July 21, 2021 1:00 PM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of a Reddy Ice Facility, a cold storage and ice production plant in Las Vegas, NV for $16.65 million. Newmark’s Managing Directors Michael Zobrist and Lauren Tabeek, CCIM and Broker Services Specialist Jeffrey (Scott) Price represented the seller, ZNZ Enterprises, LLC.
“Prior to the pandemic, cold storage was performing at record levels as a result of a significant shift in consumer behavior and the growth of online grocery shopping,” said Zobrist. “The sector remained resilient throughout the pandemic as the need for movement of cold and frozen product to reach its destination has only increased in the last year.”
The building, located at 1201 Searles Avenue, totals 100,991 square feet and is 100% NNN leased to Reddy Ice Corporation. The building has operated as an ice production and cold storage facility since 1983 where a locally owned company operated until being purchased by Reddy Ice in 1999 who has leased the building since.
Cold storage facilities have historically performed well during economic downturns, with the grocery sector being the main occupier of cold storage space, according to Newmark Research. The food and beverage sector was one of the leading industries for industrial leasing during the most recent economic expansion. As grocers and logistics companies adjust to consumers’ new habits, demand for cold storage facilities is likely to rise, in turn increasing rents.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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