Americold Realty Trust, Inc. has announced the acquisition of a temperature-controlled facility in Houston, Texas, for approximately $127 million, including planned expansion and equipment upgrades. The acquisition will add around 35,700 pallet positions and 10.7 million cubic feet (303,000 cubic meters) of cold storage capacity to Americold’s network.
According to Americold, the purchase was driven by the award of a major grocery retail contract. “The new business represents a significant win in our $200M sales initiative,” said George Chappelle, Chief Executive Officer. “This acquisition also furthers our strategy to purchase assets in key markets to support customer growth and deliver the world-class service that customers have come to expect from Americold.”
Rob Chambers, President – Americas, highlighted the company’s existing presence in the Houston area and its ability to accommodate new business. “By acquiring this facility, we are able to efficiently reposition existing customers’ inventory and accommodate this attractive new growth opportunity in the fast-turning retail segment,” he said. “Customers continue to recognize Americold for our commitment to customer service and operational excellence.”
The acquired facility, built in 2022, is located in the Cedar Port Industrial Park in Baytown, Texas, and includes 16 acres (6.5 hectares) of adjacent land for potential future expansion.
Americold expects the return on this acquisition to align with previous investments of a similar nature.
