Dave Aschenbrand
By Joshua Burd
Newmark has added Dave Aschenbrand as an executive managing director with its New Jersey team, in a move aimed at expanding its position in the growing cold storage segment.
Aschenbrand, who works alongside Executive Managing Director Adam Petrillo, brings more than 25 years of experience spanning capital markets, leasing, supply chain and cold storage solutions, according to a news release. The real estate services firm said the hire elevates and fortifies its industrial cold chain capabilities globally, enabling it to support clients at each stage of the real estate life cycle for the highly nuanced asset class.
“Cold storage continues to thrive as a key segment in the commercial real estate market, and Newmark is strategically expanding its capabilities to meet the growing demand and to deliver specialized solutions in a sector that requires both precision and scale,” said Jack Fraker, president and global head of industrial and logistics, capital markets. “Hiring top-tier professionals like Dave enables us to lead in delivering innovative solutions to our clients. With a solid track record of delivering impactful, industry-leading solutions, his approach drives value across the supply chain, ensuring clients receive best-in-class advisory tailored to meet their unique needs.”
Aschenbrand’s background in the industrial sector encompasses material handling system integration, temperature-controlled public refrigerated warehousing, industrial cold storage real estate development and multimodal North American and port logistics transportation solutions, the news release said. Newmark also cited his hands-on experience and dedication to customer-focused solutions, which it said have made him a trusted figure among clients and partners such as FreezPak Logistics and FlexCold.
“As a renowned subject matter expert in cold storage, with a profound understanding of both the market and the complexities of this asset class, Dave will be instrumental in centralizing and strengthening all facets of our North American cold chain capabilities,” Petrillo said. “The seamless integration of best-in-class solutions across our services will continue to set Newmark apart, reinforcing our leadership in both cold storage and other high-growth asset classes as we drive innovation and set new standards across the industry.”
Aschenbrand added: “I’m thrilled to join Newmark at such a pivotal time for cold storage. With demand reaching all-time highs, cold storage has become a cornerstone of the modern supply chain, requiring innovative and adaptable solutions. Our clients need forward-looking solutions that meet the complexities of today’s supply chain to optimize operations and ensure long-term success. I look forward to working with Newmark’s exceptional team to advance our offerings and deliver outstanding value.”
Newmark’s research team added that cold storage development surged to record highs in recent years, fueled by rising demand from ecommerce grocery sales, industry consolidation and growing obsolescence in the existing inventory. While cold storage development is elevated, the firm said, it represents less than 3 percent of the total industrial pipeline, thanks in part to high costs of speculative construction and specific tenant needs.
