Refrigerated Warehousing and Storage (United States)

NAICS 2022 code 493120 — an industry primer for public-market and private investors

1. Overview

Refrigerated warehousing is the business of storing food and other perishable goods at controlled temperatures — chilled, frozen, and everything in between — and moving them through on their way from producers to stores, restaurants, and doorsteps. It is the "cold" half of the cold chain: the network of temperature-controlled space and transport that keeps meat, produce, seafood, dairy, frozen meals, and increasingly pharmaceuticals from spoiling between the farm or factory and the consumer.

Think of it as industrial real estate with a large power bill and a service business bolted on. Operators own or lease insulated buildings full of refrigeration equipment, rent out the space by the pallet, and charge extra to freeze, handle, sort, and ship the goods. It is defensive and essential — people eat in every economy — but it is also cyclical, capital-hungry, and energy-intensive, and "essential" does not mean "always full."

Why it matters to an investor. Demand tracks food consumption and population, which grow slowly but steadily, and the assets are hard and expensive to replicate. That combination has drawn heavy institutional and private-equity money over the past 15 years. The catch: the sector just went through a building boom and an inventory hangover, so vacancy sits at a multi-decade high going into 2026 [13][14].

Ways in. Unusually for a real-asset niche, there are two large, listed pure-plays — Lineage and Americold — both structured as real estate investment trusts (REITs: companies that own income-producing real estate and pass most of their profit to shareholders as dividends) [7][9]. But this is not only a stock-market theme: most of the industry's roughly 700 firms are privately held, and private investors reach the same assets through development, sale-leasebacks, infrastructure funds, private credit, and direct ownership of regional operators [12].

2. What it is, and how it's structured

Scope. NAICS (North American Industry Classification System) code 493120 covers establishments primarily engaged in operating refrigerated warehousing and storage facilities. It explicitly includes blast freezing, tempering, and modified-atmosphere storage services; bonded (customs) refrigerated warehousing; cold-storage locker services; refrigerated farm-product storage; and fur storage for the trade [4]. The defining feature is that the operator stores other people's perishable goods for a fee ("for-hire" or "public" warehousing), or runs a dedicated facility as its main line of business.

A typical cold chain runs:

food producer or importer → refrigerated warehouse → distributor, retailer, foodservice operator, or manufacturer

A public warehouse stores third-party inventory for a fee. A private or captive warehouse mainly stores goods owned by its operator or an affiliated food company. A third-party logistics (3PL) provider bundles outsourced warehousing with transportation and other supply-chain services.

What it excludes — and the adjacent codes to know:

• 493110 General Warehousing and Storage — ambient/dry warehouses (the much larger, non-refrigerated cousin) [4].
• 493130 Farm Product Warehousing and Storage — non-refrigerated bulk farm storage such as grain elevators; note that refrigerated farm-product storage stays in 493120 [4].
• 493190 Other Warehousing and Storage — miscellaneous storage not elsewhere classified (bulk petroleum, lumber, documents, whiskey) [4].
• 531130 Self-Storage (Lessors of Miniwarehouses and Self-Storage Units) — consumer self-storage, a different business entirely.
• 311xxx Food Manufacturing — freezers and coolers inside a food plant, run as part of making the product, are captured with the factory, not here.
• 484xxx Truck Transportation — refrigerated ("reefer") trucking is transport, not warehousing.
• 812320 Drycleaning and Laundry Services — storing furs except for the trade is classified here, the one exclusion the industry definition calls out by name [4].

This classification is why the federal figures below are a floor, not the whole market: a food manufacturer's captive freezer is counted with manufacturing, not here.

Ownership mix. The industry splits two ways. First, for-hire vs. captive: roughly three-fifths of U.S. refrigerated capacity is public (third-party) warehousing that shows up in this industry, and the rest is private or semiprivate — cold rooms owned and run in-house by food manufacturers, grocers, and distributors for their own goods, counted elsewhere [5]. Second, among the for-hire operators, the market is top-heavy: two national platforms sit above a long tail of regional and family businesses (see §8). Owners today range from listed REITs and pension-backed infrastructure funds to century-old family firms.

3. How big it is

Federal statistics for the for-hire refrigerated warehousing industry (our ground-truth figures):

The Herfindahl-Hirschman Index (HHI, a standard concentration measure) is suppressed in the source, so no HHI is reported. Concentration ratios are in §8.

