HFF announces sale of cold storage facility in Middlesex County, New Jersey
SAN FRANCISCO, CA – July 2, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a 260,046-square-foot industrial cold storage facility triple net leased to Preferred Freezer Storage in the Middlesex County community of Perth Amboy, New Jersey.
The HFF team marketed the property on behalf of the seller. Broadstone Net Lease, Inc. purchased the asset for an undisclosed price.
The property is fully occupied by Preferred Freezer Services, the third largest refrigerated warehouse operator in North America. Preferred Freezer Services started in 1989, and this facility served as its original operating location and continues to be a critical facility for the company’s national operations. The facility features 10 million cubic feet of freezer capacity with 24 loading doors and clear heights ranging from 28 to 42 feet in addition to containing the only Preferred Freezer Services facility in the U.S. with a super freezer with temperatures of -60 degrees Celsius and the only facility in U.S. to have an on-site “parts depot” where spare parts are kept and maintained to be sent to other facilities around the country on short notice. Situated on 9.59 acres at 536 Fayette Street in Perth Amboy, the facility’s location provides multi-directional connectivity for local and regional distribution and is proximate to some of the largest highways in the state, including Interstate 95 (New Jersey Turnpike), Interstate 287, the Garden State Parkway and U.S. Routes 1, 9 and 35. It is in the Northern New Jersey Industrial market and approximately 25 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third largest port in the country.
The HFF investment advisory team representing the borrower included senior managing directors Scott Pertel and Jose Cruz and directors Jordan Avanzato and Marc Duva.
“Investors responded very favorably to this offering given the uniqueness of the asset and the property’s superb location,” stated Cruz.
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.