QuadReal Refis Georgia Cold-Storage Asset With $79M Loan

A joint venture between developer RL Cold and BGO has nabbed a $78.5 million loan to refinance a cold-storage facility in suburban Atlanta, Commercial Observer has learned.

QuadReal provided the loan for the sponsorship’s newly built 268,060-square-foot cold-storage property in Lula, Ga., sources told CO.

Located at 3875 Cornelia Highway roughly 60 miles northeast of Downtown Atlanta, the facility is near Interstate 985 and State Route 23. The 100 percent leased property includes 38 truck dock doors, 52 trailer parking spots, 38,259 pallet positions and 106 parking spots for cars.

“This latest debt refinancing is in direct alignment with QuadReal’s strategy of targeting high-conviction alternative asset classes, including cold storage, in key markets across the U.S. and complements our existing global debt portfolio,” Paul Stern, senior vice president, U.S. real estate debt, at QuadReal, said in a statement. 

Newmark arranged the transaction with a team consisting of Nick Scribani and Blake Thompson in collaboration with Jordan Roeschlaub and Jonathan Firestone. 

Atlanta-based RL Cold was created as a programmatic joint venture between RealtyLink and BGO focused on the development of cold-storage warehouses. It secured $58 million of construction financing from Manulife last November to build a 215,816-square-foot cold-storage warehouse in Mount Laurel, N.J., near Philadelphia, CO first reported at the time. 

Officials at QuadReal, RL Cold, BGO and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com