Avenel cold storage facility inks $36M refrigeration refinancing

TRD New York /
Apr.April 30, 2019 04:40 PM

HFF arranged $35.75 million in financing last week for a fully-leased, 182,154-square-foot cold storage facility in Avenel, according to GlobeSt. HFF represented developers Advance Realty Investors and Greek Development in securing the 10-year, fixed-rate loan that will retire construction debt and return capital to the joint venture. The Woodbridge Township property, located at 275 Blair Road, was a built-to-suit facility for Preferred Freezer Services constructed in 2015. RE-NJ noted that Preferred Freezer Services is the world’s third-largest provider of refrigerated warehouses. The joint venture-owned property is located 6 miles from the Goethals Bridge to Staten Island and 10 miles to Port Newark and Newark Liberty International Airport. While HFF declined to identify the lender providing the loan, GlobeSt noted that at $200 of loan per square foot the deal is one of the highest loan valuations for a cold storage facility. According to research from JLL, which is poised to absorb HFF in a $2 billion deal, average asking rents in the Exit 12 New Jersey Turnpike submarket (25 miles from the Lincoln Tunnel) reached $9.81-per-square-foot for warehouse and distribution space during the first quarter. JLL also noted that the Exit 12 submarket had an overall net absorption of -256,175 square feet, while vacancy remained at 2.2 percent. [GlobeSt]


Related Articles

arrow_forward_ios
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)

Newark restricts businesses again to curb Covid spike

Newark restricts businesses again to curb Covid spike
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
Onyx Equities' Jonathan B. Schultz (left) and John Saraceno, Jr. with 7 Sylvan Way (right) and 8 Campus Drive in New Jersey (Onyx Equities)

Onyx Equities acquires massive New Jersey office portfolio for $160M

Onyx Equities acquires massive New Jersey office portfolio for $160M
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Meadowlands Arena (Credit: Google Maps and iStock)

NBC spends $750K to transform arena in New Jersey swamp

NBC spends $750K to transform arena in New Jersey swamp
Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Thor is breaking into the life sciences industry
Newark’s ‘Shaq Tower’ sets opening date, Rockefeller Foundation eyes OZ fund for Newark & more North Jersey real estate news

Newark’s ‘Shaq Tower’ sets opening date, Rockefeller Foundation eyes OZ fund for Newark & more North Jersey real estate news

Newark’s ‘Shaq Tower’ sets opening date, Rockefeller Foundation eyes OZ fund for Newark & more North Jersey real estate news
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...