BGO and Banner Property Group have acquired a fully leased cold storage facility of about 160,000 square feet at 12345 NW 38th Avenue in Opa-locka, on roughly 12.6 acres in Miami-Dade's north submarket, the firms announced October 19.
BGO and Banner Property Group have acquired a fully leased cold storage facility of about 160,000 square feet at 12345 NW 38th Avenue in Opa-locka, on roughly 12.6 acres in Miami-Dade’s north submarket, the firms announced October 19. The building, originally developed between 1983 and 1987 and expanded in 2004, combines freezer, cooler and ambient storage and is leased to a food distributor that serves customers across the United States, Latin America and the Caribbean.
The joint venture did not disclose the price. JLL advised the seller and arranged acquisition financing. Traded reports a $27.8 million acquisition loan to Banner, closed October 13 and arranged by JLL’s Melissa Rose, Michael DiCosimo and Magnus Kron; the loan amount is not the purchase price. BGO, a global investment manager with about $100 billion under management, has completed some 30 million square feet of cold storage transactions since 2015 through its cold chain business. Banner, founded in 2021, already owns temperature-controlled food distribution buildings in Florida and focuses on infill locations.
Cold storage is expensive and slow to build. Insulated walls and floors, refrigeration plants, backup power and specialized docks can push replacement cost well above a dry warehouse, and few sites have the power and zoning to support it. An older building that already works, near the airport, the ports and the major highways, and that is fully leased to a distributor, offers income that would be hard to replicate. Miami-Dade’s role as the gateway for perishable trade with Latin America and the Caribbean adds steady demand.
Buyers of these buildings look hard at the refrigeration equipment, the condition of the insulated envelope, electrical capacity, who pays for maintenance and replacement, and the strength of the tenant. Those factors, more than the age of the building, drive value.
If you own a functioning cold storage or food distribution building, institutional buyers are actively looking, and a well-documented building with a strong tenant can attract competitive offers. If you run a food or distribution business that owns its facility, a sale-leaseback can free up capital for growth while you stay in place. If you are a tenant looking for cold space, note that a fully leased building trading hands adds no new options, and plan early, since available temperature-controlled space is scarce.
AXCESS Commercial works with owners and operators of specialized industrial buildings in Miami-Dade, from leasing and sale-leasebacks to listing properties for sale and managing them for investors.
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