HFF said the 260,046-square-foot property has been sold to Broadstone Net Lease Inc., a real estate investment trust that is a unit of Rochester, New York-based Broadstone Real Estate. Financial terms of the deal were not disclosed.
The HFF investment advisory team of Scott Pertel and Jose Cruz, senior managing directors, and Jordan Avanzato and Marc Duval, directors, represented the buyer. An HFF team also marketed the property on behalf of the undisclosed seller.
“Investors responded very favorably to this offering, given the uniqueness of the asset and the property’s superb location,” Cruz said in a prepared statement.
The building at 536 Fayette St. is fully occupied by Chatham-based Preferred Freezer Services. It was the company’s original operating location in 1989, HFF said, and remains a vital part of its national operations, including serving as “parts depot” for other facilities.