Ti Cold Development, a Melbourne, Florida-based division of Fort Wayne, Indiana-headquartered cold storage design and construction specialist Tippmann Innovation, has secured a commitment from global real estate investment manager BentallGreenOak (BGO) to provide capital to fund real estate development in all of Ti Cold Development’s land positions.
BGO has been active in the development and acquisition of cold storage facilities in North America, Europe and Asia for over five years. Its equity commitment to Ti Cold will support the construction and development of state-of-the-art refrigerated warehouses in multiple locations across North America.
Ti will initially access capital from BGO for the company’s planned growth in pre-identified key markets in the USA and Canada, beginning with two projects underway in Phoenix, Arizona, and Reno, Nevada.
The first Ti Cold Development project utilizing BGO’s pre-committed capital is currently being designed for construction in Phoenix, Arizona. This state-of-the-art refrigerated warehouse (see rendering above) will boast approximately 177 million cubic feet of storage space, nearly 40,000 pallet positions, a 60-foot-deep refrigerated dock, a 40-foot-deep refrigerated rail dock and -20 to 60 degrees Fahrenheit, and fully convertible refrigerated/frozen space.
Strategically situated within the Copperwing Logistics Center, the Arizona site lies within a pre-approved foreign trade zone, allows for connected access to Class I rail through BNSF Railway, and is quickly accessible to three major thoroughfare connections: Loop 303, Loop 101 and Northern Pkwy.
“We are developing this location not only to serve the needs of the current consumers within the Phoenix market, but to also provide a sustainable, scalable and customizable solution to better serve the needs of the region moving into the future,” said Rob Adams, a principal at Ti Cold Development.
The second facility that Ti Cold Development is currently designing is situated within the heart of the Tahoe Reno Industrial Center in Nevada. The warehouse will have easy access to the I-80 corridor and the Union Pacific Intercontinental rail line. Upon completion, it will offer nearly 255,000 square feet of storage space, 40,000 pallet positions, and a 41,000-square-foot refrigerated dock.
Both the Phoenix and Reno projects are expected to be completed in 2022 and are designed to support a variety of cold storage and e-commerce demands.