CBRE has arranged an 86,000-square-foot cold storage lease at 4220 S. Kildare Avenue in Chicago. CBRE’s Steven A Livaditis represented Frozen Assets in their long-term lease transaction.
Frozen Assets, a Chicago-based cold storage and logistics provider, is slated to occupy the space in May of 2021. The new space will give the company the largest freezer footprint in Chicago.
“Cold storage is a very thin asset class in terms of availability. The significant capital expenditures needed for these projects limit speculative development and new construction,” said Livaditis. “When this opportunity presented itself, we knew to act swiftly.”
According to a recent CBRE report, growth in online food sales, particularly for perishables and refrigerated/frozen foods during the pandemic, have driven increased interest in cold storage assets.