BGO and Banner Property Group Acquire 160,000-SF Opa-Locka Cold Storage Facility

BGO, a global real estate investment manager, and Banner Property Group, a real estate owner and operator, announced Oct. 19 the acquisition of 12345 NW 38th Avenue in Opa-Locka, Florida, an approximately 160,000-square-foot cold storage facility in the North Miami submarket. The property is fully leased to a food distributor serving customers across the United States, Latin America and the Caribbean.

JLL advised the seller and arranged acquisition financing for the transaction. Troutman Pepper Locke LLP and Winston Taylor LLP served as legal counsel to the joint venture.

BGO and Banner Property Group Add Infill Cold Storage in South Florida

The firms said the acquisition reflects their conviction in strategically located cold storage infrastructure serving South Florida's food distribution network.

"This acquisition adds a highly functional cold storage asset to our growing portfolio in an important South Florida distribution market where specialized infrastructure, connectivity and infill locations are difficult to replicate," said Kevin Rivest, Managing Partner, BGO. "We are pleased to partner with Banner Property Group and look forward to applying our respective cold storage experience to enhance the property's long-term performance and resilience."

Jason Eisenberg and Albert Kim of Banner Property Group said in a statement: "We are excited to partner with BGO on this acquisition. It is highly consistent with Banner's investment strategy focused on infill properties and continues to grow our portfolio within both Florida and the cold storage sector."

Property Details

The facility was originally developed between 1983 and 1987 and expanded in 2004. It sits on approximately 12.6 acres and includes a mix of freezer, cooler and ambient storage space designed to support temperature-controlled food distribution operations.

The site is near Interstate 95, Interstate 75 and Florida's Turnpike, as well as Miami International Airport, Fort Lauderdale-Hollywood International Airport, PortMiami and Port Everglades.

Banner Property Group and BGO Cold Chain Platforms

Banner Property Group was founded in 2021 and is led by principals with experience investing in and operating cold storage properties. The firm has an existing footprint in Florida that includes temperature-controlled food distribution facilities. Banner is active throughout the eastern half of the U.S. across sectors including cold storage and industrial warehouses, with a focus on infill opportunities.

BGO Cold Chain is the firm's dedicated business line for cold storage real estate investment management, asset management and development on behalf of institutional investors. BGO says the business has approximately 30 million square feet of transaction activity since 2015. BGO serves more than 750 institutional clients and had approximately US$100 billion of assets under management as of June 30, 2026, together with Bell Partners Inc., which Sun Life acquired and combined with BGO on July 2, 2026. BGO is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.

Cold Storage and South Florida Industrial Market Context

Nearly 7% of U.S. cold storage warehouse space was vacant at the end of 2025, the highest level in at least two decades. About 10 million square feet was delivered during 2025 against roughly 3.5 million square feet of net absorption, and approximately 5.9 million square feet remains in the development pipeline for 2026. Cold storage rents averaged about $28 per square foot, roughly double the approximately $14 per square foot level reported in 2019. Facilities built before 2006 recorded vacancy of about 7.6%, while modern facilities built from 2006 to 2019 were more than 97% occupied.

South Florida's broader industrial market softened in the second quarter of 2026. Vacancy was 6.7%, up from 5.6% a year earlier, and net absorption was negative 2.30 million square feet. Average asking rent was $17.59 per square foot on a triple-net basis, the average sale price was $238 per square foot, and the average cap rate was 6.98%, up from 6.42% a year earlier. A separate first-quarter report put vacancy at 5.8%, annual absorption at negative 1.1 million square feet and asking rents at $18.64 per square foot, up 1.2% year over year.

Outlook

The Opa-Locka acquisition adds to BGO Cold Chain's holdings and extends Banner Property Group's Florida portfolio. The property's full occupancy comes as national cold storage vacancy sits near a two-decade high and South Florida industrial vacancy has risen year over year.

Sources

• BGO press release: https://bgo.com/press-release/bgo-and-banner-property-group-acquire-fully-leased-cold-storage-facility-in-north-miami