Americold Realty Trust has acquired Hall’s Warehouse Corporation (Hall’s), a third party logistical service, storage and warehouse provider, based in South Plainfield, New Jersey for $480 million.
The Hall’s Warehouse Corporation portfolio consists of eight facilities in Northern New Jersey, totaling 58 million cubic feet and 200,000 pallet positions. This fully integrated portfolio serves 220 customers and is 95% occupied. All facilities are located within 15 miles of each other and 30 miles from the Port of Newark. Five of the facilities are owned, with the remainder leased, and the portfolio is complementary to Americold’s current and growing footprint in the Pennsylvania and New Jersey markets. Hall’s also provides transportation services that support its warehouse customers.
Americold said this acquisition, which closed on November 2, 2020, is immediately accretive on a leverage neutral basis and the Company’s investment represents an in place net entry NOI yield of 6.3%.
Americold also announced two expansion projects, including a build-to-suit expansion in Arkansas for a top tier customer and an expansion of the company’s existing Calgary facility, which was acquired earlier in the year with the acquisition of Nova Cold, for $84 million and $11 million, respectively.
“We are excited to expand our operating footprint in the Northeastern United States and advance two development opportunities, which enhance our ability to serve current and new customers while strengthening our network in North America. Through the Hall’s acquisition, we have acquired a fully integrated portfolio of high-quality facilities located near the Port of Newark. This portfolio complements our growing scale in a key market that is located within one day’s drive of approximately 30% of the population in the United States,” stated Fred Boehler, President and Chief Executive Officer of Americold Realty Trust.
Bill Jayne III, Owner and President of Hall’s, added, “The Jayne family founded Hall’s over 55 years ago with the core belief that an unwavering focus on customer service provides the foundation for long term growth and success. We are pleased to entrust our legacy to Americold and are confident that this acquisition will provide enhanced opportunities for our customers and associates.”