November 14, 2024 –RealCold, an operator and provider of cold chain services for the food sector (including manufacturers, grocers, and the food service industry), broke ground on a 380,000 sq ft (18M cu ft), fully-convertible, temperature-controlled facility in East Hanover, NJ.  It is scheduled to open in the first quarter of 2026. The facility will sit less than 30 minutes from the Port of Newark, and its position on Route 10 will allow easy access to service the tri-state area. RealCold has two other significant cold storage projects in-development including a 386,000 sq. ft. facility in Lakeland, FL (between Orlando and Tampa), and a 312,000 sq. ft. facility in Lockhart, TX (between San Antonio and Austin). Both the Lakeland and Lockhart facilities will be available for occupancy in the first quarter of 2025. Upon completion of the three under-construction projects, RealCold will operate nearly 1.6 million sq. ft. (62M cu. ft.) of cold storage space across eight sites coast-to-coast.

Keith Goldsmith, Chief Executive of RealCold, lauded the groundbreaking as a win for the region and for existing and future customers, stating “We are thrilled to kickoff this project in East Hanover which is in no small part due to our various partners whose collaboration led us to this premier site in northern New Jersey.  Our collective research, input from customers, and demand from the market, has reinforced that this is the most strategic location to bring significant cold storage on-line.  We believe it will be a game-changer for importers/exporters, grocers, food manufacturers, and online retailers with operations in the region.”

Michael Winston, Managing Director at Related Fund Management (RFM) and sponsor of RealCold, echoed the sentiment, noting “We are fortunate to have had an opportunity to secure this property in such a highly coveted market, and thank those who have worked to make today a reality.  We are proud of the vision we have for this site—a modern facility that has been engineered with exacting standards and optimized to service the demands of the food industry for years to come.

The groundbreaking marks a transformation for the land as noted by Ed Russo, president of Russo Development, and who was instrumental in the transaction: “A complex redevelopment such as this one – where a portion of an active property is transitioned – requires an enormous amount of collaboration. In this case, we and our partners at Onyx and RFM were fortunate to work with a great team at Novartis and the Township of East Hanover, blending a set of interests that became a common mission.” 

Echoing the sentiment, John Saraceno, founder of Onyx Equities stated “This is a perfect example of repurposing a former office use – in this case with an esteemed legacy – to the standards and market receptiveness of new industrial uses and the result is a promising new life through Realcold, and we are proud to be a part of it.” 

Morris County is pleased to welcome RealCold to our growing family of esteemed corporate citizens,” says Morris County Commissioner Tayfun Selen.  “We wish them the best of luck in their new endeavor, as they renew the life of this important commercial site for a new generation of economic activity while also bringing in jobs and boosting the local tax ratable base

Once complete, the Class A facility will have five fully-convertible rooms offering temperatures from -20°F to +55°F.  To accommodate high throughput volumes, the building will have over 40 dock doors, a 70ft refrigerated dock, 50’ clearance, and ample secured trailer parking. Additionally, it will be a LEED Silver certified facility, reinforcing RealCold’s commitment to sustainability (the Company’s other development projects in Lakeland and Lockhart are also LEED Silver). Supporting RealCold’s e-commerce fulfillment solutions, the facility will have dedicated areas for direct-to-consumer (DTC) activities and value-added services.  This addition to the RealCold network will allow the Company to reach tens of millions of consumers more quickly, contributing to an overall nationwide reach of 97% of U.S consumers in 2 days or less for its robust DTC platform.

In addition to RealCold’s 380,000 sq. ft. of cold storage space, the project will also deliver 220,000 sq. ft. of Class A, 40’ clear dry industrial space that is available for lease. CBRE’s Kevin Dudley and Chad Hillyer are handling the marketing.

About RealCold
Established in 2022, RealCold was founded to address the unmet needs of the food cold chain sector. By combining high-growth strategic locations, state-of-the-art Class A facilities, and exhaustive offerings that include traditional storage programs and diverse value-added services (including DTC), the company has positioned itself as a collaborative and integrated provider for food retailers, producers, and distributors. This mission is reinforced through its highly bespoke solutioning and customer-centric approach. The RealCold platform operates a national, omni-channel network, inclusive of a comprehensive direct-to-consumer program, which can reach the majority of U.S. consumers within 1- or 2-day ground service. For more information on RealCold, please visit www.realcold.com.

About Related Fund Management
Related Fund Management is a multi-strategy real estate investment manager that currently manages approximately $12 billion in commingled funds and separate accounts on behalf of public and private pension plans, endowments, family offices, insurance companies, and sovereign wealth funds. Since inception, RFM has invested across all portions of the capital stack and in all major real estate sectors.

CONTACT

RealCold
James Chambers
james.chambers@realcold.com