Arthur Rasmussen, Jr.
Executive Vice President
Lic. 00918691
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Art Rasmussen has earned extraordinary success in his nearly 33-year career in industrial real estate. Consistently ranking among the Top 10 Sales Producers, Mr. Rasmussen has completed over 56 million square feet of Food Facilities transactions nationwide - for a total consideration of more than $5.7 billion.
From 1986 to 1991, Mr. Rasmussen specialized in the sale and leasing of traditional industrial properties in the downtown Los Angeles and Commerce markets. During this period, he completed over 150 successful transactions, and was involved in the largest industrial land assemblage in company history to that date (General Dynamics $51 million) and the largest industrial investment sale in company history to that date (Southern Pacific Railroad to Lowe Enterprises 3,900,000 square feet and $131.5 million).
Mr. Rasmussen's creativity in the redevelopment of traditional industrial properties earned him a solid, national client base – and prepared him well for the conversion of standard, dry warehouses into state-of-the-art cold storage distribution and food processing plants he does today.
Completing his first food services transaction in 1988, Mr. Rasmussen formed a partnership with David Norrie in 1991 to lead the CBRE Food Facilities Group. This focused network of 200 CBRE offices nationwide provides exclusive specialization in sales, leasing, appraisal, and financing of food industry real estate.
The group's expertise in coordinating all technical experts, vendors, and consultants involved in the real estate process has earned them long-term, multi-market assignments with such food industry giants as Costco, Ralphs Grocery Company, Americold Logistics, Kroger, and General Mills.
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Uncovering Cold Storage & Food Real Estate Opportunities Throughout the Nation.
Today, the cold storage market is in hot demand. Spurred by the e-commerce grocery boom, rising needs for fresh and organic meals, and overall metro population growth, the market is projected to be worth $19.69 billion nationally by 2025. California is home to the highest square footage of cold storage facilities. Yet, in the Los Angeles area, there is only less than 1% space available, coupled with a lack of speculative market compared to dry storage.
The Food Facilities Group Los Angeles specializes in discovering these rare, often off-market opportunities.
CBRE’s Art Rasmussen and David Norrie are the Pacific region’s founding leaders in the Cold Storage and Food Processing sectors. Inspired by their niche passion for food-related real estate over 30 years ago, they established the very first national food-specialized business, planting the seed to grow the country’s movement of temperature-sensitive, perishable, and frozen food products. The Los Angeles-based team offers a combined 60+ years of unparalleled market and transaction experience, which has earned them long-term partnerships with many impact companies across the world.
The team specifically handles refrigerated warehouses, freezer and cooler distribution, cold storage distribution, food processing, industrial bakeries, dairies, tri-temp food warehouses, bottling plants and canneries, public refrigerated warehousing, USDA processing and dry food distribution.
With cold storage warehouses operating at almost full capacity, growth companies will need to depend on public refrigerated warehouses (PRWs), or third-party providers, for storage and possible distribution of products. This link in the chain can bridge the gap between capital commitment to build out distribution infrastructure, which takes time and resources.
The Food Facilities team provides a full range of integrated services for both short and long-term strategies, including: sales, leasing, expansion, development, M&A, financing, appraisal, redeployment, and sale-leaseback of cold storage, distribution, and food processing facilities.
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