Scout Cold Logistics Center – South Jersey, a 332,000-square-foot cold storage facility under construction at 450 Swedesboro Ave. in East Greenwich Township — Courtesy: Scout Capital Partners
By Joshua Burd
A real estate investment firm is set to acquire a 332,000-square-foot cold storage facility that is under construction in Gloucester County.
The Florida-based buyer, Scout Capital Partners, announced Tuesday that it was under contract to purchase the complex at 450 Swedesboro Ave. in East Greenwich Township. Slated for delivery late this summer, the property already has a 97,000-square-foot preleasing commitment from a perishable logistics company.
“America’s supply of cold storage facilities is wholly inadequate to match the increasing demands of food distribution and online shopping, not to mention the need for storing highly perishable pharmaceuticals and medical supplies,” said Vincent Signorello, Scout Capital Partners’ founder. “Scout Cold Logistics Center, in the heart of the Eastern Seaboard, will be a core asset within our national network of climate-controlled facilities.”
In a news release, the firm said there is pent-up demand for cold storage facilities across the U.S., with climate-controlled facilities emerging as critical components of the nation’s infrastructure. Such properties dovetail with the company’s investment strategy of focusing on assets that comprise or are connected to critical infrastructure.
The newly dubbed Scout Cold Logistics Center – South Jersey is 18 miles outside central Philadelphia and will serve tenants in the perishables industry including online retailers, supermarkets and pharmaceutical companies. Scout Capital said the need is only growing amid the COVID-19 pandemic and the added demand for online grocery delivery.
When complete, the property will feature 80 loading docks and 36-foot clear ceiling heights, according to a news release. Scout has engaged the Colliers International food advisory services team of Chris Cummings, Turner Wisehart and Sam Campbell to market 235,000 square feet of available space, along with a local brokerage team led by Colliers’ Marc Isdaner.
“Our leasing strategy for Scout Cold Logistics Center – South Jersey will target local, regional and national perishable operators seeking flexible, climate-controlled space who want to be within a three-hour drive of more than 40 million consumers,” Cummings said. “In addition to the building’s modern design features and excellent location, it also offers significant property tax incentives that will provide significant financial benefits to the property’s tenants over the long term.”