BGO has completed the recapitalization of a six-property cold storage portfolio in the U.S.
BGO, a global firm with Canadian roots, partnered on the recapitalization with Summit, N.J.-based Saxum Real Estate.
The properties comprise about 1.5 million square feet altogether and are located in major distribution hubs in Phoenix, Atlanta, Reno, Nevada; Dallas-Fort Worth. The acquisition of a seventh property in Atlanta is expected to close shortly and increase the portfolio size to about 1.7 msf.
“This portfolio features thoughtfully designed, state-of-the-art cold storage assets that will have a profound impact on the food and beverage supply chain in the U.S. going forward,” said Saxum Principal Sean Gilbert in a news release.
The portfolio is anchored by Arcadia Cold Storage & Logistics.
Gilbert praised BGO’s expertise in the sector, adding that the Canadian firm’s Cold Chain investing platform was materially beneficial and aided Axum’s choice of the firm as a partner.
“The scale and collective cold chain experience of this group, and BGO’s depth of financing relationships, combined to drive this unique opportunity to closing,” said BGO Managing Partner Kevin Rivest.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.