Physical scale. For a sense of the built footprint, the U.S. Department of Agriculture (USDA) measures total U.S. gross refrigerated capacity — public plus private — at roughly 4.0 billion cubic feet in 2025, up about 8% from 2023, of which roughly three-fifths is public/for-hire space [5]. (Individual REIT cubic-footage figures cited later are global network capacity and are not directly comparable to this U.S.-only number.)

The undercount caveat — important here. The ~$7.64 billion receipts figure is for-hire warehousing revenue only [2]. County Business Patterns also covers only employers, so it misses nonemployer and very small operators. Three big things sit outside the federal code entirely: (1) the roughly two-fifths of refrigerated capacity that food makers, grocers, and distributors operate captively for their own inventory, counted with manufacturing or wholesale [5]; (2) refrigerated transportation; and (3) the value of the real estate and equipment itself, which dwarfs the annual service revenue in a business this capital-heavy. Private-sector estimates that use a wider lens put "refrigerated warehousing" revenue near $9 billion in 2025 [18], and the broadest "cold storage market" tallies — which fold in refrigeration equipment, transport, and software — run several times higher. These are different scopes; the federal $7.64 billion is the cleanest apples-to-apples measure of the for-hire industry [2]. Bottom line: the economic footprint of temperature-controlled storage in the U.S. is materially larger than any single line item suggests, and the differing data vintages should not be stitched into one precise growth rate.

4. The investable universe

Public companies. The listed pure-play universe is unusually concentrated — essentially two names, both REITs, each larger than every other for-hire operator, plus a couple of indirect proxies:

Lineage and Americold are the clearest public-market proxies. Their consolidated results include transportation and managed-services businesses outside the narrow federal code, so investors must isolate warehouse performance from the rest. There is no cold-storage-specific ETF; diversified industrial-REIT funds give only diluted exposure.

Major private and privately backed owners. Most of the industry sits outside public markets:

• United States Cold Storage (USCS) — 40-plus U.S. facilities; a wholly owned subsidiary of the UK's John Swire & Sons, and one of the largest for-hire refrigerated operators in the country [25].
• NewCold — automation-focused cold-storage operator and developer, privately backed [26].
• Interstate Warehousing (Tippmann Group) — a large family-owned U.S. cold-storage operator.
• Burris Logistics — fifth-generation family-owned 3PL with temperature-controlled warehousing, foodservice redistribution, and freight [27].
• FreezPak Logistics — family-founded cold-storage platform with its own real-estate development arm; 14 operating facilities as of 2025 [28].
• Infrastructure and PE capital — funds such as Stonepeak, Singapore's GIC, and EQT own or finance facilities that strategic operators manage; EQT's 2026 joint venture with Americold (§8) is a live example [10][12].
• Captive owners — Tyson Foods, Kroger, Walmart, Ahold and other large food companies run their own cold distribution centers; these don't appear in the for-hire figures but shape demand, and some now partner with the big REITs to build automated space [6].

5. How the money works

An operator earns money three ways, and the mix matters:

1. Storage rent — space rented by the pallet position (or per hundredweight) per month. In stabilized markets this runs roughly $8–$25 per pallet per month, pushing toward ~$50 in tight, supply-constrained locations [17]. Historically it floated up and down with how full customers' inventories were, which made revenue lumpy.
2. Warehouse / handling services (throughput) — fees for moving goods in and out: blast freezing, tempering, case picking, repacking, cross-docking, kitting, and labeling, charged per pallet or per case handled. This is where operating skill (and automation) shows up, and more throughput can lift revenue even when stored inventory is flat.
3. Transportation and managed services — freight brokerage, consolidation, and running a customer's facility for a fee. Americold breaks these out as separate segments [9].

The metrics owners actually watch:

• Physical vs. economic occupancy. Physical occupancy is how full the building is; economic occupancy also credits space customers pay for but don't fill. The industry has pushed hard toward fixed-commitment (minimum-guarantee) contracts, where customers reserve and pay for space regardless of inventory held. That converts swingy storage revenue into something closer to a lease — the single biggest structural change in the business over the past decade [9][17].
• Throughput / pallet turns — how many times inventory cycles through per door.
• Storage revenue per occupied pallet and handling revenue per throughput pallet — pricing power and value-added-services pricing.
• Same-warehouse net operating income (NOI) growth — property-level profit from a stable pool of facilities, the cleanest read on organic health.
• Break-even occupancy of ~65–70%. Refrigeration runs around the clock, so a large share of costs is fixed. That gives the assets high operating leverage: above break-even, extra occupancy drops quickly to the bottom line; below it, losses mount fast. Scaled operators run core operating (EBITDA — earnings before interest, taxes, depreciation, and amortization) margins in the low-to-mid-20s percent once occupancy stabilizes [17].

