Latest news with #coldstorage
Daily Telegraph
3 days ago
- Business
- Daily Telegraph
Fridge sale: Australian cold-storage facility sold for $67m
A massive refrigerating unit in Sydney's northwest has sold for a whopping $66.5m, crowning it Australia's priciest fridge sale. The huge refrigerator facility, spanning more than 10,000 sqm, is located at 1-3 Zeleny Rd in Michenbury. First hitting the market in February 2024 with ambitious price hopes over $75m, the unit has finally changed hands amid a boom in the food logistics industry. The cold-storage warehouse was snapped up by investment company Irongate Group for an almost $10m discount off the initial price expectations. MORE: Packer hold out could face 'unseemly eviction' The facility has been sold with the key advantage of a long-term tenant already secured. Minus 1 Refrigerated Transport, a market leader in cold storage transportation, will commence the lease once building is completed by design and construction company Spaceframe. The property was sold by The Colliers Industrial and Logistics Capital Markets team of Gavin Bishop and Sean Thomson, who sold the property exclusively on behalf of Barber Property Group. MORE: Investor tricks lock out hopeful homebuyers Australia's coldest suburbs exposed The cold storage sector is currently valued at approximately $5.5 billion in Australia, according to Colliers, who claim there is growth potential and limited available stock, accounting for 2-3 per cent of total industrial supply. Mr Bishop noted that as interest rates began to fall and further cuts were expected, more investors were using a 'fund-through' transaction, meaning they were paying for assets during their construction phase. 'We are experiencing heightened demand from both domestic and international investors for core industrial product within Sydney,' he said. Mr Thomson said investor demand for cold storage facilities in Australia continued to grow '(This is) driven by structural tailwinds in food logistics, pharmaceuticals, and e-commerce grocery delivery,' he said. Nationally, the vacancy rate for the broader industrial market currently measures 2.9 per cent, according to Colliers. Cold storage asset vacancies were closer to zero with only a handful of facilities available for lease over the next 12 months. 'As a niche subsector within industrial real estate, cold storage assets offer strong rental growth potential and are often underpinned by long-term leases to high-credit tenants, making them increasingly attractive to institutional capital seeking defensive income and inflation protection,' Mr Thomson said. MORE: Surprise source of Aussies' home deposits exposed Family's dilemma exposes flip side of housing boom 'Crazy' reason young family ditched house for unit
News.com.au
3 days ago
- Business
- News.com.au
Fridge sale: Australian cold-storage facility sold for $67m
A massive refrigerating unit in Sydney's northwest has sold for a whopping $66.5m, crowning it Australia's priciest fridge sale. The huge refrigerator facility, spanning more than 10,000 sqm, is located at 1-3 Zeleny Rd in Michenbury. First hitting the market in February 2024 with ambitious price hopes over $75m, the unit has finally changed hands amid a boom in the food logistics industry. The cold-storage warehouse was snapped up by investment company Irongate Group for an almost $10m discount off the initial price expectations. The facility has been sold with the key advantage of a long-term tenant already secured. Minus 1 Refrigerated Transport, a market leader in cold storage transportation, will commence the lease once building is completed by design and construction company Spaceframe. The property was sold by The Colliers Industrial and Logistics Capital Markets team of Gavin Bishop and Sean Thomson, who sold the property exclusively on behalf of Barber Property Group. Australia's coldest suburbs exposed The cold storage sector is currently valued at approximately $5.5 billion in Australia, according to Colliers, who claim there is growth potential and limited available stock, accounting for 2-3 per cent of total industrial supply. Mr Bishop noted that as interest rates began to fall and further cuts were expected, more investors were using a 'fund-through' transaction, meaning they were paying for assets during their construction phase. 'We are experiencing heightened demand from both domestic and international investors for core industrial product within Sydney,' he said. Mr Thomson said investor demand for cold storage facilities in Australia continued to grow '(This is) driven by structural tailwinds in food logistics, pharmaceuticals, and e-commerce grocery delivery,' he said. Nationally, the vacancy rate for the broader industrial market currently measures 2.9 per cent, according to Colliers. Cold storage asset vacancies were closer to zero with only a handful of facilities available for lease over the next 12 months. 'As a niche subsector within industrial real estate, cold storage assets offer strong rental growth potential and are often underpinned by long-term leases to high-credit tenants, making them increasingly attractive to institutional capital seeking defensive income and inflation protection,' Mr Thomson said.
