Apr 4, 2023

News provided by Share this article Share this article MANCHESTER, Pa., April 4, 2023 /PRNewswire/ -- Scout Cold Logistics ("Scout"), an affiliate of AEW Capital Management ("AEW"), announced today the acquisition of 1025 Locust Point Road in Manchester, PA. The 1.3 million square foot industrial building is currently under construction, and over the next 15 months the property will be re-developed into a grocery distribution facility that has been leased to United Natural Foods, Inc. ("UNFI"). The follow-on development entails a significant investment by Scout to craft the temperature-controlled environment to suit UNFI's operating profile. The property represents the next generation of grocery distribution warehousing and will help UNFI continue to serve its growing customer base in the region. The property will also integrate technology and automation solutions designed to enable greater network operating efficiencies for UNFI. This acquisition and re-development represents the latest in a series of transactions completed by Scout, all of which are focused on food distribution and production assets throughout the U.S. To-date, Scout has invested in 24 food-centric properties totaling 10.6 million square feet representing approximately $1.9B of total capital commitments. Scout's national investment footprint is advancing the firm's goal of institutionalizing the development and ownership of food-centric assets and rebuilding the Unites States' grocery distribution and food production network. Scout was founded and is led by Vincent Signorello, whose investment career has spanned over 22 years including senior investment banking and private equity roles centered on real estate and infrastructure. "This latest acquisition further solidifies Scout as a leader in the re-casting of our country's aging and obsolete food distribution network," said Signorello. "Our tenants rely on Scout to make significant investments in temperature-controlled assets so that they can focus their own capital on areas that improve operating efficiencies such as automation, information technology and transportation. The long-term financial commitments that our tenants make to Scout's network of properties represent a strategic partnership that we will leverage for decades to come." Michael Byrne, Chief Investment Officer at AEW said, "The acquisition and re-development of Locust Point into a mission-critical, food infrastructure asset illustrates the value of Scout's industry-leading operating platform combined with AEW's continued focus on identifying attractive opportunities benefiting from long-term secular tailwinds." The Teacher Retirement System of Texas was also involved in the acquisition as a significant investor, recognizing the value in and strategic importance of investing in critical food infrastructure and expanding its relationship with the Scout Cold Logistics platform. About Scout Cold Logistics:  Scout Cold Logistics is a commercial real estate investment and development firm dedicated to temperature-controlled warehousing infrastructure. The company invests in grocery distribution, food production, and non-food perishable facilities adjacent to major population centers throughout the United States. The company is headquartered in Miami, FL with additional offices in Denver, CO and New York City, NY. For more information, please visit www.scoutcold.com About AEW Capital Management:  For over 40 years, AEW Capital Management, L.P. has provided real estate investment management services to investors worldwide. One of the world's largest real estate investment advisors, AEW and its affiliates manage $90.6 billion of property and securities in North America, Europe and Asia (as of December 31, 2022). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in seven European cities. For more information, please visit www.aew.com . About Teacher Retirement System of Texas:  Teacher Retirement System of Texas is one of the largest retirement systems in the nation. The system's core mission is to make a positive difference in the lives of more than 1.9 million active and retired Texas educators by prudently investing and managing trust assets and delivering member benefits. As of September 30, 2022, the TRS pension fund had a market value of $173.3 billion. Media Contact: