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| Preferred Freezer Services, 2800 Pola Way, Richland, WA |
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| 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.
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| 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
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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