Saxum Real Estate said Thursday that Sunny Shah was promoted to vice president of acquisitions, with a dedicated focus on cold storage.
Shah joined the firm in 2020, and the company said he has been instrumental in the growth of Saxum’s cold-storage platform which now totals nearly 4 million square feet.
Among the noteworthy transactions that Shah has been involved with include a seven-property, 1.7 million square foot cold-storage portfolio recapitalization with BGO, and more than 1.2 million square feet of new cold-storage development in Charleston, Chicago, Jacksonville and northwest Indiana.
“Sunny has shown the ability to lead and execute complex, large-scale transactions with keen attention to detail,” said Sean Gilbert, principal, acquisitions. “His strategic insight, dedication and positive attitude have been key in helping to drive growth. We are confident he will continue to elevate our cold storage strategy and continue to contribute to the long-term success of the firm.”
Cold storage has become a robust sector in real estate. According to Grand View Research, a market research and consulting company based in San Francisco, the U.S. cold storage market size was valued at $36.91 billion in 2023 and is expected to grow at a compound annual growth rate of 13.3% from 2023 to 2030.
Growth is attributed to technological advancements in packaging, processing, and storage of perishable food products and temperature-sensitive items that maximize efficiency and reduce costs. Cold storage operators across the supply chain are investing in urban and suburban micro-fulfillment centers to meet the demand for speed and quality.
