NEWS RELEASE: Cold Storage Portfolio Sold to KPR
BOSTON - Perishable Management Services, LLC is excited to announce the sale of a 310,000 square-foot, portfolio for $47million dollars to KPR in an off-market transaction at the beginning of April. The portfolio, which is leased back to the former owner, features direct access to I-93, over 7.5 million cubic square feet of freezer storage, and 80 acres of land for future expansion.
Supply of refrigerated facilities for lease or sale has been outpaced by demand for quite some time in the Greater Boston area. In addition, redevelopment of physically obsolete facilities in desirable locations is peaking, thereby adding to the supply demand imbalance. These factors along with the buoyancy of the industrial sector during the pandemic, is attracting the attention of investors nationwide.
Daniel Katz, a KPR Managing Partner, said "We are excited to add these cold storage facilities to our growing portfolio of industrial assets and expect that our long-standing positive relationships with grocers and others in the retail space will enhance our ability to add value to these properties".
About Perishable Management Services
Perishable Management Services, LLC is a full-service industrial brokerage firm specializing in the industrial, warehouse, food production, storage, and logistics sectors. We are the proud recipients of CoStar's Powerbroker Top Firm Award for 2020. That momentum carried into Q1'2021 where we closed $60.5M in sales and finalized leases valued at $10.7M with three Boston area industrial Tenants. Simply put, we help people make money while solving their real estate challenges.