Zawya
13-06-2025
- Business
- Zawya
Seychelles Trading Corporation Unveils State-of-the-Art Cold Storage Facility to Strengthen National Food Security
The Seychelles Trading Corporation (STC) marked a major milestone in the nation's drive for food security on Friday morning with the official inauguration of its state-of-the-art cold storage facility at Bois de Rose. The ceremony was led by President Wavel Ramkalawan, joined by First Lady Mrs. Linda Ramkalawan and Vice President Ahmed Afif, and heralded a significant upgrade in the country's food preservation and supply capabilities. Entirely financed by STC at a cost of SCR 110 million, the new facility is the corporation's most substantial infrastructure investment to date. Purpose-built to store fruits, vegetables, and meat products, it is designed to maintain robust food reserves while ensuring adherence to high standards of quality and safety for the Seychellois population. The inauguration featured a symbolic unveiling of a commemorative plaque and a ribbon-cutting ceremony carried out by President Ramkalawan, Vice President Afif, STC Chief Executive Officer Mr. Ashik Hassan, and STC Board Chairman Mr. Imtiaz Umarji. The occasion underscored the government's steadfast commitment to upgrading critical infrastructure in support of national food security. "It is with great honour that we have managed to build this facility, demonstrating that STC has invested in something truly beneficial for our nation," said President Ramkalawan in his keynote address. He highlighted the government's broader vision of enhancing food systems resilience, noting that such infrastructure plays a vital role in achieving the country's sustainable development goals. STC CEO Mr. Ashik Hassan echoed the President's sentiments, extending thanks to all stakeholders involved in the project. 'This modern facility represents a significant milestone in modernizing our services through high-end technology that is both energy-efficient and environmentally sustainable,' he stated. Mr. Hassan also stressed the facility's strategic importance in reinforcing STC's operational effectiveness and its mission to support national food security. Outfitted with advanced refrigeration systems that meet international standards, the facility is poised to elevate Seychelles' standing in regional food storage and distribution capabilities. STC Board Chairman Mr. Imtiaz Umarji emphasized that the facility's value extends well beyond its physical structure. 'This facility is not just a building—it is critical infrastructure essential to ensuring food security by delivering fresh, quality products to every household at affordable prices,' he explained. 'For our citizens, this represents reduced prices and decreased wastage, reflecting our collective effort to achieve greater self-sufficiency amid global market volatility.' The ceremony concluded with a guided tour of the facility, offering dignitaries and invited guests an opportunity to witness firsthand the sophisticated technology and logistics operations that will serve the nation for years to come. The event also featured vibrant cultural performances, including patriotic recitals and musical tributes, in celebration of this landmark national achievement. This development aligns closely with the government's broader strategic priorities: to fortify national food security, promote economic resilience, and advance sustainable development across all sectors. The cold storage facility is expected to significantly enhance Seychelles' ability to manage food reserves efficiently, stabilize prices, and minimize food waste. Distributed by APO Group on behalf of State House Seychelles.
