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.
Elberon Development Group and The Avidan Group have sold a fully leased, 50,400-square-foot industrial property in Branchburg, in a transaction arranged by JLL.
Elberon Development Group and The Avidan Group have secured a tenant at a 4.5-acre property in Baltimore, having recently acquired the site as their first outside New Jersey.
Demand for cold storage warehouse space nationwide, and particularly in the Garden State, is on fire, largely because of rising online fresh grocery sales and changing consumer preferences for fresher foods. Meeting that demand could prove challenging — given the cost and complexity of such projects and the need for specialization — but some developers are positioning themselves to be ready when users come calling.
Two Elizabeth-based developers have partnered once again, this time acquiring a Branchburg industrial building that serves as a FedEx distribution center.