 million, a staggering $812 per square foot. The building is fully leased to food distributors and is located next to I-278 and I-495, offering access to all five New York City boroughs.
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