Yahoo
08-06-2025
- Business
- Yahoo
Despite slump for downtown St. Paul, some companies find new space to grow
After little more than a year sub-leasing offices on Wabasha Street in downtown St. Paul, FreezPak Logistics needed space to expand its national transportation sales and marketing hub. The New Jersey-based cold storage and food delivery company recently signed a long-term lease at Infor Commons, a 13-story office building on St. Peter Street, for 6,500 square feet near the top level. With buildout near completion, the company's workspace will soon nearly triple. 'We thought originally we were going to put it in New Jersey,' said Mo Shearer, FreezPak's senior vice president of transportation. 'As we continued to recruit and people applied, we saw more and more applicants from the Twin Cities. Rather than ask them to uproot their families to the East Coast, I moved here from Maryland.' At the same time, the Jacobson Law Group was looking to relocate its 16 attorneys from the Great Northern Building on Fifth Street in Lowertown but stay in St. Paul. By the end of June, they'll fill 7,400 square feet at Infor Commons, once known as Lawson Commons. Between them, the two companies are sliding in like Tetris pieces to spaces that had been given up in 2023 by Travelers Insurance, which still occupies multiple floors within the office tower that has finally begun to build back tenancies in the post-pandemic era. No, Infor Commons isn't back above 90% occupancy, the kind of numbers it enjoyed before remote work went into full swing in 2020. Still, 'we stabilized and are now growing,' said Jerry Hersman, vice president with Frauenshuh Property Management, who recently renewed a five-year lease with one of his building's most long-standing tenants, Kincaid's Fish, Chop and Steakhouse. Some may see commercial tenants relocating within downtown St. Paul as 'kind of shifting the deck chairs around the Titanic a little bit,' acknowledged Hersman. Nevertheless, as state government and other employers require more workers to return to job sites in person at least part time, there will be winners and losers downtown, with more reshuffling to come. While the implosion of Madison Equities, downtown St. Paul's largest property owner, and the exodus of foot traffic in the era of remote work have indeed cast dark clouds over many of the city's most iconic buildings, property managers still hope to gain from the consolidation of restaurant, retail and office tenants in key properties, as well as some new arrivals, even as nearby properties decline. The city of St. Paul has launched a 'space use study' that seeks to determine if many of its downtown offices could be consolidated on the ninth floor of the Osborn 370 building on Wabasha Street, which has offered the city an eight-year lease, with the first year being rent-free. Based on the study's findings, the city could reconfigure existing office space within the City Hall Annex building across the street from City Hall on Fourth Street, or empty the annex building out completely, which could position it for conversion to residences. At the Great Northern Building, skyways had grown eerily silent and security and maintenance had become 'virtually non-existent,' said Jacobson shareholder Joseph Halloran. No one from property management at the Great Northern made an effort to get the firm to stick around at the end of their 10-year lease, he said. 'We were ready to grow this space a while ago, but we weren't going to do it until we saw an improvement in the environment or the management of the building. That didn't happen,' said Halloran, who is looking forward to better days ahead at Infor Commons, which sits closer to Rice Park. For some industry observers, lateral movement to new locations within the same downtown carries at least a hint of promise. After all, empty offices and retail also mean there's plenty of room for growth. 'Having one full building and one empty building is a lot better than two half-empty buildings,' said Joe Spencer, president and chief executive officer of the St. Paul Downtown Alliance, a partnership between City Hall and major downtown employers. 'That allows the vacant building to transition to housing or other new uses.' Sherman Associates' recent conversion of the 25-story Landmark Towers office building on St. Peter Street into luxury housing has already paid off for properties like Infor Commons, which had a tough go of it coming out of the pandemic. 'After right-sizing post-COVID, we dropped down to 70% occupancy, which is our bottom,' Hersman said. Then, about three years ago, Morgan Stanley wealth management and the Minnesota Chamber of Commerce exited Landmark Towers, which is now fully residential, and landed at Infor Commons, filling 24,000 square feet between them. In late May, Hersman was happy to share that he had three more lease renewals under negotiation, as well as a handful of potential new leases in the works. That's a positive trend in a downtown where a third of office space sits vacant, and as much as 40% of downtown's competitive office market has been listed for sale, according to the Greater St. Paul Building Owners and Managers Association. 'We're committed to staying here in downtown St. Paul,' said FreezPak's Shearer. 