1161 East Broad St. in Elizabeth — Courtesy: Avison Young
By Joshua Burd
A refrigerated warehouse provider has renewed its 30,000-square-foot lease at an Elizabeth industrial building, in a newly announced transaction by Avison Young.
Brokers with the firm represented Superior Cold Storage & Logistics LLC in the lease with Linden Realty, the landlord at 1161 East Broad St. The tenant, a family-owned and -operated provider for small and medium food services companies in New Jersey, has been at the property since launching the business in 2014.
Avison Young’s Ed English, Ron Ganter, Tom Giannone and Paul Errigo, who are based in the firm’s Metropark office, completed the assignment. Jason Crimmins of The Blau & Berg Co. represented ownership.
“With less than 750,000 square feet of existing cold storage space available that spans from Bergen to Gloucester counties, midsized cold storage tenants need to be strategic in how they approach the markets and their landlords,” English said. “With online food sales driving this market, and predicted to increase five-fold by 2022, landlords are doing their best to dictate terms to tenants.
“We were able to create leverage in the market and generate competitive renewal terms for our client that worked well for their landlord. Superior Cold Storage chose to work with us because our team does not represent landlords in the market, and we avoid the notorious conflict of interest in real estate brokerage. We’re pleased to have closed this lease renewal on their behalf.”
