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The $1 Billion Bet to Get Us Our Steak and Ice Cream

Related, the well-known investor in office towers and apartment buildings, is wagering $1 billion on a niche real-estate sector often associated with frozen pizzas, steaks and yogurt.

An affiliate of the New York-based firm is launching a business called RealCold, a network of cold storage distribution facilities that aims to benefit from the rise in online grocery shopping and America's evolving eating habits.

RealCold plans to break ground later this year on its first two cold storage locations, in Lockhart, Texas and Lakeland...

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