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SUFFOLK, Virginia — AgCold, a provider of cold storage solutions, announced two property acquisitions in Suffolk in a press release on Wednesday. The acquisitions add 72,000 square feet, equivalent to 9,000 pallet positions of cold storage, to its portfolio in the near term, with the potential to increase to an additional 30,000 pallet positions over the next five years.

“AgCold’s expansion in Suffolk was a strategic decision based on current customer demand, proximity to the Port of Virginia and I-95, and future growth opportunities,” said Yogi Singh, partner at AgCold. “Cold storage is a critical infrastructure need for businesses using the port and the state’s thriving food, beverage, pharmaceutical, and agricultural industries. Our current client commitments and the ability to service new industries drove AgCold’s decision to further our commitment to the Hampton Roads market.”

AgCold purchased 160 County Street in Suffolk from Nuts for Wildlife in July for $2.25 million. The 2.78-acre property includes a 72,000-square-foot industrial facility adjacent to AgCold’s existing 190 County Street location.
AgCold says it plans to invest approximately $10 million to retrofit the facility into a state-of-the-art, food-grade warehouse. According to the company, planned improvements include the installation of new insulated metal panel wall systems, upgraded HVAC, high-speed roll-up doors, a new roof, energy-efficient LED lighting, and various cosmetic and energy-saving enhancements. S.B. Ballard Construction Co. has been selected as the general contractor, and F.N.B. Corp., through its newly opened Richmond office, provided financing for the project.

In March 2024, AgCold also purchased 8.98 acres of land at 240 Benton Road in Suffolk for $1.2 million. The company says this property will be held for future development of modern cold storage, with the potential to add another 30,000 pallet positions to the company’s multi-temperature inventory.

“We are committed to meeting the growing demand from our existing customers and are excited about the growth opportunities these acquisitions will create,” said Stewart Garland, partner at AgCold. “These new investments will bring critically needed infrastructure to companies doing business through the Port of Virginia and throughout the state.”