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Along with Art Rasmussen, he created the CBRE Food Facilities Group – CBRE's only national team focused exclusively on the interests of food industry clientele. As a result, David and Art have successfully completed over 450 food facility transactions totaling more than $5.7 billion in consideration.
David recently completed what is believed to be the largest industrial build-to-suit transaction in U.S. history - a 551,897 square foot, $207,000,000 lease representing the Kroger company in Paramount, California.
Like his colleague, David brought to the job a highly refined aptitude for success. Prior to joining CBRE, David was the starting quarterback at UCLA in 1985, leading his team to its third Rose Bowl appearance in 4 years. That fall, he was named First Team Pacific Ten Conference All Academic and had the distinction of being one of only two UCLA nominees considered for the prestigious Rhodes Scholarship.
David was selected in the 1986 NFL Draft by the Seattle Seahawks and also played with the New York Jets in 1987.
Currently, during the fall, he is an accomplished television sports broadcaster, having just finished his seventh year as a college football analyst for ABC Sports and ESPN.
- American Industrial Real Estate Association (A.I.R.)
- International Association of Refrigerated Warehouses (I.A.R.W.)
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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.
Advantages of Scale
Food Related Transactions
in Total Team Transactional Value