Perth Amboy Cold Storage Facility Sold to Broadstone Net Lease
“Investors responded very favorably to this offering given the uniqueness of the asset and the property’s superb location,” says HFF's José Cruz.
PERTH AMBOY, NJ—Broadstone Net Lease acquired a 260,046-square-foot industrial cold storage facility triple net leased to Preferred Freezer Storage in the Middlesex County community of Perth Amboy, NJ.
A Holliday Fenoglio Fowler team led by senior managing directors Scott Pertel and José Cruz and directors Jordan Avanzato and Marc Duval marketed the property on behalf of the seller, Store Capital REIT. The sale price was not disclosed, but the property was appraised at about $37 million when Store Capital refinanced it in 2015, according to Real Capital Analytics, a proprietary research database.
“Investors responded very favorably to this offering given the uniqueness of the asset and the property’s superb location,” says Cruz.
The property is fully occupied by Preferred Freezer Services, the third largest refrigerated warehouse operator in North America. Preferred Freezer Services started in 1989, and this facility served as its original operating location and continues to be a critical facility for the company’s national operations. The facility features 10 million cubic feet of freezer capacity with 24 loading doors and clear heights ranging from 28 to 42 feet in addition to containing the only Preferred Freezer Services facility in the US with a super freezer capable of temperatures of minus-60 degrees Celsius.
The site is also the only US facility with an on-site “parts depot” where spare parts are kept and maintained to be sent to other facilities around the country on short notice.
Situated on 9.59 acres at 536 Fayette Street in Perth Amboy, the facility is close to major highways, including Interstate 95 (New Jersey Turnpike), Interstate 287, the Garden State Parkway and US Routes 1, 9 and State Route 35. It is in the Northern New Jersey Industrial market and approximately 25 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third largest port in the country.