A real-world reality check. Lineage's 2025 global-warehouse results illustrate the economics (they are not an industry average): warehouse revenue $3.95 billion, warehouse NOI $1.48 billion, economic occupancy 81.0%, physical occupancy 75.1%, throughput 54.3 million pallets, storage revenue per economic occupied pallet $251.15, and warehouse-services revenue per throughput pallet $31.92 [6]. Essential infrastructure, in other words, is not fully occupied infrastructure.

The cost structure. Energy is the defining variable cost — compressors running 24/7 — followed by labor (working in a −10°F freezer is hard, so wages and turnover run high), maintenance, property taxes, insurance, and capital spending. Much of the base is fixed or slow to cut. Automation is the main lever operators pull against both energy and labor.

For the REIT investors specifically: because Lineage and Americold are REITs, the relevant cash-earnings metrics are FFO and AFFO (funds from operations / adjusted funds from operations — cash flow that adds back real-estate depreciation), and most of that cash is paid out as dividends [6][9]. For private developers, the language is development yield (stabilized NOI ÷ total cost), cap rate, and lease-up risk.

6. What drives demand

• Food consumption and population. The steady base. U.S. consumer food spending keeps rising modestly, slowly lifting the need for cold space [18].
• Frozen and refrigerated eating habits. Frozen-food sales jumped ~22% in 2020 and have stayed above pre-pandemic levels; fresh and frozen prepared meals keep the network busy [11].
• Online grocery and e-commerce. U.S. online grocery is forecast to pass ~$150 billion by 2026, and fulfilling chilled/frozen orders needs far more refrigerated handling than a dry warehouse does; about 28% of U.S. shoppers now buy groceries online at least monthly [11].
• Protein production and trade. Meat, poultry, and seafood volumes — and the import/export cycle through ports — swing storage demand and are seasonal (harvest, holiday protein).
• Pharmaceutical cold chain. About 45% of the top 20 U.S. drugs by sales require cold storage; biologics and vaccines are a growing, higher-value demand source [11].
• Outsourcing. Manufacturers and food companies increasingly prefer paying a specialist to owning and operating cold infrastructure, which shifts capacity from captive to for-hire.
• Inventory cycles. The near-term swing factor. Customers built huge inventories during the pandemic, then spent 2023–2025 drawing them down ("destocking"), which emptied warehouses even as demand for food itself held up [15][16].

A useful public gauge of volumes (not revenue) is the USDA National Agricultural Statistics Service (NASS) Cold Storage survey, which tracks food inventories held in commercial and public warehouses — more than 800 warehouses across 48 states storing refrigerated products for at least 30 days [29]. Demand is durable but not perfectly defensive: destocking, weaker food production, trade disruption, or a shift back toward captive storage can all cut occupancy and throughput.

7. Regulation

Cold storage is not price-regulated like a utility, but it is heavily safety- and food-regulated:

• Food safety (FDA). Facilities holding FDA (Food and Drug Administration)-regulated foods must comply with the Food Safety Modernization Act (FSMA) — risk-based preventive-controls rules — which in practice means documented temperature monitoring, sensor calibration, and equipment-maintenance records; applicability depends on whether food is exposed, packaged, stored, or processed [19].
• Sanitary transportation. FDA's FSMA sanitary-transportation rule reaches shippers, loaders, carriers, and receivers; facilities that load or receive temperature-controlled food may need written procedures, sanitary equipment, temperature controls, records, and training [20].
• Meat, poultry, and egg products (USDA). These fall under USDA's Food Safety and Inspection Service (FSIS), which conducts in-commerce surveillance of firms storing or handling them [21].
• Ammonia refrigeration safety. Many large facilities use anhydrous ammonia as the refrigerant. Above a 10,000-pound threshold, a facility triggers both the Occupational Safety and Health Administration's (OSHA) Process Safety Management standard (29 CFR 1910.119 — worker safety) and the Environmental Protection Agency's (EPA) Risk Management Program (40 CFR Part 68 — community safety, release scenarios, and coordination with local emergency planners) [22][23]. Compliance is costly and ongoing, and ammonia releases are a real safety and liability risk.
• Refrigerant rules. Facilities using synthetic hydrofluorocarbon (HFC) refrigerants face the EPA phase-down under the American Innovation and Manufacturing (AIM) Act and Clean Air Act Section 608 (which restricts venting), nudging the industry toward natural refrigerants like ammonia and CO₂ — which is why ammonia use, and its PSM/RMP burden, is common [24].
• Building, fire, and customs codes. Insulated, sometimes automated high-bay freezers carry specialized fire-protection requirements, and bonded warehouses operate under U.S. Customs supervision [4].

