BGO and Banner Property Group acquire 160,000-square-foot Opa-locka cold storage facility

BGO and Banner Property Group have acquired an approximately 160,000-square-foot cold storage facility in Opa-locka, Fla., for an undisclosed price. JLL advised the seller and arranged acquisition financing for the transaction. IREI first reported the purchase.

The 12.6-acre property includes freezer, cooler and ambient space and is fully leased to a food distributor serving the United States, Latin America and the Caribbean. The facility was developed between 1983 and 1987 and expanded in 2004. It has access to Interstate 95, Interstate 75 and Florida's Turnpike. It also has access to Miami International Airport, Fort Lauderdale–Hollywood International Airport, PortMiami and Port Everglades.

Banner, founded in 2021, specializes in cold storage investment and operations and already owns temperature-controlled food distribution facilities in Florida.

The partners intend to apply their cold storage experience to improve the property's long-term performance, according to Kevin Rivest, a managing partner at BGO. "This acquisition adds a highly functional cold storage asset to our growing portfolio in an important South Florida distribution market where specialized infrastructure, connectivity and infill locations are difficult to replicate," Rivest said.