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A food distribution company has recently sold a cold storage warehouse in Medley for $60 million. Located just west of Miami, the 177,893-square-foot facility was previously leased by SunTrust Equity Funding and is now owned by BentallGreenOak (BGO), the real estate investment arm of Sun Life Financial.
The sale price equates to $337 per square foot, which is typical for cold storage warehouses due to their expensive refrigeration and cooling equipment. The property was last sold in 2022 for $59.42 million by Quirch Foods, who remains the main tenant on the site.
Built on a 15-acre plot in 2001, BGO Cold Chain reports that it is one of the largest investors in cold storage facilities globally with over 30 million square feet of transaction activity since 2015. With offices located in 27 cities across thirteen countries, BGO continues to expand its presence within this sector.
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