- BGO and Banner Property Group acquired a roughly 160,000 SF Class B cold-storage building at 12345 NW 38th Ave. in Opa-Locka from Realterm, for an undisclosed price.
- Sherwood Food Distributors leases the whole 12.6-acre site, which Realterm bought from the tenant for $24.7 million in 2020 and which sits near I-95, the Turnpike and major ports.
- The buy comes as cold storage works through a cyclical reset, with record demand for modern space and record move-outs from older buildings, per Newmark.
A BGO joint venture with Banner Property Group has bought a Miami cold-storage building in Opa-Locka, Fla., Commercial Property Executive reports.
The Class B property at 12345 NW 38th Ave., about 160,000 square feet, is leased in full to Sherwood Food Distributors. Realterm was the seller, and no price was disclosed.
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The Asset
The building combines freezer, cooler and ambient space for temperature-controlled food distribution. It was built in phases between 1983 and 1987. Later, the property expanded in 2004.
According to Yardi Matrix, Sherwood sold the building to Realterm in 2020 for $24.7 million. Meanwhile, JLL represented Realterm and arranged the buyer’s financing.
Location Is the Pitch
The 12.6-acre site offers direct access to I-95, I-75 and the Turnpike. In addition, it sits near two airports and two seaports. These include Miami International, Fort Lauderdale-Hollywood, PortMiami and Port Everglades.
Kevin Rivest, a managing partner at BGO, said specialized infrastructure and strong transport links make these sites valuable. He also noted that infill locations are difficult to replicate in South Florida.
A Sector in Reset
Newmark says the U.S. cold storage sector is undergoing a cyclical reset. This follows a construction boom and softer demand. Meanwhile, Amy Binstein, the firm’s head of Midwest research, pointed to record demand for new space. At the same time, older facilities are seeing record move-outs.
Regulation poses another concern in California. As we reported on Sept. 4, lawmakers approved two cold storage bills following the June 2026 Boyle Heights warehouse fire.
One bill requires qualifying projects larger than 20,000 square feet to hold contingency funds of up to $20 million. The other increases penalties for major violations. As a result, industry leaders warn that the measures could create additional barriers to development.
Why It Matters
Newmark says older cold storage facilities are losing tenants in some markets. This 1980s building fits that broader trend. However, its long-standing single tenant and infill location could make it more attractive.
Meanwhile, significant capital continues to flow into the sector. In May, Americold partnered with EQT on a venture involving 12 facilities valued at more than $1.3 billion. Under the deal, EQT will acquire a 70% stake in the platform.
What’s Next
Watch whether more institutional buyers pursue infill cold storage in South Florida. Also, track how older properties are priced against modern facilities as the sector’s reset continues.
