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NJ Company Breaks Ground on Cold Storage Facility in China
Aug 04, 2009
By: Barbra Murray, Contributing Editor
Ground has broken on a 280,000-square-foot refrigerated warehouse at Lingang Logistics Park in Shanghai, China, for Newark, N.J.-based Preferred Freezer Storage. For China, the property will become the country's largest and most sophisticated single-story cold storage facility. For PFS, the build-to-suit structure marks the company's entrée into China, as well as the beginning of its pursuit to accommodate the burgeoning demand for cold storage facilities across the country.
The Lingang Group, the development entity behind Lingang Logistics Park, is building the public cold storage center, which will be leased to PFS. PFS will operate as many logistics providers do, supplying a serv ice for clients, which, in this case, includes businesses dealing in perishable foods--hotels, restaurants, supermarkets and the like.
Real estate services firm Jones Lang LaSalle represented Lingang and PFS in the build-to-suit transaction, and is serving as PFS's exclusive representative for the company's planned expansion across China. "Our client tells us that for the United States' population of 300 million, there are 8 cubic feet of cold storage per person; in China, it's one-tenth of that--and the population is 1.3 billion," John Ho, JLL vice president-Asia Pacific, told CPN. "With the hotels, restaurants and super-centers, the requirement of cold storage is growing because of the demand for higher quality and fresher foods that only cold storage can provide. Big international food companies cannot wait to get into China. Because of the lack of cold storage, they haven't been able to penetrate the market; there hasn't been that cold storage infrastructure to accommodate them." With a refrigerated warehouse like the one being built for PFS, companies with cold storage needs do not have to build their own facilities in order to operate in the Chinese market.
JLL is helping PFS lead the way in answering the call for more refrigerated warehouses in China. "Our client is trying to build a cold storage network at every seaport across the country," Ho said. "They want to have in China the same footprint they have in the U.S., but they want to do it within five years, and the reason is, it's being pushed and supported by the Chinese Government and consumers, so there's a lot of demand."
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NJ Company Breaks Ground on Cold Storage Facility in China
Aug 04, 2009
Ground has broken on a 280,000-square-foot refrigerated warehouse at
Lingang Logistics Park in Shanghai, China, for Newark, N.J.-based
Preferred Freezer Storage. For China, the property will become the
country's largest and most sophisticated single-story cold storage
facility. For PFS, the build-to-suit structure marks the company's
entrée into China, as well as the beginning of its pursuit to
accommodate the burgeoning demand for cold storage facilities across
the country.
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