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7/12/12
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Titan Real Estate Investment Group Inc (Titan) has acquired a 360k sf cold storage facility in Bakersfield in a recent $15 mil ($42/sf) acquisition. The property is the largest refrigerated storage facility in Kern County and brings the firm’s cold storage portfolio to almost half a million square feet.
Titan has also formed Titan Cold Storage Inc as a wholly owned subsidiary of the parent company. Titan acquired the cold storage management company to handle the daily operations for the Bakersfield facility. The team of highly trained professionals is available onsite, around-the-clock, to provide customer service and ensure the safety of products stored at the facility.
The Bakersfield facility is located at 6001 Snow Rd, adjacent to Hwy 99, and strategically situated in California’s north-south corridor between Los Angeles and San Francisco, enabling trucks to drop off products and return to their base without exceeding the 11-hour drive-time limit mandated by the U.S. Department of Transportation’s highway safety rules for drivers.
The facility contains 9 million cubic feet of refrigerated and dry storage space. Kevin Kaseff, president of Titan, notes that the firm plans to expand the refrigerated capacity of the facility by adding rooms and racking the dry storage space to meet growing demands of the farming community.
The Bakersfield facility, which is certified by the U.S. Food and Drug Administration, offers the most advanced cold storage technology available today, including an electronically controlled monitoring system, including ozone and humidity controllers, that ensures goods are kept at a constant and safe temperature. The system also provides customers with regular online reports of the actual temperature and humidity conditions for the space where their goods are kept as well as allowing customers to use their own bar codes in tracking inventory online.
“Cold storage is an under-served sector with high barriers to entry that is vital to the economy and well-being of the community at large," noted Kaseff. “To fill this need, we are committed to acquiring and managing superior cold storage facilities nationwide that provide a comprehensive package of efficient, quality storage and related services, supported by state-of-the-art technologies," he added, noting that Titan is on track to acquire one million plus square feet of new cold storage facilities this year.
Titan, backed by a parent company that has acquired assets valued at $2 bil, will continue to focus on growing a portfolio of niche property types, including a network of public distribution facilities that offer cold storage, refrigerated storage and dry storage, as well as Class A multifamily and apartment communities, and senior independent-living and assisted-living projects. Titan is actively seeking additional cold storage properties of at least 100k sf to add to its existing portfolio of cold storage and multifamily properties that meet its niche market criteria nationwide. The firm currently owns a 110k sf cold storage facility in Utah and multifamily communities in Texas, Georgia, South Carolina, North Carolina and Florida.
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