1015 New York Ave
60,804 SF rail-served, recently renovated cold storage facility in Toledo, OH.
Marketing description
The New York Avenue Cold Storage Facility is a rare opportunity to acquire a fully modernized, rail-served cold storage and food processing platform in the Midwest's primary industrial corridor. The 60,804 SF facility sits on approximately 10 acres in Toledo, Ohio, with an additional 6 acres of contiguous expansion land, providing both immediate operational capacity and meaningful runway for growth.
Originally constructed in 1975, the building has been meticulously maintained throughout its operating life and underwent a significant capital improvement program in 2023, including an upgraded R-507A refrigeration system, electrical and power upgrades to 3,000 Amp / 3-phase service, and dock door improvements throughout. The result is an asset that performs as a modernized facility while trading at a significant discount to current replacement cost, which runs $250 to $350 per square foot for comparable new construction.
The interior is purpose-built for cold chain and food processing operations. The temperature-controlled envelope includes a 7,776 SF freezer with 700-pallet capacity at -10°F (22' clear), a 3,600 SF cooler (16' clear), and approximately 45,252 SF of dry storage and processing area at 26' clear height. Loading is supported by 27 dock-high doors (9 refrigerated, 18 ambient) and 2 drive-in / grade-level doors. A 4,176 SF office component supports administrative and operational functions on site.
What sets this facility apart is the combination of multimodal access and food-grade infrastructure. Four rail-served dock positions connect directly to an active Watco spur, a feature that rarely comes available in the secondary cold storage market and provides a structural advantage for high-volume operators managing inbound freight costs. The building was previously operated as an FDA-registered, SQF-certified facility, and the food-grade envelope is in place to support rapid GFSI re-certification by an incoming operator, eliminating the 12 to 24 month build-out and certification timeline typically required for a new entrant.
Location is a core part of the value proposition. 1015 New York Avenue offers direct access to I-75, I-280, and the I-80/90 Ohio Turnpike, placing operators within overnight truck range of more than 50% of the U.S. population. The Port of Toledo, the fifth busiest port on the Great Lakes, is minutes away, opening additional bulk and break-bulk inbound options. Detroit is 60 miles north, Cleveland 115 miles east, Chicago 245 miles west, and the broader Midwest food manufacturing and distribution corridor is within easy reach.
The facility is offered for sale as a result of the owner's retirement. It is well suited for institutional cold storage operators, regional 3PLs, food and beverage manufacturers, and frozen or refrigerated product companies seeking a turnkey, rail-connected platform in a strategic Midwest location at a basis that is materially below replacement cost.
For pricing guidance, due diligence materials, or to schedule a property tour, please contact the listing broker directly.
Investment highlights
Priced Well Below Replacement Cost At an asking price of approximately $107/SF, the asset is offered at a fraction of the $250 to $350/SF cost to build a comparable cold storage facility from the ground up today. The 2023 capital program (roof, R-507A refrigeration upgrade, electrical service, dock doors) means an incoming buyer inherits a recently modernized building without absorbing near-term capex.
Rare Rail-Served Cold Storage Asset 4 rail-served dock positions on an active Watco spur. Rail-served cold storage facilities seldom trade in the secondary market, and the multimodal capability provides a structural cost and capacity advantage for high-volume food and beverage operators competing on inbound freight economics.
Turnkey Food-Grade Infrastructure Building was previously operated as an FDA-registered, SQF certified facility. Food-grade envelope, 700-pallet freezer at -10°F, 9 refrigerated dock positions, and R-507A refrigeration system are in place to support rapid GFSI re-certification by an incoming operator, eliminating 12 to 24 months of typical build-out and certification timeline.
Built-In Expansion Optionality ~6 acre site with an additional ~10 acres of contiguous land, providing runway for expanded warehouse footprint, additional truck courts, trailer parking, or a second-phase build. Contiguous expansion land in established industrial corridors is increasingly scarce nationally.
Strategic Midwest Location Direct access to I-75, I-280, and the I-80/90 Ohio Turnpike, with overnight truck reach to over 50% of the U.S. population. Minutes from the Port of Toledo, the fifth busiest port on the Great Lakes, providing additional bulk and break-bulk inbound optionality. Within 60 miles of Detroit and central to the Midwest food manufacturing and distribution corridor.
Motivated Seller, Clean Disposition Clean, arm's length transaction with a defined seller timeline. No deferred maintenance, no environmental flags, no encumbered tenants.
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