Americold Realty Trust acquired South Plainfield, N.J.-based Hall’s Warehouse Corp. for $480 million. The company also announced two expansion projects, including a build-to-suit expansion in Arkansas and an expansion of its existing Calgary facility.
The Hall’s Warehouse portfolio consists of eight facilities in northern New Jersey totaling 58 million ft3 and 200,000 pallet positions. All facilities are located within 15 miles of each other and 30 miles from the Port of Newark. The portfolio is complementary to Americold’s current and growing footprint in the Pennsylvania and New Jersey markets.
Americold’s expansion project in Russellville, Ark., will increase the capacity of its existing facility by approximately 13 million ft3 and 42,000 pallet positions for an expected total cost of $84 million. The highly automated facility will be a dedicated build for Conagra Brands. Construction is expected to begin by the end of 2020, with a targeted completion date by the end of 2022.
The facility Americold plans to expand in Calgary was acquired as part of its acquisition of Nova Cold Logistics earlier this year. The expansion will add 2 million ft3 and 7,000 pallet positions to the existing facility, which is currently the largest cold-storage facility in Western Canada, for approximately $11 million. Construction is expected to begin immediately, with a targeted completion date by the end of 2021.