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Gulfport, CORE X Strike Lease Agreement

[ February 21, 2024   //   ]

The Mississippi State Port Authority said Feb. 1 it reached a long-term lease agreement between the Port of Gulfport and CORE X GULFPORT that will include constructing a 150,000-square-foot cold storage facility.
The lease agreement has an initial term of 60 years with two 15-year renewal options. CORE X will invest US$73 million in what is considered the first investment in cold storage infrastructure since Hurricane Katrina.
The facility will provide 21,000 pallet positions with blast freezing capacity for 440 pallets, 45 refrigerated container plugs, multiple temperature zones, USDA inspection services, Customs AG Specialists Inspections, and trans-loading services.
“The collaboration between the Mississippi Development Authority, CORE X, and Port of Gulfport underscores the state’s commitment to fostering growth, creating quality employment opportunities and further establishing Mississippi as a leader in the global logistics industry,” said Mississippi Gov. Tate Reeves
“Gulfport will be our 16th facility as our national CORE X platform continues its rapid growth,” said Tom Casey, co-founder and chief investment officer for CORE X Partners, parent company of CORE X GULFPORT
“We believe the addition of a modern cold storage facility offers great synergy for continued implementation of the Port’s strategic plan to fully utilize the port and create more high-paying jobs on the Coast,” said Port CEO & Executive Director Jon Nass.
Gulfport is the second-largest U.S. importer of green fruit, with established weekly vessel calls from Central America and thriving domestic and international business connections.
Gulfport underwent a US$1 billion restoration project, completed in 2022. The port recently signed an agreement with Ports America, the nation’s largest stevedoring company, which includes a US$43 million investment into the development of a vacant terminal, including the purchase of a new gantry crane.

Gulfport will be CORE-X Partners’ 16th facility. PHOTO: Mississippi State Port Authority

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