Barber Partners LLC, a commercial real estate developer, and Bain Capital’s Special Situations strategy (“Bain Capital”) today announced the formation of a national programmatic joint venture targeting the development of 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.
Bain and Dallas-based Barber Partners have formed a joint venture aimed at spending $500 million to build 10 to 15 refrigerated warehouses across the U.S. over the next three to five years, the firms said Tuesday, with the average facility spanning roughly 300,000 square feet.
A 302,400-square-foot warehouse in Denton, Texas, will be the first project of the joint venture, called Chill Storage.
“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.”
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