BGO Pays $60M for Miami Cold Storage Facility
BGO Cold Chain has purchased Medley Cold Logistics, a 178,000-square-foot Class A cold storage facility in Miami. Truist Securities sold the asset for $60 million, according to Miami-Dade County public records. JLL brokered the deal on behalf of the seller.
BGO closed the deal as part of its Core Plus strategy. The property is fully occupied by Quirch Foods.
Medley Cold Logistics is a one-story warehouse at 7600 NW 82nd Place. It has 116,000 square feet of freezer space, over 20,000 pallet positions, 32-foot clear heights, 29 loading docks and 236 vehicle parking spots. The property also includes a site available for further development or expansion options.
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The 15-acre property allows for access to U.S. Route 27, Florida State Road 826 and Interstate 75. Miami International Airport is 8 miles away, Port of Miami is 15 miles away and Fort Lauderdale-Hollywood International Airport is within 37 miles from the cold storage facility.
JLL Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne led the Investment Sales and Advisory team that negotiated on behalf of the seller.
BGO ramps up cold storage investments
The Medley Cold Logistics purchase followed BGO’s acquisition of SkyChefs Cold Storage in 2023, a deal closed in joint venture with Iconic Equities that adds to the company’s cold storage footprint in Florida.
BGO has three projects underway in the state—in Tampa and Jacksonville. The company’s portfolio includes over 70 cold storage assets purchased or under construction.
This week, BGO Cold Chain started construction on Venture Park Cold at ISP in Long Island, N.Y., in a joint venture with Venture One. In September, it broke ground on a facility in Kansas City, Mo., which will be mostly occupied by Flora Food Group.
In late 2023, BGO served as equity partner in the recapitalization of a nearly 1.5 million-square-foot cold storage portfolio, in partnership with Saxum Real Estate. The six facilities are in major distribution hubs in the country and are mostly occupied by Arcadia Cold Storage & Logistics.
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