Business
Newmark Secures $500M Investment on Behalf of Cold Storage Company, Envision
NEW YORK, Aug. 14, 2023 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate adviser and service
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK, Aug. 14, 2023 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers announces the firm has recently raised $500 million from an institutional investor on behalf of Envision Cold (Envision) to capitalize a new cold storage operating and development company. The investment allows Envision to acquire and develop over $1.5 billion of cold storage assets. Newmark advised on the capital raise and formation of the company. The team was led by Newmark's Co-Presidents of Debt & Structured Finance, Jordan Roeschlaub and Dustin Stolly.\n\n \n \n \n \n \n \n\n \nWith the funding sourced by Newmark, Envision has closed on acquiring cold storage operations and assets in Oakland, CA, San Francisco, CA, Laredo, TX and Vancouver, BC. Envision plans to continue acquiring and developing a network of facilities across North America, focusing on markets that are underserved by cold storage from both a physical infrastructure and customer service perspective. Providing its users with various services, including traditional cold storage, import/export services, transportation and blast freezing, Envision has engaged a preeminent real estate development team to oversee all ground-up development projects, which will be essential to the company's growth.\n\"We are excited to announce the launch of Envision and our plans to build one of the preeminent cold storage companies in North America,\" said Austin Solem, Chief Executive Officer of Envision. \"The magnitude of this investment was driven by the strength of not only our team's commitment to innovation and service but also to the opportunity within the market itself. The cold storage industry is stronger than ever, and it needs more national providers to satisfy the increasing demand.\"\nLed by an Executive Leadership team with a deep history in the cold storage industry, having previously worked together at the world's second-largest cold storage owner/operator, Americold, Envision continues to build out a best-in-class organization to oversee the expansion and operation of the platform.\n\"We are proud to have represented Envision in the capitalization by a well-respected institutional investor. Led by an expert t...