NORTH SIOUX CITY, S.D. & DALLAS--(BUSINESS WIRE)--
Vertical Cold Storage, a developer and operator of temperature controlled distribution centers sponsored by real estate asset manager Platform Ventures, has purchased Lone Star Cold Storage of Richardson, TX. The terms of the transaction are not public.
“Lone Star Cold Storage has so many things going for it, including a top-rated team, ease of access to interstate highways without significant road traffic, a flexible building that can accommodate a wide variety of commodities including ice cream and proximity to more than two-thirds of the country's population within a two days drive,” said Curt Mastbergen, president of Vertical Cold Storage. “We are fortunate to have such great people in place at the facility and are looking forward to working with the current management team.”
The Richardson warehouse is 227,331 sq. ft. with 5,645,661 cu. ft. of storage space, 17,982 pallet positions and 40 dock doors. The facility, which uses an energy efficient and environmentally friendly ammonia refrigeration system that keeps cost down while providing the required temperature range, is partitioned into seven rooms allowing for multiple temperature needs from -20 to 45 degrees. Services include blast freezing, case picking, cross dock and EDI capabilities, with kitting support available.
“As I plan my retirement from an industry I have really enjoyed, it is important to me that I hand off my customers and dedicated colleagues to a high quality, service focused organization, and Vertical Cold Storage is that company. The business is in very good hands with Curt and his team,” said Andrew Fisk, CEO and President of Lone Star Cold Storage, who has a long history of business leadership including over 16 years in the cold chain.
Vertical Cold Storage is establishing a network of cold storages around the United States and will bring in best practices from the collective experience of its leadership to make the Richardson Lone Star Cold Storage operation even better by leveraging technology and automation for more consistent customer service.
“The DFW market is one of the most important in North America, so we’re pleased to complete this part of our network so quickly. Combined with the recently acquired Liberty Cold Storage distribution center near Chicago, Vertical Cold already has a large portion of the country covered,” said Ryan Anderson, co-president & co-founder of Platform Ventures.
About Vertical Cold Storage
Vertical Cold Storage is a South Dakota based full-service solution provider that builds, develops and operates temperature-controlled facilities throughout the United States. Vertical Cold emphasizes customer care and the satisfaction of supply chain professionals while deploying the industry’s most up-to-date technology and automation. More information is available at www.verticalcold.com.
About Lone Star Cold Storage
Lone Star Cold Storage is a privately owned and operated temperature-sensitive warehousing and distribution solutions provider with locations in north Texas. The experienced Lone Star team supports several of the nation’s largest suppliers of frozen and refrigerated products.
About Platform Ventures
Platform Ventures, through certain asset management subsidiaries, manages and invests in real estate, real estate-related assets, real estate technologies and real estate-focused companies located throughout the United States. Platform’s experienced team seeks to add value to client portfolios by applying its knowledge of the long-term cycles and macro-economic trends that shape the real estate market in order to create price-to-value dislocations. Platform Investments, LLC, which is owned by Platform Ventures, manages several investment vehicles that consist of institutional investors and high net worth investors. Platform Investments has invested in 37 states with approximately $2.0 billion of assets under management as of March 31, 2021.1 Visit www.platformv.com for more information.
1. This includes assets managed by our affiliates who are not registered investment advisers and this amount does not represent Regulatory Assets Under Management as defined by the SEC. SEC registration does not imply a certain level of skill or training.
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