Greg Nalbandian, senior managing director, HFF, and 275 Blair Road, Avenel, NJ
AVENEL, NJ—In what may be a new loan valuation high for cold storage facilities financings, Holliday Fenoglio Fowler has arranged a $35.75 million refinancing for a fully leased, 182,154-square-foot, class A, state-of-the-art cold storage facility at 275 Blair Road in Avenel, NJ.
Advance Realty Investors and Greek Development, which partnered on the construction of the property, will use the loan to retire an existing construction loan and return capital to the partnership. HFF declined to identify the lender underwriting the loan, which translates into $200 of loan per square foot, one of the highest such loan valuations. Greg Nalbandian, senior managing director on the HFF team, tells GlobeSt.com exclusively that the financing suggests cold storage properties are likely to become a bigger focus for investors in the industrial asset class.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
