SECAUCUS, NJ-Preferred Freezer Services has signed a lease for the entire 450,000-sf cold-storage industrial building at One Enterprise Ave. here. For the Newark-based Preferred, it will be the company's fifth site in the Garden State, joining locations in Elizabeth, Newark, Jersey City and Perth Amboy. All of the sites are near the state's port facilities.

The deal was arranged for Preferred by brokers Edward Horne and Martin Kreiman of HK Commercial Realty Advisors of Colts Neck. The owner of the asset, ProLogis, was represented in-house. Terms were not released.

The building was apparently about to be vacated by its current full-building tenant, another cold-storage company slated to move out-of-state. "The building was a specialized freezer/cooler facility that, because of its overall layout and configuration, would not lend itself well to the distribution market as a whole," Horne says.

"The question for ownership was, do they renovate or simply tear down this building and start from scratch," he says. "This transaction came together due to two companies with needs that perfectly aligned with one another."

By having a long-term relationship with Preferred Freezer, I knew that the company was once again ready to expand, without having to build a new facility, within New Jersey," Kreiman adds. "We also knew that the outgoing tenant was moving to a new facility in Pennsylvania, thus freeing up space that fit Preferred Freezer's needs."

And brokers declined to identify the outgoing tenant, but the site had been and continues to be listed as a location for Seafrigo, a division of France's Condigel. A ProLogis representative did not respond to requests for information about the transaction.