Barber Partners and Bain Capital’s Special Situations strategy have formed a programmatic joint venture to build approximately 15 Class-A, state-of-the-art cold storage warehouse projects under the Chill Storage brand.
The joint venture launches with the objective of deploying $500 million of asset value over the next several years.
The first project is a Class-A speculative freezer/cooler facility located in the Dallas-Fort Worth Metroplex area. Situated on approximately 34 acres, this building will be 302,400 sq/ft and feature 50 feet clear height allowing for the latest in racking technology and systems.
Construction will commence in early Summer 2022 and the joint venture is poised to add several additional sites across the country in the coming months.
“Our team has successfully developed ground-up construction of commercial investment properties for a very long time, and we are experts at delivering first-class products to meet tenant/consumer demands,” said Patrick J. Barber, Chairman of the Board, Barber Partners. “There is no question that there is an enormous need for new, modern cold storage facilities – even before Covid the consumption of prepared and frozen meals was rapidly on the rise.”
“We are looking forward to the joint venture with Bain Capital as an operating developing partner so we can jointly develop a Class-A, high technology Industrial Cold Storage warehouses across the country in the high demand markets. This will also allow us to attract best-in-class tenants who are looking to expand,” Barber added.
“We are excited to partner with the Barber team to deliver next-generation refrigerated and freezer storage space,” said David DesPrez, a Director at Bain Capital. “With the growing complexity of the food and beverage supply chain, we believe our highly adaptable, modern warehouse design will allow us to meet the full spectrum of food tenant needs and provide critical infrastructure to the U.S. food distribution system.”
The JLL Team of Trey Morsbach, Executive Managing Director, and Will Mogk, Director, advised Barber Partners on the equity placement.
