Karis Critical
Karis Martingale is a US-based multi-platform real estate developer operating three sub-brands—Karis Critical (power-ready hyperscale data center sites), Karis Cold (modern cold storage facilities), and Karis Industrial (logistics/manufacturing sites)—serving hyperscale cloud and AI infrastructure operators, food distributors, and industrial tenants across key U.S. markets.
- Company typePrivate
- Founded2014
- HeadquartersNew Albany, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Karis Critical does
Karis Martingale, LLC (dba Karis) is a multi-platform U.S. real estate investment and development firm headquartered in Naples, Florida, with regional offices in New Albany, Ohio and Lisle, Illinois. Founded in 2014 by Jake Finley, the company operates three sub-brands: Karis Cold (purpose-built cold storage facilities for food distribution and cold-chain logistics), Karis Critical (power-ready data center development sites for hyperscale and AI infrastructure operators), and Karis Industrial (logistics, distribution, and manufacturing sites). The firm aggregates entitled land and pre-secured power infrastructure across key U.S. markets — including 1,500+ acres of data center pipeline with 3 GW+ of potential power capacity and over 1 million SF of modern cold storage — to deliver shovel-ready sites on compressed 6–8 month timelines versus typical 24–36 month industry cycles.
Core technical capability centers on pre-entitled, zoned, and power-secured land positions, most notably an 800+ MW combined grid and behind-the-meter platform at the DeKalb, Illinois data center campus adjacent to Meta. Karis Critical's 113.5-acre Smart Farm site in New Albany, Ohio sits within an existing business park housing AWS, Microsoft, Google, and Vantage campuses. On the cold storage side, facilities such as Jacksonville Cold (265,264 SF, 50-foot clear heights, convertible -10°F to 55°F zones, Norfolk Southern rail access), Suffolk FreezPak (247,692 SF, 64-foot clear heights, port-adjacent), Nashville Cold, Rock Hill Cold, and Karis Stockyards (Chicago's first 50-foot-clear-height cold storage) demonstrate engineering depth in modern refrigerated logistics.
Revenue is generated through a mix of one-time land sales (entitled, power-ready sites), build-to-suit development fees, recurring rental income from speculative and build-to-suit developments, and joint-venture development fees and promote structures alongside institutional capital partners (AEW, Winter Properties, BLG Capital Advisors, State Board of Administration of Florida). Go-to-market is enterprise field sales targeting hyperscale cloud and AI operators, food and beverage manufacturers/distributors, pharmaceutical and seafood logistics providers, and rail-served industrial occupiers, supplemented by an exclusive leasing relationship with NAI Hiffman (cold storage) and broker partnerships with Cushman & Wakefield and Newmark Phoenix Realty Group. Cumulatively, the firm has delivered $3B+ of projects with $1B+ AUM by 2023 and a 3.6x MOIC on its first institutional last-mile logistics joint venture.
Karis Critical firmographics
Firmographics- Name
- Karis Critical
- Legal name
- Karis Martingale, LLC
- Website
- https://karis.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Karis Martingale is a US-based multi-platform real estate developer operating three sub-brands—Karis Critical (power-ready hyperscale data center sites), Karis Cold (modern cold storage facilities), and Karis Industrial (logistics/manufacturing sites)—serving hyperscale cloud and AI infrastructure operators, food distributors, and industrial tenants across key U.S. markets.
- Ownership category
- akta.pro rank
Karis Critical industry classification
Industry- Product category
- Data Center Real Estate Development
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Data Center Site Development & Permitting (Land, Zoning, Utilities) (HDABACAM)
- akta.pro secondary industries
- Hyperscale Data Center Campuses (Build-to-Suit) (HDABACAC), Data Center & Digital Infrastructure Site Brokerage (BPAJACAE)
Keywords
Where Karis Critical is headquartered
LocationHeadquarters
- HQ city
- New Albany
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Karis Critical business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Infrastructure, Personnel, Marketing or Sales, Technology or R&D
Revenue model
- Land Development & Sale: Karis acquires undeveloped land, secures entitlements and power infrastructure, then sells entitled sites to data center operators or other end users at a premium. Revenue recognized on property sales.
- Build-to-Suit Development: Purpose-built cold storage and industrial facilities developed for specific tenants under long-term lease agreements. Revenue generated through development fees and ongoing rental income.
- Speculative Development: Ground-up development of facilities without pre-commitment, with leasing to multiple tenants post-completion. Revenue from tenant rents and potential property sales.
