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JERSEY CITY-Marcus & Millichap Real Estate Investment Brokerage Co. has brokered the sale of locally based Preferred Freezer's 12-property refrigerated warehouse portfolio to General Motors Acceptance Corp. for $261 million. The sale-leaseback transaction, which was brokered by vice president of investments Steven Regenstreif and a team of local brokers, is one of the industry's largest net-leased portfolio transactions completed in the past year.

"They [Preferred Freezer] needed to raise additional capital for additional growth," Regenstreif, who is based in Marcus & Millichap's Encino, CA office, tells GlobeSt.com. "They're over 100% occupancy and needed to grow. There's a large demand for their services." The portfolio contains 12 individual single-tenant sites totaling approximately 1.6 million sf and including approximately 64 million cubic feet of refrigerated space. The sites range in size from 70,100 sf to 243,400 sf and each site is located in close proximity to ports and major highways.