WOODBRIDGE, NJ–HFF has arranged $27.2 million in construction financing for a 190,000-square-foot, build-to-suit refrigerated warehouse and distribution facility to be built for Preferred Freezer Services in Avenel.
The lender is Wells Fargo Bank.
HFF secured the 24-month loan for a joint venture of Advance Realty and F. Greek Development that is building the facility on a 9.3-acre site at 275 Blair Road in the Avenel section of Woodbridge Township. The site is off Interstate 95/NJ Turnpike close to Newark Liberty International Airport and the Port Newark/Elizabeth marine terminal.
HFF's Jim Candranell, Jon Mikula and Michael Lachs represented the borrowers. Advance Realty, headquartered in Bridgewater, has acquired or developed more than 10 million square feet of all types of commercial real estate projects over the past 35 years. F. Greek Development has developed more than 15 million square feet of primarily industrial space in New Jersey and Pennsylvania.
Preferred Freezer Services is one of fastest-growing freezer warehouse operators in the country. It operate warehouses in China and Vietnam as well as in the US.
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