b'30American Journal ofTransportation ajot.comACL AJOT_SailSchedule_2020_ACL2/27/209:33 AMPage 1NewCold doubles investmentONE SHIPin Lebanon with expansion suchONE SHIPNewCold,aNetherlands- panies, including food manu-based leader in advanced auto- facturersandsuppliers matedtemperature-controlledasNewCold,saidBooneC ontainers, RORO, RORO, Br, Breakbulk Ceakbulk CarargogoContainerswarehousesannouncedtheCountyEconomicDevelop-expansion of its Lebanon (IN)mentCorporation(Boone facility,doublingitscapitalEDC)ExecutiveDirector investment in the community,Molly Whitehead. Agbiosci-withmorethan$300millionencecompaniesnaturallyfit now earmarked for the project.well with our heritage, and we NewColdisoneofthelookforwardtowelcoming fastest-growing food logisticsmorecompanieslikeNew-companies globally. The com- Cold to our local ecosystem.pany announced initial plansBased on the companys to locate in Lebanon in 2020,plans to create up to 100 jobs withaninitial$150millionby the end of 2028, the Indi- RORO Customer Serviceinvestment, and became oper- anaEconomicDevelopmentA SERVICE AL1 SERVICE AL2 SERVICE 877-918-7676ational in the Fall of 2022. Corporation (IEDC) commit- Cuto Friday Cuto Thursday Cuto Monday Export Customer ServiceThisadditionalinvest- tedaninvestmentinNew- FROM NEW YORK LOLO RORO LOLO LOLO 800-225-1235TO Transit Time Transit Time Transit Time Transit Timement of more than $150 mil- Cold of up to $1.65 million inANTWERP 1620 18Export Documentation 888-802-0401lioninLebanoncreatesthetheformofincentive-basedDUBLIN 12Import Customer Servicelargest automated cold storagetaxcredits.Thesetaxcred- BELFAST 13888-802-0403facilityintheUnitedStates.itsareperformance-based,GTEBORG 21LogisticsHAMBURG 13 17 15 22Asidefromthepositiveeco- meaning the company is eli- LE HAVRE17 866-821-7449nomic impact, and high-qualitygible to claim incentives onceLIVERPOOL 9 13 Credit & Collectionsemployment opportunities, thisHoosiers are hired. LONDON GATEWAY20 19 888-225-7747strengthensresilienceintheIndiana is the ideal globalROTTERDAM11 20food supply chain, said Jonasdestination for logistics lead-Swarttouw, NewColds Execu- ers like NewCold to grow and tive Vice President, and Chair- innovate,said AnnLathrop,Third-party logistics providers lead the man, of North America. ChiefStrategyOfficeratthe The expansion of New- IEDC.Wearethrilledthatway in big-box warehouse leasing activityColds facility in Lebanon is athecompanyissignificantly testament to our strong com- increasing its original invest- Third-party logistics (3PL)on3PLpartnerstocreatebutmorecompanieshave munity and business environ- ment just a few short monthsprovidersleasedmorebig- resilientsupplychainsandsince realized that 3PLs can ment, said Lebanon Mayorafter launching operations inbox (200,000 sq. ft. or larger)economicallyaddresscus- play a vital role in their busi-Matt Gentry. We are excitedIndiana and are confident thewarehousespaceinNorthtomer needs.ness models, and demand is thatNewColdcontinuestostatestop-rankedbusinessAmerica than any other occu- Thepreviousleaderinstronger than ever.succeed and grow here. climateandskilledHoosierpiercategory,accordingtobig-boxleasingactivity-CBREanalyzedware-We continue to focus ourworkforcewillcontinuetoanewreportfromCBRE.retailers and wholesalers - fellhouses of 200,000 sq. ft. and localeconomicdevelopmentpropelNewColdsremark- Accountingfor41%ofallto second place, taking 35.8%larger because warehouses of strategy on agbioscience com- able growth.big-box lease transactions inof the leasing share. Food andthatsizeareusedforlarge-2022,3PLsexpandedtheirbeverageoccupierswereascalenationalandinterna-footprintsandclaimedthedistantthird,accountingfortionalproductdistribution. largest share for the first time8.7% of leasing activity. EncompassingtheUnited sinceCBREbegantrackingDuringthepandemic,States,MexicoandCanada, the activity in 2012. companies relied on partner- the big-box report found that 3PLs typically operate com- shipswith3PLstostabilizeindustrial facilities had record-panies logistics and warehous- theiroperationsandaccom- low vacancy rates and unprec-ing operations on a contractualmodatedemand,saidJohnedented rent growth in 2022, basis, gaining efficiencies byMorris, CBREs President ofdespite record new construc-handlingthatworkformul- Americas Industrial & Logis- tiondeliveries.Demandwas tipleclientssimultaneously.tics. The initial thought wasdrivenprimarilybyadesire As a result of enduring pan- that companies would even- to serve markets with growing demic-erashifts,companiestuallyreturntoself-reliancepopulations, modernize space NewCold announced the expansion of its Lebanon (IN) facility. have expanded their reliancefortheirfulfillmentneeds,forautomationandimprove supply chain resilience.Matching2021srecord low,the2022directvacancy ratewas3.3%atyear-end, which supported first-year base rents growth of 23% year-over-year. With demand for space at ahigh,andlittlespaceavail-able, a record 455 million sq. ft. is currently under construction, of which 25.3% is pre-leased. Slowerdemandata timeofrobustconstruction will result in higher vacancy astimegoeson.Thatwill providereliefforoccupiers looking for space in a very tight market. New construc-tion will moderate this year, particularly with the financ-ingmarketsotight.This shouldleadtodouble-digit rentgrowthasconstruction deliveries slows, explained Mr. Morris.n orTHa mericasT op25 c orem arkeTsCBREs report examined (LEADcontinued on page 32)'