Thursday, January 28, 2016

HFF arranges $110 million acquisition financing for the largest refrigerated warehouse in North America

Preferred Freezer Services, 2800 Pola Way, Richland, WA
Brandon Chavoya
DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $110 million in acquisition financing for a 456,412-square-foot, Class A, cold-storage warehouse and distribution facility in Richland, Washington, that is triple net leased to a wholly-owned subsidiary of Preferred Freezer Services.

HFF worked on behalf of the borrower, an affiliate of Lexington Realty Trust, to place the 10-year, fixed-rate loan with MetLife Agricultural Investments.  

Completed in 2015, the facility, located at 2800 Polar Way, is the largest refrigerated warehouse in North America and largest automated freezer in the world. 

The 116-foot-tall facility has a total of 36,340,650 cubic feet of temperature controlled area (excluding office and mechanical/utility area), which consists of 312,755 square feet of freezer capacity that stores product at -10° F and 94,930 square feet of medium temperature mezzanine dock space. 

Additional building features include an 11,900-square-foot, two-story office; 6,492-square-foot, two-story equipment/utility room; and 30,335 square feet of mezzanine dock space.  The facility is a state-of-the-art Automated Storage and Retrieval System (ASRS) building. 

Construction of this facility features a rack supported structure for the freezer and a steel frame; metal roof deck and load-bearing concrete walls for the medium temperature dock and the office; and perimeter steel and insulated wall panels around the freezer with a mechanically-attached TPO roof.

Coler Yoakum
The building consists of 117,288 pallet positions operated by a Dematic Automation System that controls cranes, conveyors, monorail and specialized software.  At the peak, the freezer has a wall height of 115 feet with an interior clear height of 108 feet allowing for approximately 11 stories of vertical product storage.

There are 31 manually-operated dock high doors, four automated truck loading dock high doors and one grade-level door.  The ASRS components are real property due to the integration and function of the systems in the facility. 

The property stores and distributes potatoes processed at ConAgra’s nearby Lamb Weston processing plant and is expected to move approximately two billion pounds of frozen products through the facility annually. 

The HFF investment sales team representing the seller was led by senior managing director Mark West and managing directors Brandon Chavoya and Coler Yoakam.

  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |


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