FRESNO, Calif. (June 29, 2022) – Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, Ltd., has completed the sale of a 164,198 square-foot cold storage property on 11.53 acres at 2950 East California Avenue and 222 S East Avenue in Fresno. Kennedy Wilson Brokerage Vice President John Troughton and Associate Adam Elomari represented the seller, Producers Cold, LLC, in the $16,800,000 sale to Southern California-based S.J. Distributors, Inc.
“This sale is representative of the current industrial market across the United States, specifically the high demand and low inventory of cold storage properties,” said John Troughton. “The location is at the intersection of CA-41, CA-99 and CA-180, and ideal for the new owner’s evolving business needs.”
“We are pleased to have helped our client navigate a sale-leaseback transaction that included space planning challenges and shifting timelines around negotiations,” said Adam Elomari.
As demand remains high for industrial facilities, Troughton and Elomari have seen a gradual expansion of this demand shift from major cities in the Bay Area and Southern California to Central California, where rents are more affordable, space is abundant and highway access is common.
Built in two stages as the former Zacky Farms “Empire” plant, the property has split cold storage and chilled processing sections. The west side of the plant features a high cube freezer and blast cells with a large capacity ammonia refrigeration system. To satisfy growing demand and operations, S.J. Distributors, Inc. will use the property as an inventory and distribution point.
This sale enabled Producers Cold, LLC to take advantage of the current high market value of cold storage facilities due to a lack of product and rising construction costs for new industrial development.
Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, Ltd., is a leader in the leasing and sale of commercial real estate, representing institutional and private capital investors and tenants across the United States. Our capabilities include investment sales and acquisitions, agency leasing, tenant representation, corporate services, valuation and advisory services. For more information, visit www.kennedywilsonservices.com/brokerage.
Kennedy-Wilson Properties, Ltd. is independently owned and operated and not a part of Kennedy-Wilson Holdings, Inc. or any of its subsidiaries and affiliates.
Julia Yuryev | Laura Bottke
Murphy O’Brien Public Relations