iStar sells $442.5m cold storage portfolio

iStar has sold its portfolio of seven cold storage properties leased to Preferred Freezer Services for $442.5 million.

iStar is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties.

Preferred Freezer Services recently agreed to be acquired by Lineage Logistics LLC, which is backed by Stonepeak Partners and D1 Capital Partners.

The hottest new trend in the warehouse industry is cold storage, which represents a relatively small portion of the overall logistics industry. And the United States currently has approximately 3.6 billion cubic feet of food-commodity cold storage capacity covering 180 million square feet of industrial space, and 2 billion cubic feet of similar capacity covering 300 million square feet of retail space, accordin