Avenel cold storage facility inks $36M refrigeration refinancing

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
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
Progress Capital partner Brad Domenico and Broadacres Office Park (Photos via Progress Capital)
Bloomfield, NJ office complex sells for $52M
Bloomfield, NJ office complex sells for $52M
The Birch Group CEO Mark Meisner and Mack-Cali CEO Mahbod Nia with (clockwise from top left: 101, 103, 150 and 51 John F. Kennedy Parkway, Short Hills (Mack-Cali, Linkedin)
Mack-Cali sells Short Hills, NJ office portfolio for $255M
Mack-Cali sells Short Hills, NJ office portfolio for $255M
(Getty)
Different state, same problem: Office availbility soars in NJ
Different state, same problem: Office availbility soars in NJ
1150 McBride Avenue in Woodland Park, New Jersey and Stro Companies president Steven Millstein (Google Maps, Stro)
Kushner Real Estate, Stro to develop 200K-sf industrial building
Kushner Real Estate, Stro to develop 200K-sf industrial building
New Jersey Gov. Phil Murpy and New York Gov. Andrew Cuomo (iStock; Getty)
NYC, New Jersey restaurants to open at 50% capacity
NYC, New Jersey restaurants to open at 50% capacity
David Kushner reported $0 income in 2015. (David Kushner)
NJ real estate investor Kushner (not that one) indicted for tax evasion
NJ real estate investor Kushner (not that one) indicted for tax evasion
1000 Jefferson Ave, Elizabeth, New Jersey. (Kassin Sabbagh Realty)
Elion Partners buys $30M industrial property in Elizabeth
Elion Partners buys $30M industrial property in Elizabeth
arrow_forward_ios

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

Loading...