JLL Capital Markets announced Thursday that it has closed the sale of a 138,642-square-foot Class A frozen storage facility fully leased to Seafrigo Cold Storage at 900 Fairmount Ave. in Elizabeth.
JLL represented the buyer, which acquired the asset from the seller, a joint venture between the Avidan Group and Elberon Development Group.
The price and the name of the buyer was not disclosed.
The property is about 3 miles from Newark Liberty International Airport and 5 miles from Port Newark.
Completed in 2016, the frozen storage facility was a build-to-suit for Seafrigo, a France-based food distributor specializing in handling chilled, frozen and ambient products. The frozen storage building features 60-foot clear heights, 18 temperature-controlled loading docks and 4,800 square feet of office space.
The JLL Capital Markets team representing the buyer was led by Managing Directors Michael Oliver and Marc Duval, Senior Director Jordan Avanzato, Director Nicholas Stefans and Senior Managing Director Jose Cruz. The seller was represented in-house.
“Investors are fighting to deploy capital in the cold storage space,” Duval said. “The scarcity of the asset type has created tremendous demand from a capital and tenant perspective, which puts the asset class in a position to outperform over the long run.”