'We're in a longer lease. I'm coming from the East Coast, and I was pleasantly surprised how much there was to offer in the Twin Cities.' Your Money: What octogenarians want you to know Working Strategies: Using AI while maintaining core skills 3 surprising market winners in 2025 St. Paul Corner Drug closing historic soda fountain Longtime Grand Avenue fabric shop Treadle Yard Goods has closed amid owner's cancer battle Some skyway businesses quickly landed in neighboring buildings after Madison Equities stopped paying utilities at the Alliance Bank Center and the property was condemned by the city. Their experiences have been mixed. Bilal Saleem, better known as Mr. B, was one of the last tenants to leave the Alliance Bank Center and one of the first to open up shop in a glassy, brightly-lit space between the Town Square food court and the skyway entrance to the DoubleTree by Hilton Hotel, just above the Minnesota Department of Motor Vehicles. As DMV customers come upstairs for a snack, they happen upon his barbershop, which has been a boon for business. He's planning a grand opening celebration with food and service discounts from 11 a.m. to 2 p.m. on June 13. 'I'm happy here. I love it,' said Saleem, who has worked out of at least four locations downtown across some 20 years. 'It's a step above the rest. It's a stress-free environment.' Bob Wolf, of Greenwolf Hemp and Organics, and Paul Hartquist Jeweler also landed at Town Square, next to the shuttered skyway entrance to the condemned Alliance Bank Center. Without the building-to-building foot traffic, Wolf noted he's basically at the end of a dead-end street, which has hurt his business. Hoping to boost his store's visibility, he hosted a musician for a Jimmy Buffett-style skyway celebration on May 29 and offered free samples of his wares. 'Let people walk through,' said Wolf. 'Open up the skyway!' Even before the death of Madison Equities principal Jim Crockarell last year, major employers like Cray supercomputers, TKDA engineering and Wold Architects had left St. Paul for Bloomington or Minneapolis. Madison Equities has put most of its commercial properties downtown up for sale, and has already lost some buildings to foreclosure. As those buildings empty, there could be at least a small silver lining for some properties around them. 'Obviously, the 1.3 million-square-foot Crockarell portfolio looms large,' said Rhett Carlson, a development associate with Sherman Associates. 'If all that was taken offline tomorrow, then yes, that'd zap downtown vacancy and be a boon to the (higher-end) Class A towers.' He noted, however, that businesses leaving downtown buildings have plenty of options to choose from outside the city, including and beyond Minneapolis, and in the digital era, even outside of physical space. 'The 'flight to quality' is the cliche thrown around,' said Carlson, who puts more faith in office-to-residential conversions like Landmark Towers. 'The struggle of having a two-'Central Business District' metro seems more evident than ever. And law offices don't have to have physical files in any city.' It's clear to commercial brokers and property managers that there are some tough times ahead for downtown. The biggest wild card in some property managers' eyes? The state of Minnesota. Gov. Tim Walz called thousands of state employees back to the office at least half time as of June 1, though ongoing pushback from employee unions has led the governor to offer exceptions to those workers who live more than 50 miles away. St. Paul Mayor Melvin Carter called city government workers back to the office three times per week as of April 1. Given office consolidations, the return of upwards of 20,000 state employees, which is still opposed by some labor unions, will not be a major benefit for every property the state once occupied. For instance, leases for the state Department of Health expired last year at the Golden Rule Building on Seventh Place, emptying two floors. Rather than relocate within downtown proper, the offices consolidated in state-owned space within the Freeman Building, which sits inside the Capitol campus on Robert Street, outside of downtown. As far as state workers returning, 'it's kind of a wild card in that we don't really know how all of that is going to shake out yet,' said Tina Gassman, president of the Greater St. Paul Building Owners and Managers Association. 'It can be a boon, but if tenants are moving out of downtown leased space, that helps less so than we would hope.' Still, some state employees will indeed return to the downtown core. Since 2021, the state has leased approximately 207,000 square feet in the Great Northern Building on Fifth Street, which houses the Minnesota Department of Employment and Economic Development, among other state offices. The St. Paul Port Authority, which owns and operates Treasure Island Center, is looking forward to the return of as many as 250 state employees as Minnesota Housing calls its workers back to the office. Minnesota Hockey, the statewide governing body of amateur hockey, and the two-time PWHL champion Minnesota Frost have also moved into the building. Commerce is already filling in around them. Afro Deli, which sits across the street, plans to relocate this summer to the Treasure Island Center food counter previously occupied by Slice Pizza, occupying the empty space near Walgreens and the Pillbox Tavern. 