NORTH SIOUX CITY, S.D.--(BUSINESS WIRE)--Vertical Cold Storage, a developer and operator of temperature controlled distribution centers sponsored by real estate asset manager Platform Ventures, has acquired three public refrigerated warehouses in Medley, FL, Marshville, NC, and La Vista, NE, from US Cold Storage. Terms of the transaction were not released.
“These acquisitions give us a strong foothold in some of the fastest-growing yet underserved regions of the country and support our rapidly expanding protein business, including meat, poultry and seafood,” said Curt Mastbergen, President of Vertical Cold Storage. “As public facilities, we plan to build the customer base at each location by introducing new technology, automation and best practices designed to dramatically improve customer performance. The purchase also complements our greenfield development efforts.”
The purchased facilities are:
Medley, FL, near Miami, is 6.7 million cubic feet with 29 dock doors. It features temperature zones ranging from -10ºF to 45ºF, import/export and repack services.
La Vista, NE, near Omaha, is 3 million cubic feet with 31 dock doors. It features temperature zones ranging from -10ºF to 45ºF, import/export and is ASI certified.
Marshville, NC, near Charlotte, is 2.3 million cubic feet with 16 dock doors. It features temperature zones ranging from -10ºF to 45ºF, blast freezing to -30ºF, export and is USDA and FDA certified.
About Vertical Cold Storage
Vertical Cold Storage is a full-service logistics solution provider that builds, develops and operates temperature-controlled facilities throughout the United States. Vertical Cold emphasizes customer care and the satisfaction of supply chain professionals while deploying the industry’s most up-to-date technology and automation. More information is available at www.verticalcold.com.
About Platform Ventures
Platform Ventures, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies and real estate-focused companies located throughout the United States. Platform’s experienced team seeks to add value to client portfolios by applying its knowledge of the long-term cycles and macro-economic trends that shape the real estate market in order to create price-to-value dislocations. Platform Investments, LLC, which is owned by Platform Ventures, has invested in 37 states with approximately $2.5 billion of assets under management as of December 31, 2021.1 Visit www.platformv.com for more information.
1. This includes assets managed by our affiliates who are not registered investment advisers and this amount does not represent Regulatory Assets Under Management as defined by the SEC. SEC registration does not imply a certain level of skill or training.