The regulatory load is a moat as much as a cost: it raises the bar for new entrants and rewards operators with scale and compliance systems. But violations can produce recalls, spoilage claims, worker injuries, community liability, shutdowns, and expensive equipment replacement.

8. Competitive dynamics and consolidation

This is a barbell industry. Federal concentration data for the for-hire industry (share of U.S. receipts) show the top 4 firms with 51.3% of revenue, the top 8 with 58.5%, the top 20 with 64.7%, and the top 50 with 73.9% [2]. Below them sit roughly 700 firms in total, mostly regional and family-owned [2]. Separately, industry analysts estimate that Lineage and Americold together control 70%-plus of rentable for-hire refrigerated capacity in North America, up from about 61% in 2019 [12] — a capacity-and-geography measure that is not the same as the federal receipts-based ratios, but points the same way: a concentrated core over a long tail.

The consolidation was deliberate. Bay Grove Capital began buying cold-storage companies in 2008, rolled them into Lineage, and executed 100-plus acquisitions — backed later by infrastructure investors Stonepeak and Singapore's GIC — before floating the company in 2024 [8][12]. Americold grew the same way. The logic: temperature-controlled real estate is expensive and slow to build (automated facilities cost roughly $250–$400 per square foot), scarce sites near food production, ports, and population are the prize, customers are sticky because moving frozen inventory is disruptive, and scale lowers energy and compliance costs [12][15].

Consolidation continues through asset-level partnerships as well as outright M&A. In May 2026, Americold and EQT announced a planned North American joint venture: 12 facilities, more than $1.3 billion of asset value, about 124 million cubic feet of capacity and 400,000-plus pallet positions, with EQT owning 70% and Americold 30% and closing targeted for the third quarter of 2026 (not yet completed at announcement) [10]. The likely long-run structure is scale plus local specialization: national networks keep gaining share, while regional operators with strong sites and customer relationships stay valuable acquisition targets.

9. Risks

• Oversupply and the cycle. New space grew ~14.5% from 2021–2025 while demand rose only ~5%, leaving the market roughly 10% oversupplied; vacancy hit a 20-year high near 7% at the end of 2025 [13][14][15]. Absorbing the excess is expected to take a year or two — a headwind to occupancy and pricing [15][16].
• Interest-rate and leverage sensitivity. Capital-intensive, REIT-structured owners carry meaningful debt; higher rates raise financing costs and pressure asset values and dividends.
• Cost inflation. Power is the biggest variable cost and spikes hit margins immediately; wages, maintenance, insurance, and construction can all rise faster than storage rates.
• Labor. Freezer work is physically hard, with high wages and turnover; automation helps but adds capital and execution risk.
• Technology and outage risk. Refrigeration failure, power interruptions, cyberattacks, or automation problems can spoil product fast.
• Customer concentration and food cycles. Revenue leans on a relatively small set of large food producers and on protein/harvest seasonality; large customers can build captive facilities or shift volumes.
• Safety, regulatory, and liability. Ammonia releases, food-safety failures, and tightening refrigerant/emissions rules carry cost, liability, and capex.
• Trade and climate. Port disruptions, tariffs, storms, floods, heat, and shifting insurance availability affect both volume and operating cost.
• Data risk. Federal statistics understate captive and nonemployer activity, making market-share and capacity comparisons imperfect.

