BGO and Banner Property Group acquired 12345 NW 38th Avenue in Opa-Locka, Florida, an existing, approximately 160,000-square-foot cold storage facility within the North Miami submarket. Realterm Logistics was the seller, and it paid $26 million for the property in 2020.
The property is fully leased to Quirch Foods. JLL advised the seller and arranged acquisition financing for the transaction.
The facility was originally developed between 1983 and 1987 and expanded in 2004. Sitting on approximately 12.6 acres, the property includes a mix of freezer, cooler and ambient storage space designed to support temperature-controlled food distribution operations.
Banner Property Group, founded in 2021, has extensive experience investing in and operating cold storage properties. BGO's Cold Chain subsidiary is amongst the largest cold storage investors in the world, with approximately 30 million square feet of transaction activity since 2015.