Americold Buys 1.7 Million-sq.-ft. of Refrigerated Space

In early September Atlanta-based Americold acquired four refrigerated warehouse facilities and a lease with a purchase option for a fifth facility from ConAgra Foods, Inc. (Omaha, Neb.). The five warehouses contain a total of 1.7 million sq.-ft. of refrigerated space. The aggregate purchase price, including closing costs, was approximately $190 million, consisting of $152 million in cash and $38 million for the lease obligation on the fifth facility. The acquisition is expected to close in the fourth quarter.

AmeriCold is owned 47.6% by Vornado Realty Trust, 31.7% by Crescent Real Estate Equities Company, and 20.7% by The Yucaipa Companies LLC. It is the largest third-party provider of temperature-controlled warehouse space in North America.

Three of the facilities were already managed by AmeriCold for ConAgra Foods. Located in Atlanta; Fort Worth; Victorville, Calif.; York, Pa.; and Rochelle, Ill., all of the facilities were built less than three years ago.

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