Vertical Cold Storage, a developer and operator of temperature controlled distribution centers financed by real estate asset manager Platform Ventures, has purchased Lone Star Cold Storage of Richardson, Texas. Terms of the transaction were not made public.
“Lone Star Cold Storage has so many things going for it, including a top-rated team, ease of access to interstate highways without significant road traffic, a flexible building that can accommodate a wide variety of commodities including ice cream, and proximity to more than two-thirds of the United States population within a two-day drive,” said Curt Mastbergen, president of North Sioux City, South Dakota-headquartered Vertical Cold Storage.
The Richardson warehouse spans 227,331 square feet with 5,645,661 cubic feet of storage space, 17,982 pallet positions and 40 dock doors. The facility, which uses an energy efficient and environmentally friendly ammonia refrigeration system that keeps cost down while providing the required temperature range, is partitioned into seven rooms allowing for multiple temperature needs from -20° to 45°. Services include blast freezing, case picking, cross dock and EDI capabilities, with kitting support available.
“As I plan my retirement from an industry I have really enjoyed, it is important that I hand off my customers and dedicated colleagues to a high quality, service focused organization, and Vertical Cold Storage is that company. The business is in very good hands with Curt and his team,” said Andrew Fisk, chief executive officer and president of Lone Star Cold Storage, who has a long history of business leadership including over 16 years in the cold chain.
Vertical Cold Storage is establishing a network of Refrigersted warehouses around the United States and will bring in best practices from the collective experience of its leadership to make the Richardson Lone Star Cold Storage operation even better by leveraging technology and automation for more consistent customer service.
“The Dallas-Fort Worth market is one of the most important in North America, so we’re pleased to complete this part of our network so quickly. Combined with the recently acquired Liberty Cold Storage distribution center near Chicago, Vertical Cold already has a large portion of the country covered,” said Ryan Anderson, co-president and co-founder of Kansas City, Missouri-headquartered Platform Ventures.