Ketchum, Idaho-based Cold Summit Development is looking to enter the North Texas industrial market with a new cold storage facility, the company confirmed last week.
Plans for the facility first appeared in a document submitted to the Texas Department of Licensing and Regulation. The 343,000-square-foot cold storage distribution center would be located at 4150 N. Dallas Ave. in Lancaster and could cost an estimated $35.4 million to build. Plans state that the facility could break ground as soon as November and deliver by September of next year.
In an email to the Business Journal, Scott Pertel, president and CEO of Cold Summit Development, confirmed that the company is working on a project in North Texas but said they were a few weeks away from sharing more details. The company has previously built a cold storage facility in Laredo as well as projects in Florida, California, Ohio and Idaho.
“We are big believers of the Dallas market and look forward to building many projects there,” Pertel said in an email.
Local experts say demand for cold storage space in North Texas is high, but due to the cost of building it and a smaller tenant pool, supply has remained low. Still, a few companies have pursued cold storage opportunities in the market. Dallas-based Hunt Southwest Real Estate Development completed a 300,000-square-foot speculative cold storage facility in Fort Worth last year, which soon after was fully leased by Emergent Cold, now Lineage Logistics. In Burleson, Austin’s Yukon Ventures is about to break ground on a 400,000-square-foot cold storage facility which is already half leased. The facility will break ground in October and deliver in a year.