'There is a lot of great activity happening at the Treasure Island Center,' said Ashley Aram, a Port Authority spokesperson. The return of more state workers can't come soon enough for some downtown business owners. Fed up after examining surveillance video and finding a drug user had repeatedly broken into the Railroader Printing building's private bathroom, public relations executive Joe Thornton and other employees of Aimclear digital marketing considered a few months ago whether it was time to relocate to the suburbs or go fully remote. Their perch above the Bulldog restaurant and Mears Park had been good to them over the years. Still, Madison Equities' vacant Park Square Court building — which adjoins the Railroader Printing building — has fallen into neglect and disrepair, with visible evidence of squatters defecating in a corner. Then came January. That's when St. Paul's Downtown Improvement District expanded into Lowertown, bringing with it street safety and cleaning ambassadors available with a call to a pager to walk workers to their cars or remove blankets, shoes and other detritus abandoned in the skyway. St. Paul police identified the repeat drug user who had broken into the bathroom and convinced him to move along. Even the Green Line light-rail station near the Union Depot, long a magnet for litter and loitering, has gotten cleaner, as has Mears Park, Thornton said. Quarterly meetings between downtown businesses and representatives of the mayor's office have sometimes been tense, but they've also led to introductions to the court-appointed receiver now overseeing the Park Square Court building, which has been reassuring, Thornton said. With those and other improvements in mind, Aimclear made the decision to stay in Lowertown. Thornton noted downtowns everywhere have been impacted by remote work, the housing crisis, the fentanyl crisis and other pressures. 'We have an almost identical office up in Duluth, and we've had many of the same problems,' he said. 'We could easily move both offices or go full remote, but … we're here. We're going to be sitting above Bulldog for as long as we can see into the foreseeable future.' St. Paul Central students design a mascot to represent everyone In downtown St. Paul, minus a cafe, Landmark Center is 100% leased St. Paul Corner Drug closing historic soda fountain Officers in Minneapolis raid wore distinct patches. One was authorized, another wasn't, feds say. Longtime Grand Avenue fabric shop Treadle Yard Goods has closed amid owner's cancer battle
National Post
02-06-2025
- Business
- National Post
CJ Logistics Makes Top 3PL & Cold Storage Providers List for 16th Straight Year
Article content DES PLAINES, Ill. — For the sixteenth year in a row, CJ Logistics America has been named to Food Logistics' annual Top 3PL & Cold Storage Providers list, which recognizes leaders in food and beverage supply chain management. Article content Article content CJ Logistics has extensive experience and expertise in the food and beverage space, having worked with dozens of manufacturers of various sizes in that sector for decades. The company has also made significant strides to expand its cold storage footprint. CJ Logistics opened a brand new, state-of-the-art frozen and refrigerated facility in Gainesville, Georgia, in November 2024, serving several large food producers. Another cold warehouse is currently under construction just outside of Kansas City and is set to open in Q3 2025, and more frozen and refrigerated storage sites are being targeted by the company in additional key markets throughout the United States. Article content 'We are honored that Food Logistics has named us to their list yet again this year,' said Kevin Coleman, CEO of CJ Logistics America. 'It's an award that recognizes the best of the best in this industry. I am proud and thankful for our employees who work every day to ensure we are delivering the best possible service to our customers. This award is a reflection of their commitment and exceptional capabilities.' Article content CJ Logistics America is a North American-based integrated supply chain service organization with operations in the United States, Mexico, and Canada. The company offers warehousing, transportation, and freight forwarding services for all temperature classes (ambient, temperature-controlled, and frozen). CJ Logistics' customer-centric philosophy ensures that all solutions are tailored to meet clients' specific goals and objectives. Article content Food Logistics reaches more than 26,000 supply chain executives in the global food and beverage industries, including executives in the food sector (growers, producers, manufacturers, wholesalers and grocers) and the logistics section (transportation, warehousing, distribution, software and technology) who share a mutual interest in the operations and business aspects of the global cold food supply chain. Food Logistics also operates SCN Summit and Women in Supply Chain Forum. Go to to learn more. Article content Article content Article content Article content Article content Article content