10. How to invest, and the outlook

Public routes. For most public-market investors the choice is direct ownership of the two listed REITs — Lineage (Nasdaq: LINE) or Americold (NYSE: COLD) — both of which trade on dividend yield and FFO/AFFO growth rather than reported net income (real-estate depreciation depresses GAAP earnings; both have posted recent GAAP losses while still generating cash) [6][9]. What to watch: same-warehouse physical and economic occupancy, storage rent per pallet, handling revenue per throughput pallet, NOI margin and EBITDA conversion, minimum-guarantee coverage and renewal schedules, leverage and debt maturities, and geographic exposure to ports and production regions. Because share prices fell as the cycle turned, dividend yields have been elevated — in mid-2026 Lineage around 6% and Americold in the 7–8% range, with equity market values of roughly $9–11 billion and $4–5 billion respectively. Treat those as of-the-moment figures: yields and valuations move with the share price, not fixed features of the business.

Private routes. Private investors access the same assets through cold-storage development and sale-leasebacks, infrastructure and real-estate funds (the channel Stonepeak, GIC, and EQT used), private credit, and direct purchase of regional operators — valued on stabilized NOI, cap rate, and development yield. Underwriting starts at the facility level: location and port/rail access; power capacity, refrigeration technology, and backup systems; temperature zones, pallet density, clear height, and automation potential; customer credit, contract term, and minimum commitments; historical occupancy, throughput, and spoilage claims; food-safety, ammonia, and environmental compliance; and development cost, lease-up period, and realistic exit. The fragmented ~700-firm tail also offers roll-up opportunities of the kind that built Lineage [2][12].

Near-term outlook (forward-looking). The setup entering 2026 is a cyclical trough that appears to be firming. Customer inventories look to be bottoming, new construction has slowed sharply (capacity is expected to grow only ~1.5% in the year ahead versus double-digit prior growth), and operators are guiding to low-single-digit pricing increases now that pandemic destocking has passed [15][16]. Lineage has flagged ~$50 million of annual cost cuts, and both giants keep investing in automation and anchor-tenant greenfields [6][15]. The longer-run demand story — food consumption, online grocery, protein trade, and pharmaceutical cold chain — remains intact and slow-growing [11][18]. The realistic case is a business that is essential and consolidating, working off a supply hangover: near-term earnings pressure and elevated yields, with recovery leverage for investors willing to sit through the absorption period. None of that is guaranteed — a deeper consumer pullback, sticky vacancy, or higher-for-longer rates would extend the trough. Because the federal data carry no official forward forecast and exclude captive capacity, a single sector-growth headline would be false precision; underwrite specific facilities, contracts, and operators instead.

