900 Fairmount Ave. in Elizabeth — Courtesy: JLL
By Joshua Burd
The developers of a nearly 140,000-square-foot freezer warehouse and food distribution facility in Elizabeth have sold the property, brokers with JLL announced Thursday.
Completed in fall 2016, the property at 900 Fairmount Ave. is fully leased to Seafrigo Cold Storage under a build-to-suit by The Avidan Group and Elberon Development Group. An undisclosed buyer has now purchased the building from the joint venture, JLL said, citing the facility’s location near Route 1 & 9 and the New Jersey Turnpike.
“Investors are fighting to deploy capital in the cold storage space,” said Marc Duval, a managing director with JLL. “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.”
Duval represented the seller alongside Managing Director Michael Oliver, Senior Director Jordan Avanzato, Director Nicholas Stefans and Senior Managing Director Jose Cruz. They noted that the 138,642-square-foot building has 60-foot clear ceiling heights, 18 temperature-controlled loading docks and 4,800 square feet of office space.
Seafrigo is a France-based food distributor specializing in handling chilled, frozen and ambient products, JLL said. The Elizabeth site benefits from its proximity to Port Newark-Elizabeth, part of a highly sought-after submarket that had a vacancy rate of 1.4 percent with no cold storage availabilities at year-end 2021, according to JLL.