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Cold Storage and Food Distribution Facility in Denver Trades for $19M

Cross-office collaboration results in win for cold storage and distribution

DENVER, Colo.– January 10, 2022 – Today, Colliers facilitated the close of a single-story cold storage and food distribution facility in Denver for $19,093,400. Since the onset of COVID, the demand for food related industrial properties has peaked and continues to be highly sought after by investors and users. 

Vice President Turner Wisehart, Senior Vice President Chris Cummings and Associate Cater Cosgrove with Colliers’ Food Advisory Services team collaborated with the firm’s Denver based industrial experts, Principal Cody Sheesley and Vice President Tyler Ryon, on the transaction. The Food Advisory Services team led negotiations on behalf of the buyer, Karis Cold, a private equity backed, specialized cold storage developer and investor. Sheesley and Ryon represented the seller, Country Life Insurance Co. 

The building was leased at the time of the sale to Americold Logistics, one of the largest cold third party logistics companies in the world. Americold vacated the building in December to move to a new, larger facility built specifically for them by the new owners, Karis Cold.  Ownership has enlisted Colliers to secure a new tenant. 

Karis Cold has earmarked a large amount of capital to renovate and modernize the facility in order to immediately accommodate any food grade tenant. The exterior of the building will undergo a transformation with new paint, roof improvement and site updates. The interior will also be re-painted and the building systems will be updated including refrigeration system enhancements, electrical system upgrades, fire/life safety upgrades, new insulated metal panel installation and other interior amenity upgrades. 

“We are grateful for the opportunity to work with Karis Cold on the acquisition of this asset and are excited to bring it to market for lease,” said Turner Wisehart. “The extreme lack in existing cold storage supply coupled with high demand from food users across the U.S. created the ideal situation for the seller and new owner.” 

The building is well located in the heart of Denver near other food grade facilities and other supply chain logistics warehouses. The building’s 170,071 total square-feet offers 96,973 square-feet of freezer space, 17,428 square-feet of cooler space, 25,552 square-feet dedicated to docking and staging, 11,000 square-feet of office space and 21,000 square-feet for maintenance and miscellaneous use. The building features 28 dock-high doors with levelers, four rail doors and one drive-in door, 13,280 pallet position and 32 parking stalls. The building’s ammonia refrigeration systems have been expertly maintained by the current tenant. Cooler and freezer systems within the building can accommodate temperatures from -40 to 35 degrees Fahrenheit. 

“Karis is excited to expand our cold storage presence in the Denver market with this high-quality asset,” said Ken Verne, Senior Director, Karis Cold. “Access to population is vital to the success of cold storage and food distribution. We believe in both the infill location of this facility to serve Denver, but also the critical role Denver plays as a gateway to the Mountain States and Western United States.”

 

Related Experts

Turner Wisehart

Vice President, Principal

Atlanta

Turner joined Colliers International in 2009 and is an industrial broker focused solely on the food industry.  As a member of the Food Advisory Services (FAS) practice group, Turner specializes in the acquisition and disposition of food manufacturing and food distribution facilities. He leverages his unique blend of food industry knowledge, industry relationships, and national transaction experience to help his clients make strategic real estate decisions and achieve transaction objectives.

Specifically, Turner has completed transactions in 25 different states involving a wide range of food-grade facilities (cold storage, freezer/cooler distribution and food processing/manufacturing facilities). Turner’s clientele includes all aspects of the food supply chain such as food manufacturers and processors, food distributors (specialty and broadline), cold 3PL’s and food retailers.

Turner is a member of various food industry trade organizations and enjoys traveling to conferences across the country to continually learn more about the industry and meet new people.

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Chris Cummings

Senior Vice President, Principal

Atlanta

Since joining Colliers International in 2005, Chris Cummings has been appointed the Director of Colliers' highly specialized National Food Advisory Team. Facility specialization for the team includes refrigerated warehousing, freezer and cooler distribution, food processing and dry food distribution facilities. The Team's expertise in coordinating all technical experts, vendors, and consultants involved in the real estate process has earned them long-term and multi-market assignments with leading food organizations. 

Chris' experience serving as head of the Team has earned him a solid national and local client base and prepared him well to understand the unique requirements of food distributors, manufacturers and processors and to deliver the best service possible.

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Cater Cosgrove

Associate

Atlanta

Cater Corley joins the Food Advisory Services team as an Associate and specializes in connecting food industry users and real estate partners with the valuable services offered by Colliers. Additionally, she provides transactional support and management to help the team quickly facilitate deals.

Prior to joining Colliers, Cater spent nearly two years with Jones Lang LaSalle (JLL) as an Analyst and later, as an Associate with the Industrial team, focusing on tenant representation in the NE submarket of Atlanta. As an Analyst, Cater provided financial and market analysis, property surveys, competitive set database management, property tours and other real estate support functions. Prior to JLL, Cater gained experience in refrigerated supply chain and logistics, brokering freight for Coyote Logistics (owned by UPS).

Cater is a graduate of Davidson College where she received her Bachelor of Arts. She is a licensed real estate salesperson in the state of Georgia.

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Cody Sheesley

Principal

Denver

Cody’s real estate career started in 1998 at CB Richard Ellis in the San Francisco Peninsula office.

After relocating to Denver, Cody became a Sales Associate focused on servicing industrial users in the Denver Metro area.  Cody joined Colliers International in 2007 and has become an integral part of the industrial team currently marketing over 1 million square feet in the Denver Metro area.  Cody has completed over 500 transactions with an estimated transaction volume in excess of $200 million.

First Industrial Realty Trust – 2005 to 2007

Colliers International – 2007 to Present

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Tyler Ryon

Vice President

Denver

Tyler grew up in the San Francisco Bay Area before moving to Colorado to attend the University of Colorado at Boulder. He earned his bachelor degree in Communication, and began working in Commercial Real Estate in 2010.

Tyler is an aggressive, methodical and results-driven Commercial real Estate Professional in the Denver Metro area. He specializes in the Industrial and Office spheres exhibiting superior relationship building, organizational and presentation skills. He has a proven ability to secure property listings, deliver results, and build lasting relationships.

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