Americold Realty Trust Pays $108 Million for Cold Storage Trio
FLORIDA & TEXAS - The cold storage industry continues to grow as demand for high-quality, fresh food becomes even more apparent. Americold Realty Trust is one sector leader strengthening its hold on the industry, recently acquiring three cold storage facilities in Florida and Texas for nearly $108 million.
“Whether purchased just online or in person, groceries still move through the traditional supply chain infrastructure,” Fred Boehler, CEO of Americold, said during the company’s second quarter 2020 earnings conference call on August 6, according to the news source Commercial Property Executive. “As food travels from food manufacturers all the way to the grocery store, Americold is a key player at each stage of the supply chain along the way.”
The news source noted that the three facilities expand Americold’s footprint by 17 million cubic feet. One facility was purchased from Florida-based Caspers Cold Storage for $25 million. In Texas the company scooped up two new facilities from AM-C Warehouses for a whopping $82.5 million.
Americold claims that some of the recent shifts in cold storage trends have been accelerated by the pandemic as consumers seek out the safest and freshest eating experiences. This factor alone makes the company’s latest acquisitions a boon for long-term growth.
“The scale and diversity of our portfolio, combined with our strong market share, provides stability in our business,” Marc Smernoff, Chief Financial Officer of Americold, said in regards to the sale.
As the cold storage industry continues to heat up, we at ANUK will report on the latest and greatest.