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IStar to sell cold-storage property portfolio for $442.5M

IStar Inc. agreed to sell seven cold storage properties occupied by Preferred Freezer Services LLC to an undisclosed third party for $442.5 million, including $228 million of assumed debt.

The diversified real estate investment trust expects to realize a gain of about $215 million for the quarter in which the sale closes. Pro forma for the sale, iStar said its net-lease portfolio totals $1.7 billion and comprises 15.5 million square feet with a weighted average lease term of more than 15 years.

The REIT expects the transaction to close during the second quarter. It aims to apply the net proceeds from the sale toward new investments and working capital.

Preferred Freezer Services recently agreed to be acquired by Lineage Logistics LLC, which is backed by Stonepeak Partners LP and D1 Capital Partners LP. That deal is expected to close in the second quarter.