CBRE has secured a $ 35.4 million loan to finance the basic construction of a 247,000 square foot Class A cold storage development in Brighton. The development of industrial refrigeration is partly tailor-made and partly speculative. Based in Illinois Karis Cold developed the facility and pre-leased 167,300 square feet. The facility is located at 189 Bromley Business Parkway.
“This is a premium asset as currently leased, but we know that not all users can commit to occupying years before completion,” said Jake Finley, Managing Director and founder of Karis Cold. “We want the excess space to provide the Denver cold storage market that is customizable and available in much less time than a custom build. We plan to build similar cold stores in this market and other strategically selected markets in the United States. “
The remaining 79,700 square feet available for lease include 58,000 square feet of customizable freezer / cooler space with 40 foot headroom and 17,000 square foot cold hold with 32 foot headroom.
According to a CBRE report, the cold storage industry is expected to benefit from growing consumer demand for food products and a subsequent increase in demand for industrial storage services. This will generate demand for premium organic, improved and all-natural food varieties, spurring the growth of cold storage operators who offer specialized storage and handling capabilities.
Cliff Joyner with the Debt and Structured Finance team of CBRE Capital Markets in Nashville, arranged construction finance on behalf of Karis Cold.
Rendered courtesy of CBRE