PHOENIX--(BUSINESS WIRE)--Cold Summit Development has launched its second project and first in the Phoenix metro area, a 357,000-square-foot multi-tenant speculative cold storage facility (“Cold Summit PHX”), expandable to 485,000 square feet. Sitework and construction is anticipated to start immediately with completion by December 2021. The project follows Cold Summit Dallas, launched in December 2020.
The project is located at 9600 N. 151st Ave. in Glendale, Ariz., in the Woolf Logistics Park with Class I railway connectivity through BNSF. Its location along the highly active Loop 303 corridor provides proximity to the corporate neighbors of Red Bull, White Claw and Ball Corporation.
“There’s an incredible story of companies relocating to Phoenix from Southern California and serving that market from the West Valley/Loop 303,” says Alex Langerman, co-founder and COO of Cold Summit Development. “Cost plays a role, but the locational quality of the Loop 303 corridor stacks up to any other industrial area in the country.”
“We are thrilled to be working with the city of Glendale to bring this critical food infrastructure asset to the Phoenix MSA. We are big believers in the growth story and look forward to being additive to that. We are also excited to support the local public schools and educational programs through our Cold Summit Giving efforts,” says Scott Pertel, president and CEO of Cold Summit Development.
Cold Summit PHX will include high quality office space, flexible structural bay spacing to accommodate multiple racking configurations, a 51-foot clear height in the warehouse with full temperature convertibility, 156 trailer drop spots and more than 75,000 pallet positions.
Cold storage assets continue to be in high demand, with historical vacancies below 10 percent, according to JLL research. This increase is due to a sudden rise in e-commerce adoption and change in consumer consumption patterns in the wake of COVID-19. Because of this, the cold storage space has proven to be a stabilizing factor in real estate through 2020 to today.
About Cold Summit Development:
Cold Summit is a leading developer of cold storage facilities. Our mission is to facilitate the movement of healthy products to consumers by delivering innovative, industry-leading cold storage real state solutions with a relentless focus on product integrity.
For more information, please visit https://www.coldsummit.com.