- Joint Venture Development: Partnership structures with capital providers where Karis contributes development expertise and site control. Revenue from development fees and promote structures.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Karis Critical product offering
Product offeringCore offering
Karis Critical develops power-ready data center development sites for hyperscale and large-scale mission-critical deployments. The company acquires large land parcels, secures entitlements and power infrastructure (combining grid capacity and behind-the-meter solutions), and delivers shovel-ready sites to data center operators. Complementary platforms include Karis Cold (purpose-built cold storage facilities) and Karis Industrial (industrial development sites) for logistics, distribution, and manufacturing operations across key U.S. markets.
Product overview
Karis operates as a multi-platform real estate development company with three distinct sub-brands: Karis Critical (data center sites), Karis Cold (cold storage facilities), and Karis Industrial (industrial development). Karis Critical develops power-ready data center sites for hyperscale deployments, offering shovel-ready land with scalable power infrastructure across key U.S. markets including Illinois, Ohio, and Indiana. The data center platform has assembled more than 1,500 acres and 3GW of potential capacity. Karis Cold develops purpose-built cold storage facilities across multiple U.S. markets including Chicago, Jacksonville, Nashville, Suffolk, Rock Hill, and Jupiter, with over 1 million SF of modern cold storage space delivered. Karis Industrial develops industrial sites for logistics, distribution, and manufacturing operations.
Differentiator
Problem solved
Functional benefit
Brands
- Karis Cold: Cold storage facilities for food distribution, cold-chain logistics, and temperature-controlled operations in high-demand markets.
- Karis Critical
- Karis Industrial
Products and services
- DeKalb Data Center Site A 250-acre data center campus located 65 miles west of Chicago, adjacent to Meta's data center, with an 800+ MW power platform (500 MW grid + 300 MW behind-the-meter) and 300 MW planned online by 2027, designed for hyperscale data center operators.
- Smart Farm (New Albany, OH) Data Center Site A fully entitled, shovel-ready 113.5-acre data center campus in Central Ohio's New Albany International Business Park with planned 100 MW AEP service, positioned near AWS, Microsoft, Google, and Vantage hyperscale operators.
- Merrillville Data Center Campus A proposed nine-building data center campus on 180 acres in Merrillville, Indiana, with each building costing approximately $100 million, requiring NIPSCO power authorization for full buildout.
- Daytona Beach Industrial Building A A 140,000 SF state-of-the-art industrial distribution facility in Daytona Beach, FL built for PepsiCo Beverages North America, tripling the tenant's previous warehouse size.
- 1556 W. 43rd St. Cold Storage Facility (Ashland Cold Storage) A 225,000 SF refrigerated warehouse in Chicago's Back of the Yards neighborhood acquired as Karis Cold's second major cold storage investment, with Artico Cold Storage operating the facility.
- Suffolk FreezPak Cold Storage Facility A 247,692 SF build-to-suit cold storage facility in Suffolk, VA for FreezPak, featuring 64-foot clear heights, approximately 49,512 pallet positions, and port-oriented operations 14 miles from Norfolk Terminals.
- Jacksonville Cold Storage Facility A 265,264 SF Class A cold storage facility in Jacksonville, FL with 50-foot clear heights, convertible temperature zones from -10°F to 55°F, and Norfolk Southern rail access.
- Chicago Stockyards Cold Storage Facility A 99,530 SF cold storage facility in Chicago's Stockyards/McKinley Park neighborhood with 50-foot clear heights, approximately 15,580 pallet positions, designed for high-volume food distribution operations; first cold storage facility in Chicago with 50-foot clear height.
- Nashville Cold Storage Facility A Class A freezer and cooler storage facility in Lebanon, TN offering 87,000 to 206,947 SF with temperatures reaching -13°F.
- Rock Hill Cold Storage Facility A 40-acre speculative cold storage facility in Rock Hill, SC delivering the first spec cold storage in the greater Charlotte region.
- Jupiter Cold Storage Building A A 206,888 SF cooler facility in Jupiter, FL with 18,808 pallet positions and low-charge ammonia refrigeration system, positioned between Orlando and Miami markets.
- Montgomery Industrial Distribution Facility (Ravago Build-to-Suit) A 500,000 SF build-to-suit industrial distribution facility in Montgomery, IL supporting polymer operations with 268 railcar positions, developed for Ravago.
Quantifiable outcome
- Reduced deployment timeline to 6-8 months with shovel-ready sites
- +2 more outcomes
Companies that use Karis Critical
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Karis Critical technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Karis Critical partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- ComEd (Commonwealth Edison)coreFERC-approved transmission security agreements between ComEd and data center developers including Karis Critical. The agreements protect existing ComEd customers from infrastructure costs associated with serving data centers, including provisions for committed revenue contributions, shortfall payments, and termination fees. Karis is one of five data center developers with approved transmission agreements.
