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Shanghai

Preferred Freezer Services Breaks Ground in Shanghai in First US-China Cold Storage Development

Jones Lang LaSalle represents cold storage firm in historic China expansion


Jones Lang LaSalle is pleased to announce that New Jersey-based Preferred Freezer Services (PFS) will break ground in a ceremony today to mark its historic expansion into China. The cold storage specialist will start construction on a new state-of-the-art facility at Lingang Logistics Park in Shanghai and will be the first U.S. company to build and operate its own cold storage facilities in China. After construction, the approximately 280,000-sq ft refrigerated warehouse will be the largest and most advanced single-story cold storage facility in China, according to the Shanghai Institute of Mechanical & Electrical Engineering Co., Ltd.

"Once completed, the facility will be the largest in PFS' global network," says John Galiher, CEO of Preferred Freezer Services. "This project will be the first of many leading-edge facilities that we have planned for China. Our expertise in cold storage warehouse operations coupled with unsurpassed customer services will no doubt provide an improved option for local as well as multinational food companies in the country."

"This represents one of the largest build-to-suit transactions in the Shanghai region and marks a notable trading partnership between the U.S. and China," says John Carver, Executive Vice President of Jones Lang LaSalle. "The facility is strategically located just minutes away from the 17-mile East Sea Bridge connecting the Lingang New Area in Shanghai to the recently opened Yangshan Deep Water Port."

China has the world's fastest-growing consumer market for perishable food and pharmaceutical products, but its per capita refrigerated warehouse space is less than one-tenth of most developed countries. The demand for cold chain facilities with improved quality is enormous in China and with the growth of foreign capital in recent years; this presents investors with massive opportunities. Preferred Freezer Services has worked with Dalian-based Yida Group to jointly invest in the development of the cold storage market in China.

Jones Lang LaSalle's China Industrial team played an important role in this transaction. "To assist PFS in the set up of its first refrigerated warehouse with modern design and innovative high technology in China, our industrial experts fully leveraged their local knowledge, resources and experience to support our port, airport and global infrastructure experts based in our Los Angeles office. Together, we delivered a customized solution for PFS’ unique needs," notes Stuart Ross, Head of China Industrial, Jones Lang LaSalle.

In addition to having exclusive authorisation to represent PFS in its expansion throughout China, Jones Lang LaSalle is acting as global marketing partners for Lingang Group, a state-administered development company that is responsible for developing the nearly 30,000-acre Lingang Manufacturing and Logistics Zones. Jones Lang LaSalle was engaged to advise and broker real estate transactions to help Lingang Group build a trade bridge between China and other countries.

The historic new development will be a landmark addition to the Lingang New City and the city of Shanghai, and will bring great benefit to China's food industry. It marks the strategic cooperation between Lingang Group and PFS and will accelerate the U.S.-China trading partnership.

About Preferred Freezer Services
Headquartered in Newark, New Jersey, Preferred Freezer Services is dedicated to designing, constructing and operating state-of-the-art warehouses throughout the U.S. It has expanded from a single facility in 1989 to its current 23 facilities and is growing. Preferred Freezer Services operates in strategic port locations, including New York/New Jersey, California, Massachusetts, Florida, Illinois, Pennsylvania, Virginia, Texas, Georgia and soon to come Vietnam and China.

About Yida Group
Established in 1984, Yida Group has grown into a large private corporation that integrates real estate development, software park investment, operation and management, IT information service, IT-related education, construction and installation, property service and manufacturing of machine tools. Dalian Software Park, developed by Yida Group, is the largest professional park in China, combining production, education and research with the largest number of Fortune 500 companies.

About Shanghai Lingang Economic Development Group
Shanghai Lingang Economic Development Group (Lingang Group) is directly under the administration of the municipal party committee and the municipal government, and is a large scale diversified investment enterprise. Since its foundation, the Company has performed active capital operations and undertakes the important tasks of developing and constructing the Lingang Industrial Zone, formulating and implementing the development plan of the industrial zone, organizing the investment and construction of infrastructure facilities in the Industrial Zone, as well as public infrastructure construction and related facilities in the Industrial Zone. The affiliates of the group include: Shanghai Caohejing Emerging Technology Development Zone Corporation, Shanghai Lingang International Logistics Development Co., Ltd., Shanghai Lingang Group Real Estate Development Co., Ltd. as well as the development companies for the four sub-districts set up by Lingang Group through cooperation with local governments.