Chicago, IL – February 10, 2021 – CBRE has arranged an 86,000 sq. ft. 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.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