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Sources

1. U.S. Census Bureau, County Business Patterns 2023 (NAICS 493120 — establishments, employment, annual and first-quarter payroll). https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau, 2022 Economic Census (NAICS 493120 — firms, receipts, concentration ratios CR4/CR8/CR20/CR50; HHI suppressed). https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Small Business Administration, Table of Small Business Size Standards (NAICS 493120 = $36.5M receipts), 2023. https://www.sba.gov/document/support-table-size-standards
4. U.S. Census Bureau, 2022 NAICS — 493120 Refrigerated Warehousing and Storage: definition, inclusions, and cross-references. https://www.census.gov/naics/
5. USDA National Agricultural Statistics Service, Capacity of Refrigerated Warehouses 2025 Summary (gross U.S. refrigerated capacity; public/private split), 2026. https://esmis.nal.usda.gov/sites/default/release-files/795764/rfwh0126.pdf
6. Lineage, Inc., Full-Year 2025 Financial Results and 2026 Guidance (warehouse revenue/NOI, occupancy, throughput, per-pallet metrics, cost cuts, greenfields). https://ir.onelineage.com/press-releases/default.aspx
7. Lineage, Inc., "Lineage at a Glance" (501 warehouses, ~3.1B cubic feet at year-end 2025). https://ir.onelineage.com/lineage-at-a-glance/default.aspx
8. Reuters / Yahoo Finance, "Cold storage giant Lineage raises $4.4 billion in largest IPO of 2024," 2024. https://uk.finance.yahoo.com/news/cold-storage-giant-lineage-raises-053005487.html
9. Americold Realty Trust, 2025 Form 10-K (231 warehouses, ~1.4B cubic feet, segments, occupancy/fixed-commitment strategy, revenue). https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001455863&type=10-K
10. Americold Realty Trust & EQT, "A $1.3 Billion North American Cold Storage Joint Venture" (12 facilities, ~124M cu ft, 400,000+ pallets, 70/30, Q3 2026 close), 2026. https://www.sec.gov/Archives/edgar/data/1455863/000119312526210231/d95141dex991.htm
11. Global Cold Chain Alliance (GCCA), "North America Cold Chain: Market Growth, Capacity & New Trends" (frozen +22%; pharma 45%; online grocery 28% / ~$150B), 2025. https://www.gcca.org/magazine-article/north-america-cold-chain-market/
12. Open Markets Institute (Food & Power), "Private Equity's Cold Storage Roll-Up" (Bay Grove/Lineage; Lineage + Americold ~70%+ of NA rentable space, up from ~61% in 2019), 2024. https://www.foodandpower.net/latest/lineage-ipo-cold-storage-consolidation-jan-24
13. FreightWaves, "Cold storage trough in sight as vacancies hit 20-year high," 2025. https://www.freightwaves.com/news/cold-storage-trough-in-sight-as-vacancies-hit-20-year-high
14. Bisnow, "Cold Storage Vacancy At 20-Year High As Food Spending Tightens," 2025. https://www.bisnow.com/national/news/industrial/cold-storage-vacancy-reaches-20-year-high-record-annual-deliveries-2025-133842
15. FreightWaves, "Cold storage market working off oversupply" (supply +14.5% vs demand +5%; ~1.5% capacity growth; Lineage $50M cost cuts; pricing +1–2%), 2026. https://www.freightwaves.com/news/cold-storage-market-working-off-oversupply
16. Food Logistics / Newmark, "U.S. Cold Storage Sector Navigating Cyclical Reset," 2025. https://www.foodlogistics.com/warehousing/cold-storage/news/22962644/newmark-us-cold-storage-sector-navigating-cyclical-reset
17. NAIOP, "Cold Storage Investment: The Case for Temperature-Controlled Real Estate" (rent per pallet, ~65–70% break-even, margins, fixed commitments), 2026. https://www.naiop.org/research-and-publications/magazine/2026/Summer-2026/finance/cold-storage-investment-the-case-for-temperature-controlled-real-estate/
18. MMCG Investment, "U.S. Cold Storage & Refrigerated Warehouse Industry: 2025 Market Analysis & Outlook" (refrigerated warehousing revenue ~$9.05B, 2025). https://www.mmcginvest.com/post/refrigerated-storage-industry-analysis-in-the-us-current-market-and-outlook
19. U.S. Food and Drug Administration, "FSMA Final Rule for Preventive Controls for Human Food," 2015. https://www.fda.gov/food/food-safety-modernization-act-fsma/fsma-final-rule-preventive-controls-human-food
20. U.S. Food and Drug Administration, "FSMA Final Rule on Sanitary Transportation of Human and Animal Food," 2016. https://www.fda.gov/food/food-safety-modernization-act-fsma/fsma-final-rule-sanitary-transportation-human-and-animal-food
21. USDA Food Safety and Inspection Service, "Methodology for Conducting In-Commerce Surveillance Activities" (FSIS Directive 8010.1), 2022. https://www.fsis.usda.gov/policy/fsis-directives/8010.1
22. U.S. Occupational Safety and Health Administration, "Ammonia Refrigeration" and PSM standard 29 CFR 1910.119. https://www.osha.gov/ammonia-refrigeration/standards
23. U.S. Environmental Protection Agency, Risk Management Program (40 CFR Part 68), "Accident Prevention Manual for Anhydrous Ammonia Refrigeration System Operators." https://www.epa.gov/rmp
24. U.S. Environmental Protection Agency, "AIM Act / Technology Transitions" (HFC phase-down) and Clean Air Act Section 608. https://www.epa.gov/hfcs/regulatory-actions-technology-transitions
25. Swire, "Our Businesses — United States Cold Storage." https://www.swire.com/en/businesses/beverages_foodchain.php
26. NewCold, "Company." https://newcold.com/company
27. Burris Logistics. https://www.burrislogistics.com/
28. FreezPak Logistics, "FreezPak Logistics Announces Southeast Expansion" (14 operating facilities, 2025). https://www.freezpak.com/news-events/
29. USDA National Agricultural Statistics Service, "Cold Storage Survey" (food inventories; 800+ warehouses, 48 states, 30-day minimum). https://www.nass.usda.gov/Surveys/Guide_to_NASS_Surveys/Cold_Storage/