Cold Storage Sale Leaseback Portfolio

Two Properties in Central Washington

Deal Type:

Sale Leaseback

Price:

$20,025,891

Cap Rate:

6.60%

Current Rent:

$1,321,709

Lease Type:

Triple Net

Lease Term:

20 years

Landlord Responsibilities:

None

Rent Increases:

2.0% Annual

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Investment Highlights

Long-term absolute triple net lease with annual rent increases
Facilities are located in the heart of the Yakima Valley, the epicenter of the tree fruit industry in the United States
Subject properties are high-quality, well-maintained, cold storage facilities with controlled atmosphere (CA) capabilities
Robust demand from local operators for controlled atmosphere storage units, as well as limited supply of this product in the market
Market with significant tenant density of produce and fruit producers and packers
Supply-constrained market with only 3.2 million bins worth of controlled atmosphere (CA) space that produce over 7 million bins annually for fresh production
Growing industry as Washington state is taking fresh apple and pear market share from other producing states
Facilities benefit from an on-site experienced operator
Proposed facility rents are below market for CA space and are easily replaceable as local CA space leases for $26 per bin

Listing Agents

Jonathan Wolfe

Managing Principal
312 310 2798
[email protected]

Due Diligence

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