- Ti ColdcoreCold storage construction and development partnership. Ti Cold provides design, engineering, master site planning, operations guidance, and consulting services. Joint venture with Karis Cold for $60M facility in Darien, GA for PermaCold Logistics.
- NIPSCO (Northern Indiana Public Service Company)coreUtility provider for Merrillville, Indiana data center development. Karis is working with NIPSCO to secure sufficient power capacity for the proposed nine-building campus. Existing transmission lines can service initial buildings, with additional transmission infrastructure required for full buildout.
- Development Solutions Inc. (DSI)coreGeneral contractor and design-build partner for cold storage projects. DSI provides fully integrated design-build approach coordinating structural systems, refrigeration requirements, and thermal envelope performance. Multiple collaborations including Jacksonville Cold and Chicago Stockyards projects.
- NAI HiffmancoreExclusive leasing broker for Karis Cold properties. John Basile and team represent Karis in cold storage transactions including Chicago Stockyards, Jacksonville Cold, and other facilities.
Scale indicators8 records
Recent moves10 records
Expansion highlights7 records
Karis Critical competitors and assessment
Company assessmentDirect peers
- Compass Datacenters: Hyperscale and enterprise data center developer focused on shovel-ready, powered campuses; directly comparable business model to Karis Critical.
- Stack Infrastructure: Build-to-suit hyperscale data center developer with multi-market U.S. footprint; competes directly with Karis Critical for powered land and turnkey campus deliveries to hyperscalers.
- EdgeConneX: Hyperscale and edge data center developer with global build-to-suit capability; directly competes for powered land and shovel-ready campus mandates.
- T5 Data Centers: Custom and build-to-suit hyperscale data center developer operating across multiple U.S. regions; comparable customer profile and entitlement-led approach.
- Tippmann Group (Ti Cold): Cold storage developer and Karis's JV partner on the PermaCold/McIntosh County facility; comparable design-build cold storage capabilities and customer overlap.
- PowerHouse Data Centers (a Blackstone company): Hyperscale data center developer explicitly named alongside Karis in FERC-approved ComEd transmission agreements; competes in the same power-secured Midwest market.
- Hillwood: Large-scale real estate developer (Perot family) active in data center site development through PowerHouse; comparable site selection and entitlement playbook.
Broad incumbents
- Vantage Data Centers: Major hyperscale data center operator/developer adjacent to Karis's New Albany site; broader portfolio across multiple markets with deeper capital base.
- Lineage Logistics: Global cold storage REIT/operator with significant U.S. footprint; competes for build-to-suit mandates and portfolio-level cold storage investments.
- Americold: Largest publicly-traded temperature-controlled warehouse operator; competes with Karis Cold for the same food and 3PL customers across U.S. cold storage markets.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Karis Critical social profiles
Digital presenceKaris Critical financial estimates
Financial estimateRevenue estimate
Valuation estimate
Karis Critical leadership team
Management profileNumber of profiles
Profiles7 records
Karis Critical subsidiaries and ownership
Company hierarchySubsidiaries4 records
Karis Critical funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Karis Critical M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Karis Critical
What does Karis Critical do?
Karis Critical develops power-ready data center development sites for hyperscale and large-scale mission-critical deployments. The company acquires large land parcels, secures entitlements and power infrastructure (combining grid capacity and behind-the-meter solutions), and delivers shovel-ready sites to data center operators. Complementary platforms include Karis Cold (purpose-built cold storage facilities) and Karis Industrial (industrial development sites) for logistics, distribution, and manufacturing operations across key U.S. markets.
Is Karis Critical a public or private company?
Karis Critical is a private company. It is classified as venture growth investor backed and is currently operating.
When was Karis Critical founded?
Karis Critical was founded in 2014. It employs 1 to 10 people.
Where is Karis Critical based?
Karis Critical is headquartered in New Albany, United States, in the North America region.
How does Karis Critical make money?
Four revenue lines are on record. Land Development & Sale is the primary driver. The others are build-to-Suit Development, speculative Development and joint Venture Development.
Who are Karis Critical's main competitors?
Direct peers on record are Compass Datacenters, Stack Infrastructure, EdgeConneX, T5 Data Centers, Tippmann Group (Ti Cold), PowerHouse Data Centers (a Blackstone company) and Hillwood. Broad incumbents are Vantage Data Centers, Lineage Logistics and Americold.
Does Karis Critical have an API?
No public API is recorded for Karis Critical.
What industry is Karis Critical in?
Karis Critical's product category is Data Center Real Estate Development. Its primary akta.pro industry code is HDABACAM, Data Center Site Development & Permitting (Land, Zoning, Utilities), with a secondary code of HDABACAC, Hyperscale Data Center Campuses (Build-to-Suit). Its NAICS code is 518 and its SIC code is 6799.