275 Blair Road in Avenel — Courtesy: HFF
By Joshua Burd
A joint venture has closed on a nearly $36 million loan to refinance a fully leased, 182,154-square-foot cold storage facility in Woodbridge, following a transaction arranged by HFF.
The capital markets firm represented the borrowers, Advance Realty Investors and Greek Development, to place the 10-year, fixed-rate loan for the property at 275 Blair Road in the town’s Avenel section. An institutional lender is providing the $35.75 million loan, which will be used to retire an existing construction loan and return capital to the partnership.
The HFF debt placement team was led by senior managing directors Jim Cadranell and Gregory Nalbandian and Andrew Zilenziger, an analyst in the firm’s Morristown’s office.
“The Advance/Greek partnership was seeking a long-term, fixed-rate loan,” Nalbandian said. “We exceeded the client’s objectives providing a $200-per-square-foot loan with half-term interest only at a very attractive fixed interest rate.
“The lender did an outstanding job understanding the cold storage industry’s growth as a submarket within the red-hot industrial sector.”
In a news release, HFF said the joint venture completed the cold storage property in 2015 as a build-to-suit for the tenant, Preferred Freezer Services, which is the third-largest provider of refrigerated warehouses in the world. The complex features one fully refrigerated building with 60-foot clear heights and 24 docks with air-tight seals.
HFF also touted its location less than three miles from the New Jersey Turnpike’s Exit 12, which provides direct access to New York City, the rest of New Jersey and the state’s port district.