CBRE recently represented Frozen Assets LLC and IAC Properties in a 98,668-square-foot lease at 6800 Santa Fe Drive in Hodgkins, Illinois. Frozen Assets is a third-party provider of temporary storage, turn-key packing, labeling and transportation/export logistics for the cold storage industry. IAC develops and acquires industrial and distribution facilities in key U.S. markets.
The freezer facility was set to become vacant, but Frozen Assets opted to take the entire facility with a new, long-term lease. Steve Livaditis, senior vice president, represented Frozen Assets and the landlord, IAC, in the transaction. The facility is a one-million-square-foot development, including dry distribution space, cooler space, an office center and the standalone freezer facility. Located off of I-55 and within a mile-and-a-half of I-294, the location offers excellent north-south and east-west access to all points of the Chicago market, making it ideal for freezer distribution.
“Cold storage and freezer space is very active right now for specialized 3PL firms,” said Livaditis. “This space was set to be vacated, but before it could really hit the market, we had a 3PL committed for the entire facility.”
According to a recent CBRE report, Illinois is one of the top 10 markets nationally for cold storage, with 188 million cubic feet of space. However, development costs are suppressing the supply of cold storage facilities.
