BGO and Banner buy Opa-Locka cold-storage facility from Realterm
Realterm paid $26 million for the Quirch Foods-leased building in 2020; the price in the current trade was not disclosed.
At a glance
BGO and Banner Property Group acquired an approximately 160,000-square-foot cold-storage facility in Opa-Locka, Florida, from Realterm Logistics, Connect CRE reported.
The building at 12345 NW 38th Avenue sits on about 12.6 acres in the North Miami submarket and is fully leased to Quirch Foods.
Banner, founded in 2021, invests in and operates cold-storage properties and already holds temperature-controlled food distribution facilities in Florida.
BGO and Banner Property Group acquired an approximately 160,000-square-foot cold-storage facility in Opa-Locka, Florida, from Realterm Logistics, Connect CRE reported. Realterm paid $26 million for the property in 2020, about $163 per square foot; the current sale price was not disclosed.
The building at 12345 NW 38th Avenue sits on about 12.6 acres in the North Miami submarket and is fully leased to Quirch Foods. It includes freezer, cooler and ambient space, was developed between 1983 and 1987 and expanded in 2004. JLL advised the seller and arranged acquisition financing. The report did not disclose the lease term, financing amount or capitalization rate.
Banner, founded in 2021, invests in and operates cold-storage properties and already holds temperature-controlled food distribution facilities in Florida. BGO's Cold Chain subsidiary is described as among the largest cold-storage investors in the world, with about 30 million square feet of transaction activity since 2015.
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