13th Floor Investments bought into the ground-up development of two cold storage facilities in Holland, Michigan and Sioux City, Iowa. The first facility received TCO in Q1 2022 and is now fully leased. In order to meeting demand, the second facility, located in Sioux City, underwent a 154,000-square-foot expansion—an 80% increase over the original facility—to meet high demand. The expansion was completed and became operational in January 2025.

We are enthused to be entering into the cold storage space as demand for the asset class has expanded tremendously in recent years.