The fully leased Opa-Locka property adds established refrigerated distribution capacity to the partners’ portfolios, with access to major highways, airports and seaports serving domestic and international food supply chains.
BGO and Banner Property Group have acquired an approximately 160,000-square-foot cold-storage facility in Opa-Locka, Florida, adding an operating temperature-controlled distribution property to their real estate investment portfolios.
Announced October 19, the acquisition involves a fully leased facility at 12345 NW 38th Avenue in Miami-Dade County. The property occupies approximately 12.6 acres and includes freezer, cooler and ambient storage areas.
The transaction brings together BGO’s institutional real estate investment platform and Banner’s experience in industrial and refrigerated distribution properties. It also establishes a joint investment in South Florida, where domestic freight networks connect with international trade routes.
The companies did not disclose the purchase price, seller or tenant identity.
An established refrigerated distribution asset
The Opa-Locka property is an existing distribution facility rather than a new cold-storage development.
Originally developed between 1983 and 1987, the facility was expanded in 2004, according to BGO. Its combination of freezer, cooler and ambient space accommodates products with different temperature requirements within a single distribution operation.
The building is fully leased to a food distributor serving the United States, Latin America and the Caribbean.
For cold-chain investors, an established facility offers access to existing temperature-controlled infrastructure without the need to develop a new property. Freezer and cooler areas support refrigerated and frozen products, while ambient space accommodates goods that do not require temperature-controlled storage.
The property’s age, equipment condition and potential future capital requirements remain relevant considerations, although they cannot be assessed from the acquisition announcement.
BGO did not disclose the facility’s refrigerated storage capacity, refrigeration system specifications or automation capabilities.
South Florida location supports regional distribution
The facility is situated in northern Miami-Dade County, with connections to Interstate 95, Interstate 75 and Florida’s Turnpike.
BGO also identified Miami International Airport, PortMiami and Port Everglades among the transportation facilities supporting the property’s distribution location.
These connections are relevant to food distributors handling temperature-sensitive products across domestic and international markets. Refrigerated logistics depend on coordination between transportation, handling and storage, making access to established freight infrastructure an important consideration.
The location also aligns with the existing tenant’s distribution activities, which extend beyond the United States into Latin America and the Caribbean.
BGO did not provide tenant-specific freight volumes, transportation costs or operating performance figures.
BGO and Banner expand their cold-storage holdings
The acquisition builds on both companies’ existing involvement in cold-chain real estate.
BGO operates its dedicated cold-storage investment business through BGO Cold Chain, a platform focused on investment management, asset management and development.
According to BGO, the platform has participated in approximately 30 million square feet of transaction activity since 2015. That figure represents reported historical transaction activity, not the platform’s current property holdings.
Banner Property Group, founded in 2021, invests in industrial and cold-storage real estate. The company also has existing investments in temperature-controlled food distribution properties in Florida.
Kevin Rivest, managing partner at BGO, highlighted the property’s South Florida location and the partnership with Banner as key considerations behind the acquisition.
Banner executives Jason Eisenberg and Albert Kim similarly described the transaction as consistent with the company’s cold-storage investment strategy.
The executives’ comments reflect the buyers’ investment objectives. Neither company disclosed expected financial returns or a detailed business plan for the property.
JLL advised on sale and financing
JLL advised the seller and arranged acquisition financing for the transaction.
Troutman Pepper Locke LLP and Winston Taylor LLP served as legal counsel to the joint venture.
Financial details, including the acquisition financing amount and capitalization rate, were not disclosed.
The announcement also did not identify any planned refurbishment, expansion or modernization program.
For refrigeration equipment manufacturers, insulated-panel suppliers and other cold-storage infrastructure providers, that distinction matters. Although the property contains established temperature-controlled infrastructure, the acquisition does not establish a new construction or equipment procurement opportunity.
Instead, the transaction transfers ownership of an operating refrigerated distribution facility to investors with existing cold-chain real estate interests.
For BGO and Banner, the acquisition adds a fully leased property in South Florida, a market serving both domestic food distribution and international trade.